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Category: IC01 PRINCIPLES OF INSURANCE – 05

IC01 PRINCIPLES OF INSURANCE – 05

Que. 1 : Q1) ________ is the most dominant cause of which the loss is a natural consequence

   1.  a) Peril

   2.  b) Hazard

   3.  c) Proximate Cause

   4.  d) Particular Risk

Que. 2 : Q2) Which is not a way of managing risk by way of REDUCTION ?

   1.  a) Periodical maintenance of electrical & other installation

   2.  b) Segregation of hazardous materials and processes

   3.  c) Taking adequate insurance

   4.  d) Installing sprinklers and heat detection systems

Que. 3 : Q3) What is the fixed period taken to cover the time policies?

   1.  a) 18 months

   2.  b) 6 months

   3.  c) 12 months

   4.  d) 24 months

Que. 4 : Q4) Statement A : An owner of an asset has insurable interest in that asset. Statement B : A bank or any lender has insurable interest in the life of the person who has taken the loan

   1.  a) Statement A is TRUE

   2.  b) Statement B is TRUE

   3.  c) Both Statements are TRUE

   4.  d) Both Statements are False

Que. 5 : Q5) What is the term used to describe the work output of one department being an input for the work of another department in the same organisation and the inter relationship of the departments?

   1.  a) External Customer

   2.  b) Peers

   3.  c) Policy Holder

   4.  d) Internal Customer