INSURANCE PRODUCTS (IP) - MARCH 2020 MCQS

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SEMESTER - 6

INSURANCE PRODUCTS

(IP)

MCQS - MARCH 2020

(1) GIBNA was passed in which year

(A) 1978

(B) 1979

(C) 1972

(D) 1980

(2) One of the most important principles that helps to determine the amount of premium that an insurer will charge from the insured is

(A) Principle of cooperation

(B) Principle of probability.

(C) Principle of indemnity

(D) Principle of warranty

(3) How many life insurance companies were operating before nationalization in 1956? 

(A) 265

(B) 240

(C) 250

(D) 245 

(4) What is the minimum sum assured for getting eligible for rural postal life insurance?

(A) 10,000

(B) 1000

(C) 100,000

(D) None of above

(5) How many general insurance companies were operating before nationalisation in 1972?

(A) 100

(B) 102

(C) 105

(D) 107

(6) An insurance contract is a contract between

(A) the Government and the Members of Parliament.

(B) the insured and insurer.

(C) insurance company and the insurance company distributors.

(D) insured and the subject of insurance. 

(7) Which of the following are public sector nonlife insurance companies?

(A) National insurance company Itd 

(B) New India assurance company Itd

(C) Both a and b

(D) None of above

(8) A warranty can be classified

(A) Good or Bad.

(B) Express or implied.

(C) impress or express.

(D) unknown or uncertain.

(9) GIC became national reinsurance in which year ?

(A) 2005

(B) 2006

(C) 2000

(D) None of the above

(10) Can you buy a life insurance policy for your best friend?

(A) Yes.

(B) Only if allowed by your parents.

(C) Only if allowed by the parents of your best friend.

(D) No.

(11) Among the following, the Principle of indemnity is not applicable to

(A) Fire insurance.

(B) Marine insurance.

(C) Property insurance.

(D) Life insurance.

(12) In which year did Oriental life insurance company started in Kolkata?

(A) 1918

(B) 1818

(C) 1920

(D) 1850

(13) "Insurance is a voluntary device to share the risks faced by several individuals collectively". Which principle of insurance does this statement represent from the following?

(A) Principle of indemnity

(B) Principle of probability

(C) Principle of proximate cause

(D) Principle of cooperation.

(14) Postal life insurance covers which of the following 

(A) Employees of postal dept

(B) Employees of telegraph dept

(C) Employees of central govt

(D) All of above

(15) Nationalization of life inşurance sector was held in

(A) 1956

(B) 1968

(C) 1938

(D) 1970

(16) Postal life insurance was started in which year?

(A) 1884

(B) 1887

(C) 1888

(D) None of above 

(17) Who makes the offer to enter into an insurance contract?

(A) IRDAI

(B) RBI

(C) Insurer

(D) Insured

(18) Can an underwriter ask for additional information from the applicant of insurance policy after the applicant submits the proposal form?

(A) Cannot be ascertained.

(B) Yes.

(C) No, the IRDA never allows this in India.

(D) Yes, only if permitted by the relatives of the insured.

(19) Which of the following is the only public sector company in the life insurance segment?

(A) GIC

(B) LIC

(C) National insurance company

(D) SBI life insurance company

(20) Which of the following are various types of general insurance?

(A) Motor insurance

(B) Cattle insurance

(C) Health insurance

(D) All of above

(21) The person who scrutinizes all the material facts provided by the proposer and decides whether to accept or reject the risk is known as

(A) Surveyor

(B) Loss assessor 

(C) Underwriter

(D) None of above

(22) Which of following principle states that all the material facts should be disclosed in the insurance contract?

(A) Utmost good faith

(B) Subrogation

(C) Insurable interest

(D) Proximate cause

(23) What is the tenure of general insurance contract? 

(A) 1 year or below 1 year

(B) 6 months of below 6 months

(C) 3 month and below 3 months

(D) All of the above 

(24) Can Insurance Products cover the risks due to gambling in illegal markets?

(A) Yes.

(B) No.

(C) Yes, once the Government of India gives the approval.

(D) None of the above.

(25)From a social point of view, an important significance of insurance products is that they can provide _______ security for the members of the society.

(A) Emotional.

(B) Economic and financial.

(C) Technical.

(D) Technological.

(26) Indisputability clause is specified in which section of insurance act 1938

(A) 38

(B) 39

(C) 41

(D) 45

(27) IRDAI has power to prepare code of conduct for which of the following

(A) Agents

(B) Surveyors

(C) Loss assessors

(D) All of above

(28) Which is the sole national reinsurance company in india ?

(A) SBI

(B) GIC

(C) LIC

(D) ICIC

(29) IRDA Act was passed in which year?

(A) 1994

(B) 1995

(C) 1991

(D) 1999 

(30) How many public sector general insurance companies are working in India?

(A) 1

(B) 2

(C) 3 

(D) 4 

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