IC01 (LICENTIATE) Principles of Insurance - 02
| Q1.Motor insurance covers which of the following? |
| Damage to individual |
| Damage to the car only |
| Damage to property belonging to third parties |
| All of the above |
| None of the above |
| Q2.For which of the family members mentioned below can a man take HEALTH INSURANCE? |
| His Brothers |
| His Sisters |
| His Uncles |
| His Parents |
| All of the above |
| Q3.IBNR claims are __. |
| Incurred But Not Reviewed |
| incurred But Not Report |
| Involved But Not Responsible |
| Incurred But Not Responsible |
| Investigated But Not Reported |
| Q4.Which was the first company to conduct a life insurance business in India? |
| LIC of India |
| Oriental Life Insurance Company |
| GIC of India |
| Madras Equitable |
| Bharat Insurance Company |
| Q5.In which type of contract, the annuitant makes a lump sum payment to the insurance company and the insurance company starts paying annuities (periodic payments) soon after the policy commences? |
| Deferred Annuity |
| Lumpsum Annuity |
| Immediate Annuity |
| None of the above |
| Any of the above |
| Q6.Mr. X and Mr. Y are brothers who are traveling on their respective bikes. Due to negligent driving by Mr. Y, their bikes collide and Mr. X's bike is damaged. Both their bikes are insured. How will the insurance claim be settled? |
| Mr. Y will take the money from his insurance company and pay for the repairs of his brother's bike. |
| The insurance company will not interfere as it is a family matter between the two brothers and the insurance company has got no role to play as insurance companies don't interfere in family matters. |
| Mr. X's insurance company will settle the claim and recover the money from, Mr.Y, as he was responsible for the accident due to his negligent driving |
| Mr. X's insurance company will settle the claim and Mr. Y will get away with his negligent driving as he is Mr. X's brother. |
| None of the above |
| Q7.What is the purpose of insurance? |
| Bring people who are exposed to similar risks together |
| Pay claims |
| Collect premium |
| All of the above |
| Make profits for the insurance company |
| Q8.Which of the below is a reinsurance company? |
| Life Insurance Corporation (LIC) |
| Oriental Insurance Company Limited |
| United India Insurance Company Limited |
| General Insurance Corporation (GIC) |
| New India Insurance Company Limited |
| Q9.____ is not covered under both Life and Nonlife insurance. |
| Critical illness |
| Fire |
| Disability |
| Personal accident |
| None of the above |
| Q10.Which of these statements is CORRECT? |
| Commuted values of pensions are not exempt from income tax |
| Life insurance policies do not provide a saving of taxes |
| The claim amount received under a life insurance policy is not exempted from Income tax |
| Tax benefits may not be the same for all insurance policies every year |
| In general insurance plans, the tax benefit is available only on all insurance plans |