Principles Of Insurance Set 1

Bachelor of Commerce (B Com)

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This set of Principles of Insurance Multiple Choice Questions & Answers (MCQs) focuses on Principles Of Insurance Set 1

Q1 | Largest Life Insurance Company in India is:
Q2 | The term risk may be defined as:
Q3 | Risk of premature death is a
Q4 | Insurance is a risk management technique involving:
Q5 | Organisations are mainly concerned with managing
Q6 | The first step in risk management process is
Q7 | Main emphasis of risk management is on ___________.
Q8 | Cost of loss control is
Q9 | Following are the risk management methods:
Q10 | Which of the following types of risks best meets the requirements for being insurable byprivate insurers?
Q11 | All of the following are financial risks which may be faced by business organizations EXCEPT
Q12 | Risk management follows a systematic process which involves……….steps.
Q13 | Risk management information system is not useful in one of the following
Q14 | Event of high frequency and low severity fall in the self-retention category
Q15 | When as event is stated to be possible, it has a probability between
Q16 | If the most impossible event is assigned a value of zero, then most inevitable event is assigned a value
Q17 | Which of the statement are true? A. Risk retention and risk transfer are some of the techniques to manage risks. B. Implementation is one of the steps in risk management
Q18 | Which of the statements are true? A. Loss prevention and loss reduction mean different things. B. Risk maybe transferred by contract.
Q19 | Which of the statements is correct? A. The simplest way to deal with a risk is to avoid it. B. This technique is always possible and practical.
Q20 | Which of the statements is correct? A. One of the methods of risk retention is by way of voluntary excess or deductible available under the policy. B. Another method of retention of risk is to absorb small losses as normal operating expenses of business.
Q21 | When should a risk be avoided?
Q22 | Risk management can be defined as the art and science of _________ risk factors throughout the life cycle of a project.
Q23 | When a firm buys insurance to cover losses caused by riots, the firm is
Q24 | Suppose a project has many hazards that could easily injure one or more persons and there is no method of avoiding the potential for damages. The project manager should consider __________ as a means of deflecting the risk.
Q25 | The cause of loss or a contigency that may cause a loss is known as--------------
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