80 practice sets · Page 2 of 4
Which of the following is not the type of insurance:
Public Insurance, Social Insurance, Motor insurance, Marine insurance
Fire insurance, theft insurance, Motor insurance, Marine insurance
Life Insurance, Fire insurance, theft insurance, motor Insurance
Personal Insurance, Motor insurance, Marine insurance, theft Insurance
A type of insurance that has been around since the ancient Greeks and Romans is ...................insurance.
medical
fire
marine
business liability
Extended coverage endorsements normally do not cover damage caused by
nuclear radiation
falling aircraft
vandalism
wind and hail
Insurance Ombudsman is a Quasi judicial body established for speedy settlement of dispute in ............... ,............... and ............... manner
all of above
fair, impartial , judicial
clear, equal, common
impartial, simple, fair
...............method is the oldest method of reinsurance and there is...............on reinsurance
treaty, no restriction
Facultative, no restrictions
Treaty, restriction
Pooling , Restriction
Under which method, both the parties are found into a contract for any specific risk
all of the above
facultative
treaty
pooling
...............are used as a valuable tool/aid to rate making & underwriting
legal advices
engineering services
market research
personnel management
...............is the distribution of insurance products through the banks distribution channels
banc-assurance
double insurance
reinsurance
treaty insurance
............... is a contract between two or more insurance companies by which a portion of risk of loss is transferred to another insurance companies
banc-assurance
double insurance
reinsurance
treaty insurance
The insurer according to which of the following principle, becomes entitled to all the rights of insured subject matter after payment because he has to pay the actual loss of the property
subrogation may be applied for payment
doctrine of subrogation
subrogation is substitution
subrogation upto the amount of payment
...............helps lower the cost of insurance as well as increase its availability
all of the above
deductible decisions
objective decision
selective decisions
A contract of ............... means the insured must accept the entire contract, with all of its items and conditions
personal
conditional
adhesion
unilateral
Which type of insurance covers damage or injury caused by a vehicle with no liability insurance coverage?
property damage liability coverage
comprehensive insurance
uninsured motorists insurance
no-fault automobile insurance
The consent will be free when it is not caused by
all of above
coercion
undue influence
fraud
Which of the following is the challenge for bancassurance in India
all of above
challenge in work culture
effective mining of the database
threat of cannibalization
Most firms shift their risks by
buying an insurance policy
establishing a self-insurance fund
establishing a safety program
installing smoke alarms
Unemployment can result from:
Business cycle downsizing
Seasonal factors
Imperfection in Labor market
All of the above
One of the most important reason for considering bancassurance by bank is increased ROA. 2) Insurers operate through bansassurance, own and control relationships with customers.Which of the above two statement is not correct.
both 1 & 2
only 1
only 2
none of the above.
...............is a memorandum specifying some of the details of the property or liability policy to be issued by the company
binder
subrogation
indemnity
endorsement
Upon the death of the insured, who receives the proceeds of the life insurance policy?
beneficiaries
actuaries
policyholders
recipients
