IC88 - Marketing and Public relations

IC88 Mock Test Sample 11

Insurance, marketing, ethics, and customer service are essential parts of business and society. Claims are payments made for losses suffered by policyholders. Services are inseparable, difficult to store, and challenging to evaluate for quality. Marketing focuses on understanding customer needs and delivering value effectively. Rural economies are highly affected by monsoon conditions, while weekly village markets help in distributing goods and agricultural products. Ethical behavior in organizations depends on fairness, trust, and public interest. Spirituality encourages justice, compassion, and concern for others. Life insurance protects families from financial hardship after the death of an earning member and prevents dependence on society.

Click here to View Answer

1. Losses which are paid are termed as-

a) Sum assured
b) Sum insured
c) Ex gratia payments
d) Claim

2. Which of the following is an implication of inseparability?

a) Produced after purchase
b) Cannot be stored
c) Difficult to check quality
d) All of the above

3. What is the critical and unavoidable factor in customer satisfaction in services?

a) Online presence
b) Physical facilities
c) Ambience
d) Human interaction and service delivery

4. What is the key factor affecting rural incomes in agriculture?

a) Better seeds
b) Increased farmland size
c) Mechanical farming equipment
d) Vagaries of monsoon

5. What is the primary purpose of village haats or weekly markets?

a) Permanent sale of goods
b) Assembling and distribution of goods
c) Annual festivals
d) Public distribution system

6. What is the term for damage caused by a peril to assets?

a) Asset depreciation
b) Asset valuation
c) Asset risk
d) Asset liability

7. What does marketing involve regarding customers?

a) Controlling customer wants
b) Dictating prices
c) Finding customer needs and wants
d) Ignoring feedback

8. What is the key flaw in the cost orientation approach?

a) Reducing production costs
b) Efficiency focus
c) Overemphasis on revenue
d) Prioritizing low cost over quality

9. What is the primary focus of strategy in marketing planning?

a) Increasing objectives
b) Minimizing opportunities
c) Ignoring resources
d) Achieving long-term objectives

10. Which tendency results in noticing undesirable traits in others that one ignores in oneself?

a) Projection
b) Halo effect
c) Body language
d) Stereo-typing

11. What can lead to serious consequences in insurance claims?

a) Indemnity principle
b) Depreciation deductions
c) Different interpretations of promises
d) Insurer’s unavailability

12. What is the relationship between needs and wants?

a) They are the same
b) They are unrelated
c) Wants satisfy needs
d) They are met identically

13. What caution is advised while using the Boston Matrix?

a) Market share is everything
b) Performance is irrelevant
c) Other factors should also be considered
d) Growth rate alone determines attractiveness

14. Which areas should insurers improve to quote lower premiums?

a) Marketing and engagement
b) Claims ratio and administrative expenses
c) Negotiation skills
d) Financial strength

15. What is expected from a good insurance agent in financial planning?

a) Limited knowledge
b) Single-window approach
c) Exclusivity with insurance
d) Avoiding other professionals

16. Who are the most powerful sources of word-of-mouth publicity?

a) Independent commentators
b) Producer representatives
c) Professional colleagues
d) Immediate family

17. What does Uplift Mutual provide in its health risk management scheme?

a) Only OPD attention
b) Only reimbursement
c) Comprehensive health risk management services
d) Only health campaigns

18. Which questions are crucial in evolving ethical standards?

a) Short-term vs long-term benefits
b) Coercion and fault-finding
c) Public interest, trust, and control mechanisms
d) Financial interests only

19. How does spirituality contribute to ethical behavior?

a) Promoting exploitation
b) Avoiding mistakes only
c) Cutting costs at the expense of safety
d) Promoting justice, fairness, and concern for others

20. Without life insurance, what may happen to families after early death of earning members?

a) Families become wealthier
b) No social impact
c) Families may become a burden on society
d) Families become financially independent