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Questions from- Life-Ch1

Qn No (1):- Which among the following is the regulator for the insurance industry in India?
(A) Insurance Authority of India
(B) Insurance Regulatory and Development Authority of India
(C) Life Insurance Corporation of India
(D) General Insurance Corporation of India
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Qn No (2):- Which among the following is a secondary burden of risk?
(A) Business interruption cost
(B) Goods damaged cost
(C) Setting aside reserves as a provision for meeting potential losses in the future
(D) Hospitalisation costs as a result of heart attack
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Qn No (3):- Which among the following is a method of risk transfer?
(A) Bank FD
(B) Insurance
(C) Equity shares
(D) Real estate
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Qn No (4):- Which among the following scenarios warrants insurance?
(A) The sole bread winner of a family might die untimely
(B) A person may lose his wallet
(C) Stock prices may fall drastically
(D) A house may lose value due to natural wear and tear
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Qn No (5):- Which of the below insurance scheme is run by an insurer and not sponsored by the Government?
(A) Employees State Insurance Corporation
(B) Crop Insurance Scheme
(C) Jan Arogya
(D) All of the above
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Qn No (6):- Risk transfer through risk pooling is called ________.
(A) Savings
(B) Investments
(C) Insurance
(D) Risk mitigation
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Qn No (7):- The measures to reduce chances of occurrence of risk are known as _____.
(A) Risk retention
(B) Loss prevention
(C) Risk transfer
(D) Risk avoidance
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Qn No (8):- By transferring risk to insurer, it becomes possible ___________.
(A) To become careless about our assets
(B) To make money from insurance in the event of a loss
(C) To ignore the potential risks facing our assets
(D) To enjoy peace of mind and plan ones business more effectively
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Qn No (9):- Origins of modern insurance business can be traced to __________.
(A) Bottomry
(B) Lloyds
(C) Rhodes
(D) Malhotra Committee
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Qn No (10):- In insurance context a risk retention indicates a situation where _____.
(A) Possibility of loss or damage is not there
(B) Loss producing event has no value
(C) Property is covered by insurance
(D) One decides to bear the risk and its effects
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Qn No (11):- Which of the following statement is true?
(A) Insurance protects the asset
(B) Insurance prevents its loss
(C) Insurance reduces possibilities of loss
(D) Insurance pays when there is loss of asset
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Qn No (12):- Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses get burnt every year resulting in a combined loss of Rs. 80,000. What should be the annual contribution of each house owner to make good this loss?
(A) Rs.100/-
(B) Rs.200/-
(C) Rs.80/-
(D) Rs.400/-
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Qn No (13):- Which of the following statements is true?
(A) Insurance is a method of sharing the losses of a few by many
(B) Insurance is a method of transferring the risk of an individual to another individual
(C) Insurance is a method of sharing the losses of many by a few
(D) Insurance is a method of transferring the gains of a few to the many
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Qn No (14):- question
(A) option1
(B) option2
(C) option3
(D) option4
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Qn No (15):- Why do insurers arrange for survey and inspection of the property before acceptance of a risk?
(A) To assess the risk for rating purposes
(B) To find out how the insured purchased the property
(C) To find out whether other insurers have also inspected the property
(D) To find out whether neighbouring property also can be insured
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Qn No (16):- Which of the below option best describes the process of insurance?
(A) Sharing the losses of many by a few
(B) Sharing the losses of few by many
(C) One sharing the losses of few
(D) Sharing of losses through subsidy
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Qn No (17):- question
(A) option1
(B) option2
(C) option3
(D) option4
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Qn No (18):- question
(A) option1
(B) option2
(C) option3
(D) option4
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