T.Y B.COM
SEMESTER - 6
INSURANCE PRODUCT
(IP)
MCQS
1. ___________ payment in indemnity insurance depends on the nature of losses occurred, subject to a maximum of the sum insured.
(a) The gift of
(b) The amount of
(c) The product of
(d) none
2. Insurance is the protection ageist __________ loss.
(a) Social
(b) Emotional
(c) Economic
(d) none
3. Insurance is a device to share the __________ loss of few amount many others.
(a) Financial
(b) Social
(c) Emotional
(d) none
4. The __________ bearing of risks is insurance.
(a) Financial
(b) Collective
(c) Social
(d) none
5. __________ rate of premiums stimulates for more business and better protection to the insureds.
(a) Increase
(b) Reduced
(c) Same
(d) none
6. Insurance is an __________ business.
(a) International
(b) Domestic
(c) National
(d) Wide
7. The country can earn foreign exchange by way of issue of __________ insurance policies.
(a) National
(b) Marine
(c) International
(d) Life
8. The LIC has made available more than __________ crore to major financial institutions in the country.
(a) 2300
(b) 1000
(c) 2000
(d) 2100
9. The risks and uncertainties of man have been __________ day-by-day in this modern world.
(a) Wide
(b) Reduce
(c) Increasing
(d) equal
10. Element of investment has made the insurance __________ attractive.
(a) Wide
(b) more
(c) increase
(d) less
11. Angell observes that those who have, little worried about the future, can be a __________ efficient worker.
(a) Wide
(b) more
(c) increase
(d) less
12. The contract would be legal only when the subject is ________.
(a) legal
(b) favor
(c) oppose
(d) illegal
13. Insurance is a deliberate and rational planning and rational planning for __________.
(a) Wide
(b) Past
(c) Present
(d) Future
14. Insurance companies dealing in motor vehicle insurance, charge __________ premium rates for the renewal of policies if the owner of the vehicle did not claim for payment in the previous year.
(a) more
(b) Wide
(c) increase
(d) Reduce
15. Insurance encourage to develop the attitude of __________.
(a) Saving
(b) Expense
(c) Thinking
(d) blocking
16. Who commented "Insurance is an important and progressive industry".
(a) Emperor George-iv
(b) Edwin R. A.
(c) Emperor George-i
(d) Emperor George-vi
17. How many contribution to Human resources development centers in the country.
(a) 6
(b) 7
(c) 3
(d) 4
18. How many the number of insurance agents employed in LIC?
(a) 5.60 lakh
(b) 5.20 lakh
(c) 5.50 lakh
(d) 5 lakh
19. _________ operate business in other countries by opening branches and earn foreign exchange for the country.
(a) Insurance company
(b) Management company
(c) businessman
(d) Schools
20. The insurance company can forfeit all the premiums paid. But this right can be enforced by the insurance company only during first ________ years of policy.
(a) 2
(b) 3
(c) 4
(d) 1
21. Marine Insurance Act ________.
(a) 1962
(b) 1938
(c) 1965
(d) 1963
22. This principle of Indemnity applies to all types of insurance contracts excepts _______ insurance.
(a) Saving
(b) education
(c) Life
(d) death
23. Which principle is applicable to both, fire and marine insurance.
(a) Indemnity
(b) Subrogation
(c) warranties
(d) contribution
24. In India LIC was solely authorized to carry on life insurance business till
year _________.
(a) 2000
(b) 1999
(c) 2001
(d) 1993
25. Insurance of _________ is an essential requirement of law of the Country.
(a) Marine
(b) Life
(c) Motor Vehicle
(d) None
26. Who takes the speculative risks ?
(a) Businessman
(b) Speculator
(c) Businessman & speculators
(d) Family
27. Where the involvement of risk in life is below the average, it is called ________.
(a) Standard risk
(b) Super standard risk
(c) happy
(d) none
28. The persons of deaf, dumb or any other handicaps involves in which type of risks?
(a) Gradually increasing sub-standard risks
(b) Permanent sub-standard risks
(c) Gradually declining sub standard risks
(d) Super standard risks
29. The person who gradually increase along with age, for instance, heart diseases, diabetes, high blood pressure etc. involves in which type of risks?
(a) Gradually increasing sub-standard risks
(b) Permanent sub-standard risks
(c) Gradually declining sub standard risks
(d) Super standard risks
30. Humans risks gradually declines along with the increase in age like family liability involves in which type of risks?
