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.
| 51. |
Export Risks Insurance Corporation was established to insure ________ |
| A. | Import Risks |
| B. | Exchange Risks |
| C. | Export Risks |
| D. | All of these |
| Answer» D. All of these | |
| 52. |
The Chairman of Malhotra Committee was ________ |
| A. | R.N. Malhotra |
| B. | R.K. Malhotra |
| C. | R.B. Malhotra |
| D. | R.S. Malhotra |
| Answer» B. R.K. Malhotra | |
| 53. |
The subject matter of insurance is ________ |
| A. | Risk |
| B. | Return |
| C. | Income |
| D. | Profit |
| Answer» B. Return | |
| 54. |
The constitution of the IRDA consists of not more than ________ members. |
| A. | 8 members |
| B. | 9 members |
| C. | 10 members |
| D. | 11 members |
| Answer» C. 10 members | |
| 55. |
________ insurance is not a contract of indemnity |
| A. | Fire |
| B. | Marine |
| C. | Health |
| D. | Life |
| Answer» E. | |
| 56. |
Burglary insurance policy covers the risks from burglary________ |
| A. | Theft |
| B. | Robbery |
| C. | Both (a) & (b) |
| D. | None |
| Answer» D. None | |
| 57. |
From the following which is not a horticulture crop? |
| A. | Grape |
| B. | Litrus |
| C. | Banana |
| D. | Coffee |
| Answer» E. | |
| 58. |
__________ refers to the right of an insurer to refuse admittance of the claim by the insured. |
| A. | Replication |
| B. | Repudiation |
| C. | Dufalication |
| D. | None |
| Answer» C. Dufalication | |
| 59. |
The Life Insurance contract is expressed in a document known as _________ |
| A. | Premium |
| B. | Policy |
| C. | Indemnity |
| D. | None of these |
| Answer» C. Indemnity | |
| 60. |
________ means closure or writing off the policy before its actual maturity |
| A. | Fore closure |
| B. | Surrender |
| C. | Endorsement |
| D. | Cover note |
| Answer» B. Surrender | |
| 61. |
__________ is a voluntary termination of the contract by the policy holders. |
| A. | Report |
| B. | Surrender |
| C. | Prospectus |
| D. | Cover note |
| Answer» C. Prospectus | |
| 62. |
If the insured dies before the expiry of the term of the policy, is known as ________ |
| A. | Policy |
| B. | Premium |
| C. | Death claim |
| D. | Death Policy |
| Answer» D. Death Policy | |
| 63. |
A ___________ policy covers loss on goods which are laying in different places. |
| A. | Specific |
| B. | Declaration |
| C. | Replacement |
| D. | Floating |
| Answer» E. | |
| 64. |
If more than one person claim the policy money is called _______ |
| A. | Death claim |
| B. | Rival claim |
| C. | Both |
| D. | None |
| Answer» C. Both | |
| 65. |
________ is based on the principle of co-operation |
| A. | Indemnity |
| B. | Insurance |
| C. | Claim |
| D. | None |
| Answer» C. Claim | |
| 66. |
The first requirement of the corporation in the cases of death claim is __________ |
| A. | Imitation of death |
| B. | Intimation of death |
| C. | Certificate of death |
| D. | None of these |
| Answer» C. Certificate of death | |
| 67. |
__________ policy matures on the assured death or on his attainment of a particular age whichever occurs earlier. |
| A. | Endowment. |
| B. | Money back. |
| C. | Joint life |
| D. | Single premium. |
| Answer» B. Money back. | |
| 68. |
From the following which is not a life insurance |
| A. | Fire insurance |
| B. | Marine insurance |
| C. | Vehicle insurance |
| D. | Cattle insurance |
| Answer» E. | |
| 69. |
The cause of a possible loss, such as fire windstorm theft etc. is known as ___________ |
| A. | Peril |
| B. | Barratry |
| C. | both |
| D. | None |
| Answer» B. Barratry | |
| 70. |
________ insurance means an alternative to purchasing insurance in a commercial market. |
| A. | External |
| B. | Internal |
| C. | Double |
| D. | Re insurance |
| Answer» C. Double | |
| 71. |
________ Means restoring the victim of a loss by payment, repair or replacement. |
| A. | Premium |
| B. | Declaration |
| C. | Indemnity |
| D. | Assurance |
| Answer» D. Assurance | |
| 72. |
The proportion of the risk which the direct insurer holds on his own account is called _________ |
| A. | Cession |
| B. | Retention |
| C. | Retrocession |
| D. | Line |
| Answer» C. Retrocession | |
| 73. |
In Life Insurance, risk may be in the form of |
| A. | Standard |
| B. | Sub standard |
| C. | Delivered |
| D. | All of these |
| Answer» E. | |
| 74. |
Insurable interest must be present in an ________ insurance contract at the time of contract and at the time of loss. |
| A. | Fire |
| B. | Marine |
| C. | Property |
| D. | Life |
| Answer» B. Marine | |
| 75. |
From the following which is a loss due to fire? |
| A. | Loss of Assets |
| B. | Loss of profit |
| C. | Both (a) and (b) |
| D. | None |
| Answer» D. None | |
| 76. |
Risk insured against death is a contract of _______- |
| A. | Agreement |
| B. | Indemnity |
| C. | Assurance |
| D. | None |
| Answer» D. None | |
| 77. |
