T.Y B.COM
SEMESTER - 6
INSURANCE PRODUCT
(IP)
MCQS - MARCH 2018
1. In 1907, __________ was set up as a company to transact in all classes of general insurance business in India.
A The Triton Insurance Ltd
B The Phoenix Insurance Co.
C The Indian Mercantile Insurance Ltd.
D The London Insurance Ltd
2. Which of the following is/are method/s of indemnity?
A Cash payment
B Replacement
C Repairing
D All of these
3. Insurance is a device for the __________ to an insurer of certain risks of ______ that would otherwise come by the insured.
A collection, financial loss
B protection, statutory loss
C retention, emotional loss
D transfer, economic loss
4. License of insurance business expires on 31st day of ________ and have to be renewed _______.
A March, after five years
B December, each year
C March, each year
D December, after five years
5. According to Insurance Act, 1938, after first rejection of insurance company's license a revised application is permissible by the applicant company only after ________.
A three years
B five years
C not permissible at all
D none of these
6. The element of investment may be present in _________.
A assurance policies
B health insurance ploidies
C marine insurance policies
D fire insurance policies
7. Which of the following is/are true in respect of capacity of the parties to enter into the insurance contract?
A The parties have not been involved in any act against the law
B They should have crossed the age of majority
C The parties must also be of sound mind
D All of the these
8. Unless _________ is paid, risk under the contract cannot be assumed.
A claim
B sum assured
C premium
D none of these
9. According to Insurance Act, 1938, application of renewal of license of insurance business has to be made in the month of ____________.
A April
B January
C March
D none of these
10. In 1993, the Government set up a committee under the chairmanship of ________ to propose recommendations for reforms in the insurance sector.
A N. R. Narsighmam
B N. R. Damodaran
B N.R. Malhotra
D None of these
11. Concealment of material fact or misrepresentation may affect _______.
A the validity of the contract
B the validity of the claim
C both a and b
D none of these
12. Which among the following is not true for the children policy under PLI?
A The main policyholder should not have attained the age of 45 years.
B Maximum two children in a family will be eligible
C Maximum sum assured is 1 lakh or more than the sum assured of the main policyholder
D No premium is required to be paid on the death of main policyholder
13. IRDAI controls the rates, terms and conditions that may be offered by insurers in respect of general insurance business, which are not controlled by the ___________.
A GIC
B LIC
C TAC
D RBI
14. Which of the following/s is/are licensing criteria for insurance business according to Insurance Act, 1938.
A Volume of business and earning prospects
B Promoters 'financial strength and directors' background
C Rural and social sector focus
D All the these
15. Which one of the following is not an example of implied warranty?
A sea-worthiness of ship
B packaging cargo in a professional way
C Legality of voyage
D Legality of subject matter of insurance
16. In __________ insurable interest is applicable at the time of both taking the policy and when claiming against loss.
A fire Insurance policies
B assurance policies
C social security policies
D marine policies
17. According to _________ "The collective bearing of risks is insurance".
A Sir William Bevridges
B Alien Z. Mayerson
C Ghosh and Agarwal
D Boon and Kurtz
18. The primary duty of the IRDAI is to _________ orderly growth and conduct of insurance business and re-insurance business.
C promote
B ensure
A regulate
D all of these
19. ________ can not take PLI Policies.
A Employees of Central University of Gujarat
B Female employees of Indian Railways
C Employees of Reliance Industries Limited
D Employees of Punjab National Bank
20. IRDAl consists of one chairperson, not more than _________ whole time members and not more than ________ part time members.
A 4, 7
B 5, 7
C 5, 4
D 4, 5
21. __________ are those for the protection of which, the subject matter is insured and ________ are those for which the insurer cannot be made liable for any type of loss that happens with the insured.
A Remote cause, proximate cause
B Included perils, excluded perils
C Excluded perils, included perils
D Insured perils, proximate cause
22. According to Insurance Act, 1938 the insurance company has to apply tor renewal of license by paying the requisite fee of ________ along with _________ of total gross premium written directly by insurer during last financial year.
A Rs.20,000, 2 %
B Rs.5,00,000, 1%
C Rs.1,00,000, 2%
D None of these
23. Insurance is the modern method by which men make the ________, certain and the unequal, _________.
A uncertain , equal
B fortune, misfortune
C profit , risk
D more, less
24. General insurance business in India was nationalized by amalgamating ________ insurers.
A 107
B 148
C 245
D 68
25. The right of subrogation does not arise in which of the following ways ?
A Contract
B Tort
C Salvage
D None of these
26. The term of the office of the chairperson of IRDA -
A Five years or till attains the age of sixty-seven years
B Five years or till attains the age of sixty-five years
C Five years or till attains the age of sixty years
D Five years or till attains the age of sixty-two years
27. Among the following which principle is not applicable to assurance policies?
A Principle of Utmost Good faith
B Principle of Insurable interest
C Principle of Cooperation
D Principle of Contribution
28. Which of the following is one of the plans under RPLI?
A SUVIDHA
B YUGAL SURAKSHA
C SUMANGAL
D GRAM PRIYA
29. Underwriting is the process of _________ risks of prospective insured.
A eliminating
B accepting or rejecting
C mitigating
D All of these
30. Field underwriter is also known as __________ in insurance.
A service provider
B insured
C assured
D agent
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