IC01 (LICENTIATE) Principles of Insurance - 08
| 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 excess’ |
| 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 |