IC01 PRINCIPLES OF INSURANCE - 26

Que. 1 : Q1) In which regulations are the code of ethics directed towards ethical behaviour spelt out?

   1.  a) Government

   2.  b) IRDA

   3.  c) Insurance Advisory Committee

   4.  d) Insurance Institute of India

Que. 2 : Q2) In Insurance terms, PML stands for_____________.

   1.  a) Partial Maximum Loss

   2.  b) Preventive Management Lesson

   3.  c) Probable Maximum loss

   4.  d) Probable Minimum loss

Que. 3 : Q3) Which one of the following statements is correct?

   1.  a) A life insurance policy is a contract, enforceable in a court of law

   2.  b) A life insurance policy is not required to be stamped

   3.  c) Both the statements are correct

   4.  d) Both the statements are wrong

Que. 4 : Q4) ____________Act was amended in 1999 to provide for registration of private insurers to transact insurance business in India and setting up of IRDA.

   1.  a) The Insurance Act, 1938

   2.  b) The LIC Act 1956

   3.  c) The RBI Act 1934

   4.  d) Insurance Nationalization Act 1990

Que. 5 : Q5) The proposer pays a consideration to the insurance company for bearing the risk on his behalf. What is this consideration known as?

   1.  a) Enrollment fee

   2.  b) Premium

   3.  c) Installment

   4.  d) Bonus