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Exam Questions & Answers
1. Origins of modern insurance business can be traced on ________.
Ans- Lloyds
2. Lic of india act was passed in june 1956 but it came into force on
Ans - 1 septe 1956
3. Every insurance carying on business in india shall invest and at all time keep invested an amount not exceeding--------of their funds in other capital market investment.
Ans - 25 %
4.On 20th January 1956 all Life Insurance Companies operating in India were taken over by ----- nominated custodians.
Ans - 43
5. Which among the following is method of risk transfer ?
Ans - INSURANCE
6. Which of the statement is true
Ans - insurance is a method of sharing the losses of a ? few by ? many?
7. Insurance is a mechanism that helps reduce adverse consequences through
Ans - Pooling, Spreading Sharing of risk
8. Employees state insurance act 1948 provides for
Ans - medical aid to workers and their families working in industries located in certain notified areas
9. Pradhan mantri jeevan jyoti bima yojana benefit in people in case of death. This scheme with a premium of Rs. 330 and coverage of Rs.2 lakh is available to person in the age group of
Ans - 18 - 50
10. General insurance means
Ans - All the above
11. An insurer is bound to furnish details regarding
Ans - All of The above three.
12. How breach of utmost good faith occurs in a contract of insurance
Ans - Through both of the above.
13. In property insurance insurable interest must exist at the time of
Ans - Inception and Loss both
14. Generally a person seeking insurance writes a form to the insurer and applies for insurance. This form is known as
Ans - Praposal Form
15. In any contact if there is an offer and acceptance. what is the third condition that must be fulfilled to make it a complite contact ?
Ans - Consideration
16. A fact that influence a prudent underwriter s decision to accept the risk or not is known as
Ans - Material Fact
17. Gautama gets his tractor insured for a sum saying that the tractor is two years old but in an accident. when the tractor becomes a total loss the insurer comes to known that the said tractor was 10 years old. The insurer can reject the claim stating------------
Ans - Non Disclosure of material fact
18. Miscellaneous Insurance business means affecting insurance contracts on all kinds of risks other than _______.
Ans - All the three above.
19. Some insurance cannot be categorized as a standard group and are a part of ?Others? insurance like
Ans - All of the Above
20. All the Insurers in India are governed by the rules and regulations framed by IRDAI except_____.
Ans - Postal Life Insurance
21. A Household insurance means _____.
Ans -Both of the above
22. Life Insurance provides the products like_______.
Ans - Both of the above
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