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
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 excess’
 All risks cannot be transferred
Q8.___ branch of insurance covers a variety of risks?
 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
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