__________ Insurance is a contract to provide a measure of financial support to farmers in the event of a crop failure due to drought or flood. |
| A. | Cattle |
| B. | Crop |
| C. | Burglary |
| D. | Fire |
| Answer» C. Burglary | |
| 78. |
An unlooked mishap or an untoward event which is not expected or designed |
| A. | Risk |
| B. | Accident |
| C. | Loss |
| D. | None |
| Answer» C. Loss | |
| 79. |
When a company reinsures its liability with another, then it ________ business |
| A. | Cession |
| B. | Cedes |
| C. | Ceding |
| D. | None |
| Answer» C. Ceding | |
| 80. |
When the amount for which a subject matter is insured is more than its actual value, it is called _________ |
| A. | Reinsurance |
| B. | Double insurance |
| C. | Over insurance |
| D. | None |
| Answer» D. None | |
| 81. |
Submitting a policy back to the insurer before maturity is ________ |
| A. | Surrender |
| B. | Nomination |
| C. | Assignment |
| D. | Revival |
| Answer» B. Nomination | |
| 82. |
________ are the basis of the contract between the proposer and insurer. |
| A. | Assurance |
| B. | Warranties |
| C. | Insurance |
| D. | None |
| Answer» C. Insurance | |
| 83. |
Bombay Mutual Life Assurance Society came into existence in ________ |
| A. | 1987 |
| B. | 1971 |
| C. | 1871 |
| D. | 1878 |
| Answer» D. 1878 | |
| 84. |
From the following which is a usual clause incorporated with Marine Policy? |
| A. | Assignment clause |
| B. | Touch and stay clause |
| C. | All risks clause |
| D. | All of these |
| Answer» E. | |
| 85. |
Single revenue account is prepared in ________ insurance |
| A. | Life |
| B. | Accident |
| C. | Property |
| D. | Marine |
| Answer» B. Accident | |
| 86. |
__________ is an age which a person or insured has attained in relation to a given date. |
| A. | Attained age |
| B. | Attainable age |
| C. | Maturity age |
| D. | None |
| Answer» B. Attainable age | |
| 87. |
In ________ the individual risk is offered by an insurer for acceptance or rejection by re-insurer |
| A. | Treaty reinsurance |
| B. | Facultative reinsurance |
| C. | Pool reinsurance |
| D. | None |
| Answer» C. Pool reinsurance | |
| 88. |
Re-insurer is the insurer who grants a guarantee from the_______ |
| A. | Ceding insurer |
| B. | Direct insurer |
| C. | Underwriter |
| D. | Line |
| Answer» C. Underwriter | |
| 89. |
_________ is an agreement where by the insurer agrees to indemnity the insured against marine losses. |
| A. | Fire Insurance |
| B. | Marine Insurance |
| C. | Life Insurance |
| D. | Property insurance. |
| Answer» D. Property insurance. | |
| 90. |
Akshat is a relatively cautious person. In insurance terms, this will normally increase the likelihood that he will |
| A. | be considered an above average insurance risk. |
| B. | be considered a below average insurance risk. |
| C. | require insurance cover. |
| D. | require reinsurance cover. |
| Answer» D. require reinsurance cover. | |
| 91. |
Policy holders are expected to pay premium on due dates, a period of 15-30 days is allowed as grace to make payment of premium from the due date is _________ |
| A. | Days of grace |
| B. | Days of indemnity |
| C. | both |
| D. | None |
| Answer» B. Days of indemnity | |
| 92. |
________ is a plan designed for businessmen and professionals as money is available periodically. |
| A. | Jeevan Surabhi |
| B. | Jeevan Saathi |
| C. | Jeevan Kishore |
| D. | Jeevan Sukanya |
| Answer» B. Jeevan Saathi | |
| 93. |
The person whose risk is insured is called ________ |
| A. | Assured |
| B. | Insured |
| C. | Underwriter |
| D. | Both |
| Answer» E. | |
| 94. |
Life Insurance Company was set up in ________ |
| A. | 1823 |
| B. | 1832 |
| C. | 1822 |
| D. | 1821 |
| Answer» B. 1832 | |
| 95. |
Transfer of rights and remedies of the insured to the insurer after indemnity has been effected is called __________. |
| A. | Insurable interest. |
| B. | Subrogation |
| C. | Proximate clause. |
| D. | Money back policy. |
| Answer» C. Proximate clause. | |
| 96. |
________ are the rules formed to help in solving the cases of General Average Losses in foreign courts. |
| A. | York - Antwerp rules |
| B. | General Average rules |
| C. | Both (a) and (b) |
| D. | None |
| Answer» B. General Average rules | |
| 97. |
The Life Insurance Corporation was formed with a capital contribution of ________ |
| A. | 10 Crores |
| B. | 6 Crores |
| C. | 5 Crores |
| D. | 7 Crores |
| Answer» D. 7 Crores | |
| 98. |
In ________ separate revenue accounts are prepared for each type of business. |
| A. | Life insurance |
| B. | General insurance |
| C. | Crop insurance |
| D. | All of these |
| Answer» C. Crop insurance | |
| 99. |
Marine policy is also known as ________ |
| A. | Voyage policy |
| B. | Time policy |
| C. | Valued policy |
| D. | Sex policy |
| Answer» E. | |
| 100. |
Intimation of Death is the information of death to the________ |
| A. | Beneficiary |
| B. | Insurer |
| C. | Both a and b |
| D. | None |
| Answer» C. Both a and b | |