(a) Gradually increasing sub-standard risks
(b) Permanent sub-standard risks
(c) Gradually declining sub standard risks
(d) Super standard risks
31. The premium once paid ________ be refunded.
(a) can
(b) cannot
(c) in favor of
(d) none
32. Insurance law in India has its origin in the ________ with the establishment of a British firm.
(a) Pakistan
(b) United kingdom
(c) Canada
(d) China
33. The Oriental Life insurance company in 1818 in ___________.
(a) Chennai
(b) Delhi
(c) Mumbai
(d) Calcutta
34. When does the Bombay life assurance company followed Insurance law?
(a) 1874
(b) 1818
(c) 1829
(d) 1823
35. When does the Madras life assurance company followed Insurance law?
(a) 1874
(b) 1829
(c) 1823
(d) 1818
36. When does the Oriental life assurance company followed Insurance law?
(a) 1874
(b) 1829
(c) 1818
(d) 1823
37. When the passing of the Indian life assurance companies Act?
(a) 1874
(b) 1973
(c) 1947
(d) 1912
38. Act of 1912 which was based on the English Act of _________
(a) 1874
(b) 1901
(c) 1909
(d) 1910
39. The first general insurance company was promoted in 1850 by British nationals in _________
(a) Chennai
(b) Delhi
(c) Mumbai
(d) Calcutta
40. When was the first general insurance company established by an Indian ?
(a) 1902
(b) 1901
(c) 1907
(d) 1910
41. Where was the first general insurance company established by an Indian ?
(a) Chennai
(b) Delhi
(c) Mumbai
(d) Calcutta
42. What was the name of first general insurance company established by an Indian?
(a) Indian Mercantile Insurance Co.Ltd.
(b) Oriental Insurance Co.
(c) Bajaj Insurance Co.
(d) LIC
43. Which is the Act year of non- life insurance ?
(a) 1942
(b) 1939
(c) 1973
(d) 1938
44. When was Life Insurance Corporation was formed?
(a) Sep.1958
(b) Sep. 1956
(c) Sep 1955
(d) Nov.1950
45. When was General Insurance business was nationalized?
(a) 1980
(b) 1970
(c) 1972
(d) 1973
46. When was Govt. of India appointed R.N.Malhotra committee to lay down road map for opening up of the insurance sector to private sector participation?
(a) 1980
(b) 1970
(c) 1972
(d) 1993
47. Who was appointed by Govt. of India to lay down road map for opening up of the insurance sector to private sector participation?
(a) GIC
(b) R.N.Malhotra committee
(c) LIC
(d) IRDA
48. When was R.N.Malhotra committee submitted its report?
(a) 1980
(b) 1970
(c) 1994
(d) 1972
49. Who started issuing licenses to private life insurance co. formed and registered under insurance business general insurance business and reinsurance business?
(a) IRDA
(b) LIC
(c) R.N.Malhotra committee
(d) GIC
50. When was postal life insurance started?
(a) Feb, 1886
(b) Feb, 1884
(c) Feb, 1880
(d) Feb, 1890
51. For providing postal services, the whole county has been divided into how many postal circles?
(a) 20
(b) 25
(c) 32
(d) 23
52. Under which section income tax rebate we get?
(a) 80 G
(b) 80 C
(c) 80 CCC
(d) 80 D
53. In Children Policy, is Child medical examination necessary ?
(a) No
(b) Yes
(c) Cannot say
(d) none
54. If the principal place is outside the lndia, the period of submission may be extended by _________ months.
(a) 3
(b) 7
(c) 2
(d) 1
55. Which is the Married Women's Property Act?
(a) 1888
(b) 1890
(c) 1912
(d) 1874
56. To whom no person shall pay or contract to pay?
(a) Agent
(b) Proprietor
(c) Students
(d) none
57. All other companies had to invest 100% of their Indian liabilities in Indian govt. and approved securities with at least __________ in Indian govt. rupee securities.
(a) 4/3
(b) 1/3
(c) 2/3
(d) none
58. When was IRDA act passed?
(a) 2000
(b) 1989
(c) 1999
(d) 1990
59. By whom Management of IRDA are appointed ?
(a) Central Govt.
(b) State Govt.
(c) Local Govt.
(d) None
60. Where is IRDA situated?
(a) Mumbai
(b) Hydrabad
(c) Culcutta
(d) Baroda
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