MCQOPTIONS
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MCQOPTIONS
This section includes 141 Mcqs, each offering curated multiple-choice questions to sharpen your Bachelor of Commerce (B Com) knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
From the following which is function of insurance |
| A. | Risk bearing |
| B. | Provide savings |
| C. | Provides savings |
| D. | All of these |
| Answer» E. | |
| 2. |
__________ means a complete loss or destruction of the subject matter in the policy. |
| A. | Partial loss |
| B. | Total loss |
| C. | Actual loss |
| D. | None |
| Answer» C. Actual loss | |
| 3. |
Which of the following types of risks best meets the requirements for being insurable by private insurers? |
| A. | Market risks |
| B. | Property risks |
| C. | Financial risks |
| D. | Political risks |
| Answer» C. Financial risks | |
| 4. |
Time policy is taken in the case of ________ insurance |
| A. | Hull |
| B. | Cargo |
| C. | Fright |
| D. | All of these |
| Answer» B. Cargo | |
| 5. |
_______ policy covers both land and sea sides |
| A. | Blanket |
| B. | Block |
| C. | Currency |
| D. | Cargo |
| Answer» C. Currency | |
| 6. |
Which is the year of 'Great Fire of London'? |
| A. | 1969 |
| B. | 1666 |
| C. | 1967 |
| D. | 1566 |
| Answer» C. 1967 | |
| 7. |
________ is a formal statement or announcement |
| A. | Declaration |
| B. | Premium |
| C. | Cover note |
| D. | Certificate of insurance |
| Answer» B. Premium | |
| 8. |
A person who gains or benefits as per a contract is known as______ |
| A. | Beneficiary |
| B. | Annuitant |
| C. | Assurer |
| D. | None |
| Answer» B. Annuitant | |
| 9. |
______ Policy is taken for the shipment of a particular cargo only |
| A. | Blanket |
| B. | Block |
| C. | Cargo |
| D. | Composite |
| Answer» D. Composite | |
| 10. |
___________ Policy is issued to cover the risks involved when the ship is anchored in the post. |
| A. | Cargo |
| B. | Port risk |
| C. | Currency |
| D. | Fleet |
| Answer» C. Currency | |
| 11. |
G.A., P.A. etc. are used in the freight causes are known as |
| A. | Insurance Freight clauses |
| B. | Institute Freight clauses |
| C. | Interest on Freight clauses |
| D. | None of these |
| Answer» C. Interest on Freight clauses | |
| 12. |
The receipt and rate of premium is mentioned in _____ clause. |
| A. | Waiver |
| B. | Premium |
| C. | Barratry |
| D. | Jettison |
| Answer» C. Barratry | |
| 13. |
_______ means the act of throwing a part of the cargo over board lighten the ship in emergencies |
| A. | Barratry |
| B. | Jettison |
| C. | Waiver |
| D. | Premium |
| Answer» C. Waiver | |
| 14. |
Salvage charges means the charges increased by a _______ |
| A. | Salver |
| B. | Salvages |
| C. | Insurer |
| D. | Insured |
| Answer» B. Salvages | |
| 15. |
Fire insurance came into existence after the Great Fire of the London in ___________ |
| A. | 1666 |
| B. | 1866 |
| C. | 1686 |
| D. | 1687 |
| Answer» B. 1866 | |
| 16. |
Equity capital refers |
| A. | Borrowed capital |
| B. | Cost of capital |
| C. | Debenture capital |
| D. | Own capital |
| Answer» E. | |
| 17. |
Martine Peril is also called as _________ |
| A. | Moral hazards |
| B. | Morale hazards |
| C. | Peril of the sea |
| D. | None |
| Answer» D. None | |
| 18. |
Re-instatement policy is also known as |
| A. | Replacement policy |
| B. | Replacement policy |
| C. | Both (a) and (b) |
| D. | None |
| Answer» D. None | |
| 19. |
Fire insurance is a device to compensate the insured for the loss caused by _______ |
| A. | Fire |
| B. | Water |
| C. | Flood |
| D. | None |
| Answer» B. Water | |
| 20. |
The books maintained on the basis of magnitude of the business are |
| A. | Subsidiary books |
| B. | Register of claims |
| C. | Register of policies |
| D. | Statutory books |
| Answer» B. Register of claims | |
| 21. |
The organization structure of ________ is four tier structures. |
| A. | IRDA |
| B. | LIC |
| C. | GIC |
| D. | All |
| Answer» C. GIC | |
| 22. |
Fire insurance is a contract of ____________ |
| A. | Uberrimae Fidei |
| B. | Uberrima Fide |
| C. | Uberrim fidi |
| D. | Uperrima fibi |
| Answer» B. Uberrima Fide | |
| 23. |
The corpus fund is created with contributions from the Central Government and State Government on ________ basis |
| A. | 60:40 |
| B. | 55:45 |
| C. | 50:50 |
| D. | 25:75 |
| Answer» D. 25:75 | |
| 24. |
_________ is a contract between two insures i.e. original insurer and another insurer. |
| A. | Insurance |
| B. | Reinsurance |
| C. | Policy |
| D. | Premium |
| Answer» C. Policy | |
| 25. |
The Head Office of Oriental Insurance Co. Ltd. is at ________ |
| A. | Chennai |
| B. | Mumbai |
| C. | New Delhi |
| D. | Kolkatta |
| Answer» D. Kolkatta | |
| 26. |
Under _________ no insurer will transit the business individually |
