# IC01 (LICENTIATE) Principles of Insurance - 08

Aug 13, 2021 - 07:16
Nov 7, 2022 - 10:46
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 Q1.When do the customers feel happy ?
 They feel cared for and helped They do not feel like they have been taken advantage of Their feelings and views are not ignored They are respected and recognized All of the above

 Q2.What best describes Health Insurance?
 Health Insurance covers medical expenses while traveling abroad Health Insurance covers losses to ocean-going ships Health Insurance provides cover for goods in transit by sea, air or road Health Insurance covers sickness and expenses relating to hospitalization Health Insurance covers damage to property and contents within, arising out of fie, explosions

 Q3.Mr. Mukesh rolls dice with number 1 to 6 on it. The probability of a number, say 2, coming on top is 1/6th. If the dice is rolled 30 times, we cannot be 100% sure that the number 2 will come exactly 5 times on the top ( 30 X 1/6). But if this dice is rolled for a million times, the probability of number 2 coming on top will be quite close to 1/6th of a million. What is this law of probability called?
 Laws of statistics Law of a million Law of large numbers Law of gravity None of the above

 Q4.In a Unit Linked Insurance Policy, what is NOT in the hands of the policyholder?
 Choice of funds Design of funds Sum assured Term Premium

 Q5.Which risk management techniques come to the picture only after the peril has struck?
 Retention, Separation, and Diversification Diversification and Duplication Insurance, Separation, and Duplication Retention and Insurance Separation and Duplication

 Q6.What best describes a Double Endowment Plan
 Double Endowment Plan provides for a double death benefit on death or normal sum assured on survival Double Endowment Plan provides for a double the sum assured on maturity and the normal sum assured on death Double Endowment Plan provides for double benefits which is the normal sum assured on death and normal sum assured on maturity of the policy even after death Double Endowment Plan provides for benefits on survival at specific intervals and normal sum assured on death or maturity Double Endowment Plan provides for a double death benefit with zero survival benefit

 Q7.Which of these options is INCORRECT?
 Methods of retention and transfer of risk are mutually exclusive Some risks have to be transferred and some have to be retained All risks cannot be retained Even out of what is transferred to insurers, retention's is possible through a system of excessâ€™ All risks cannot be transferred

 Q8.___ branch of insurance covers a variety of risks?
 General Life Reinsurance All of the above None of the above

 Q9.Which plans cannot be offered as Group insurance plans for the benefit of employees of the organization?
 Term insurance plans Health insurance plans Super annuation plans Fire insurance plans Pension plans

 Q10.Select the incorrect statement -
 The risk of damage to ships can be controlled by using cyclone patterns, weather information technology, etc. The risk of motor accidents can be reduced by following traffic rules The risk of death can be prevented All of the above None of the above