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1.
The post of chief agents and special agents
was removed in 1956 through _______.
a) LIC Act.
b) Insurance Act, 1938 (amendment in 1950).
c) Indian Contract Act.
d) Indian employees Act
e) None of these
2.
Risks which are more than normal risk are
labelled as __________.
a) Doubtful risk
b) Super standard risk.
c) Sub-standard risk.
d) Extra-ordinary risk
e) None of these
3.
The person who sends the proposal form for
taking an insurance policy and pays the premium is called
a) Proposer.
b) Nominee.
c) Legal advisor.
d) Employer.
e) None of these
4.
When the life insured has expired a few days
before date of maturity, but after signing discharge form, the claim amount
will be paid to:
a) Surviving heirs.
b) Nominee.
c) The policy holders bank account.
d) Legal heirs of nominee
e) None of these
5.
Name the insurance that will be paid when
there is crop failure due to draught etc.,
a) Fire insurance.
b) Crop insurance.
c) Marine insurance.
d) Automobile insurance.
e) None of these
6.
Diversification of risk otherwise termed as
_________.
a) Spreading of risk.
b) Reduction of risk.
c) Acceptance of risk.
d) Shifting of risk.
e) None of these
7.
The person who derives the title from the
assignor is called:
a) Assignee.
b) Nominee.
c) Assignor.
d) Consignee.
e) None of these
8.
How many zonal offices are functioning under
LIC?
a) 5
b) 8
c) 10
d) 6
e) 4
9.
A policy designed to provide insurance to a
group of persons is called as:
a) Fire insurance policy.
b) Group insurance policy.
c) Marine insurance.
d) Automobile insurance.
e) None of these
10.
What do you mean by a claim under an
insurance policy?
a) Any demand made by the policy holder on the insurer.
b) A demand to fulfil the policyholders obligation.
c) A demand to fulfil the insurers obligations.
d) A demand to fulfil the third party.
e) None of these
11.
In which of the following types of insurance
should insurable interest be present only at the time when policy is taken?
a) Fire insurance.
b) Life insurance.
c) Marine insurance.
d) Life and marine insurance.
e) None of these
12.
The principle of contribution applies
when_____________.
a) The full amount of premium is not applied by the insured.
b) There are two or more insurance claims exist on the same risk.
c) The insured insures the same risk policy with other insurers.
d) The insured insures the same risk policy with different persons.
e) None of these
13.
Which of the following is the similarity
between insurance and gambling?
a) The amount of loss to be paid is known before hand.
b) Promise to pay on the happening of an event.
c) Both the parties win on happening of an event.
d) Both are enforceable at law.
e) None of these
14.
Which of the following is a girl child
policy of LIC?.
a) Jeevan Sneha.
b) Jeevan Vishwas.
c) Jeevan Dhara.
d) Jeevan Sukanya.
e) None of these
15.
Principle of Insurable interest should be
present in the case of life Insurance:
a) at the time of claim settlement.
b) at the time of survival only.
c) only at the inception of the policy.
d) at inception and at the time of revival.
e) None of these
16.
Cargo Ship Caught by fire is an example of
__________.
a) particular average loss
b) General average loss
c) constructive total loss
d) Actual total loss
e) None of these
17.
__________ policy is granted only in respect
of stock of inventories of the insured under the fire insurance business.
a) Floating
b) Replacement
c) valued
d) Declarations
e) None of these
18.
A certain percentage of the sum assured is
paid periodically according to the terms of policy ___________.
a) Term policy
b) Endowment life policy
c) Money-back Policy
d) Group insurance policy
e) None of these
19.
The IRDA has replaced ___________.
a) The controller of insurance.
b) The LIC chairman.
c) Department of insurance.
d) Department of commerce.
e) None of these
20.
Brokers Association of India was granted
recognition by IRDA on _________.
a) Dec 11, 2001.
b) Dec 11, 2002.
c) Dec 11, 1999.
d) Dec 11, 2003.
e) None of these
21.
Foreign equity participation is allowed in
insurance sector up to a limit of ____ percent.
a) 80.
b) 73.
c) 49.
d) 74 .
e) None of these
22.
Which clause provides guidelines to decide
whether the loss is caused by an insured peril or an expected peril?
a) Indemnity clause
b) Proximate clause.
c) Standard claims clause
d) Trip sheet clause
e) None of these
23.
Which of the following risks involve a
situation where there is a possibility of gain/loss?
a) Personal risk.
b) Speculative risk.
c) Liability risk.
d) Other risk.
e) None of these
24.
Which of the following is concerned with the
conversion of a firm’s asset and earning power against risks of accidental
loss?
a) Risk retention
b) Risk control
c) Risk management
d) Risk identification
e) None of these
25.
An Undertaking to compensate the insured for
the loss arising from the risk is called:
a) Insurance.
b) Agreement.
c) Indemnity.
d) Proximate clause.
e) None of these
26.
The authorized capital of GIC is __________.
a) 35 Crore.
b) 50 Crore.
c) 250 Crore.
d) 80 Crore.
e) None of these
27.
An endorsement on the policy or by a
separate duly stamped deed by Insurance Company is called:
a) Nomination.
b) Election.
c) Justification.
d) Assignment.
e) None of these
28.