| A. | Reinsurance |
| B. | Treaty reinsurance |
| C. | Pool insurance |
| D. | Facultative insurance |
| Answer» D. Facultative insurance | |
| 27. |
The Head Office of National Insurance Co. Ltd. is at________ |
| A. | Mumbai |
| B. | Chennai |
| C. | New Delhi |
| D. | Kolkatta |
| Answer» E. | |
| 28. |
The concept of ________ is very important for an insurance company in deciding the methods financing. |
| A. | Capital |
| B. | Cost of capital |
| C. | Capital structure |
| D. | None |
| Answer» C. Capital structure | |
| 29. |
EEI means |
| A. | Electrical Equipment Insurance |
| B. | Electronic Equipment Insurance |
| C. | Elective Insurance |
| D. | Electronic Erection Insurance |
| Answer» E. | |
| 30. |
_______ involves proportionate sharing of the insurance among more than one insurer. |
| A. | Reinsurance |
| B. | Double Insurance |
| C. | Co-insurance |
| D. | None |
| Answer» D. None | |
| 31. |
____________ Policy is a combination of floating and average policies |
| A. | Excess |
| B. | Floating |
| C. | Specific |
| D. | Valued |
| Answer» B. Floating | |
| 32. |
__________ means insuring a risk with two or more insurers and the total sum insured also exceeds the actual value of the subject matter. |
| A. | Reinsurance |
| B. | General Insurance |
| C. | Single insurance |
| D. | Double insurance |
| Answer» E. | |
| 33. |
The things or property insured is called ________ of the insurance |
| A. | Subject matter |
| B. | Insurable interest |
| C. | Policy |
| D. | None |
| Answer» B. Insurable interest | |
| 34. |
The insurer agrees to compensate the insured in consideration of a sum of money is called |
| A. | Premium |
| B. | Policy |
| C. | Subject matter |
| D. | None |
| Answer» B. Policy | |
| 35. |
The document which lays down the terms of the contract of the insurance is called the ________ |
| A. | Policy |
| B. | Subject matter |
| C. | Premium |
| D. | Insurable interest |
| Answer» B. Subject matter | |
| 36. |
The Life Insurance Corporation of India (LIC) was formed in________ |
| A. | 1952 |
| B. | 1956 |
| C. | 1957 |
| D. | 1962 |
| Answer» C. 1957 | |
| 37. |
The interest which the insured has in the subject matter of insurance is called ________ |
| A. | Premium |
| B. | Insurance interest |
| C. | both (a) & (b) |
| D. | None |
| Answer» C. both (a) & (b) | |
| 38. |
The Bombay Mutual Assurance Society Ltd. formed in________ |
| A. | 1870 |
| B. | 1970 |
| C. | 1960 |
| D. | 1865 |
| Answer» B. 1970 | |
| 39. |
From the following which is not an individual loan scheme of LIC Housing Finance |
| A. | Griha Prakash |
| B. | Griha Tara |
| C. | Griha Jyothi |
| D. | Griha Suraksha |
| Answer» E. | |
| 40. |
________ is a valid contract between the insured on the one side and the insurer on the other |
| A. | Policy |
| B. | Insurance |
| C. | Warranties |
| D. | None |
| Answer» C. Warranties | |
| 41. |
Insurance is a written agreement between the insurer and the________ |
| A. | People |
| B. | Individuals |
| C. | Institutions |
| D. | Insured |
| Answer» E. | |
| 42. |
________ means to make good the actual loss and nothing more than the actual loss. |
| A. | Indemnity |
| B. | Subrogation |
| C. | Contribution |
| D. | None |
| Answer» B. Subrogation | |
| 43. |
Which of the following insurance contract is not based on the principle of indemnity. |
| A. | Fire insurance |
| B. | Marine insurance |
| C. | Life insurance |
| D. | None |
| Answer» D. None | |
| 44. |
IRDA refers to ________ |
| A. | Indian Regulatory Development Authority |
| B. | Insurance Regulatory Development Association |
| C. | Institute of Regulation Development Association |
| D. | Insurance Regulatory Development Authority |
| Answer» E. | |
| 45. |
The Malhotra Committee submitted its report in ________ |
| A. | 1993 |
| B. | 1994 |
| C. | 1995 |
| D. | 1996 |
| Answer» C. 1995 | |
| 46. |
Employee's State Insurance Corporation was established in ________ |
| A. | 1968 |
| B. | 1958 |
| C. | 1948 |
| D. | 1988 |
| Answer» D. 1988 | |
| 47. |
Expanded form of IRDA is ________ |
| A. | Insurance Regulatory Development Authority |
| B. | Insurance Reforms Development Act |
| C. | Insurance Restructure Development Act |
| D. | Indian Re-insurance Development Authority |
| Answer» B. Insurance Reforms Development Act | |
| 48. |
LIC means ________ |
| A. | Life India Corporation |
| B. | Life Insurance Corporation of India |
| C. | Life Insurance Contract |
| D. | Non of these |
| Answer» C. Life Insurance Contract | |
| 49. |
IRDA is a ________ member team |
| A. | 10 |
| B. | 20 |
| C. | 15 |
| D. | 18 |
| Answer» B. 20 | |
| 50. |
The General Insurance business in India was nationalised in ________ |
| A. | 1962 |
| B. | 1972 |
| C. | 1982 |
| D. | 1992 |
| Answer» C. 1982 | |