A life insurance policy from LIC may be
assigned only after a period of ________.
a) 10 years.
b) 5 years.
c) 3 years.
d) 1 year.
e) None of these
29.
90% of LIC functions relate to policy
holders at_______
a) Zonal
b) Central
c) Divisional
d) Branch
e) None of these
30.
The document which contains the terms and
conditions of the life insurance contract is termed as the __________.
a) Cover note
b) Life insurance policy
c) Agreement
d) Other document
e) None of these
31.
A policy which has been assigned will revert
to the assignor
a) if the assignor survives till maturity.
b) whenever the assignor demands it.
c) when the conditions specified in a conditional assignment happen.
d) on maturity of the policy.
e) None of these
32.
Who is benefited if a policy is under the
salary savings scheme?
a) The policyholder.
b) The insurer.
c) The agent.
d) All the three above.
e) None of these
33.
Insurer is an organisation/person which/who
has ______.
a) Insured his life or goods.
b) Helped a person to get an insurance policy.
c) Undertaken to make good the loss of the subject matter of insurance.
d) Filed a suit in a court of law to recover an insurance claim.
e) None of these
34.
Risk management emphasises more on
____________.
a) Risk retention.
b) Reduction of cost of handling risk.
c) Risk transfer.
d) Insurance.
e) None of these
35.
When a policy is surrendered before maturity
date, the amount payable by Insurance Company is called:
a) Premium.
b) Cash surrender value.
c) Consideration.
d) Commission.
e) None of these
36.
If the premium was due on 15th July and 16
August is a Sunday
a) the grace period will end on 14th august (Friday).
b) the grace period will end on 15th august (Saturday).
c) the grace period will end on 17th august (Monday).
d) the grace period will end as per the discretion of the insurer.
e) None of these
37.
If the worth of goods is Rs.2000 and insured
for Rs.1600 and suffers a loss of Rs. 1800. His claim can be for__________.
a) Rs. 2000.
b) Rs. 1800.
c) Rs. 1600.
d) Rs. 3800.
e) None of these
38.
The time for which the policy will normally
remain in existence is known as _______.
a) Policy term.
b) Policy note.
c) Proposed time.
d) Grace time.
e) None of these
39.
_______________expenses do not vary with
increase or decrease in the business volume.
a) Direct expenses.
b) Overhead expenses.
c) Indirect expenses.
d) Trading expenses.
e) None of these
40.
The structure of LIC Organisation is divided
into how many tiers?
a) Two
b) Four
c) Five
d) Three
e) None of these
41.
Exposure to loss from a situation affecting
Unemployment, war, inflation, hurricane, earthquakes etc., is the examples
of ________.
a) Pure risk.
b) Fundamental risk.
c) Particular risk.
d) Personal risk.
e) None of these
42.
Any risk involved a situation where there is
a possibility of gain refers to ________.
a) Liability risk.
b) Personal risk.
c) Pure risk.
d) Speculative risk.
e) None of these
43.
______________refers to Direct or
Consequential loss.
a) Dynamic risk.
b) Particular risk.
c) Property risk.
d) Pure risk.
e) None of these
44.
That proportion of the risk which the direct
insurer holds on his own account is termed as_________
a) Line.
b) Retention.
c) Retrocession.
d) Ceding insurer.
e) None of these
45.
The first company in India offering the
insurance coverage was Oriental Insurance Company and the same was
established in the year:
a) 1824.
b) 1818
c) 1822.
d) 1821.
e) None of these
46.
Insurance contract is a sort of contract
which is approved by ____________.
a) The Indian Contract Act.
b) Indian Factory Act.
c) Indian Companies Act.
d) The Indian finance Act.
e) None of these
47.
Notification of alteration in risk is a
condition ______________.
a) precedent to liability.
b) subsequent to liability.
c) precedent to contract.
d) subsequent to contract.
e) None of these
48.
Life insurance in its present form came to
India from ______.
a) The United Kingdom.
b) The USA.
c) Canada.
d) Germany.
e) None of these
49.
The term Assurance refers to ________.
a) Life Insurance Business.
b) Marine Insurance Business.
c) Fire Insurance Business.
d) Motor Vehicle Business.
e) None of these
50.
The insurance done with more than one
insurer for the same risk and subject matter is called as_______.
a) Double insurance.
b) Over insurance.
c) Reinsurance.
d) External insurance.
e) None of these
Key:
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1
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a
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2
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c
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3
|
a
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4
|
b
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5
|
b
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6
|
a
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7
|
a
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8
|
b
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9
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b
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10
|
c
|
|
11
|
b
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12
|
b
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13
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a
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14
|
d
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15
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d
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16
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b
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17
|
d
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18
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c
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19
|
a
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20
|
a
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|
21
|
d
|
22
|
b
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23
|
b
|
24
|
c
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25
|
a
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26
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c
|
27
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d
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28
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b
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29
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d
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30
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c
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|
31
|
c
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32
|
d
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33
|
c
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34
|
b
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35
|
b
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36
|
c
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37
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c
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38
|
a
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39
|
b
|
40
|
b
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|
41
|
b
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42
|
d
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43
|
c
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44
|
b
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45
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b
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46
|
a
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47
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d
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48
|
a
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49
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a
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50
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a
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