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Category: IC01 PRINCIPLES OF INSURANCE – 21

IC01 PRINCIPLES OF INSURANCE – 21

Que. 1 : Q1) Which of the following statement is INCORRECT regarding payment: of an Insurance company ?

   1.  a) payment to suppliers for goods supplied

   2.  b) payment of salaries to employees

   3.  c) payment of commission to agents

   4.  d) payment of premium to policy holders

Que. 2 : Q2) As per the provisions of___________________, the Marine insurance act codifies the law relating to marine insurance.

   1.  a) GIC Marine Act

   2.  b) The Bill of Lading Act

   3.  c) Marine Hull Insurance Act

   4.  d) UK marine insurance act

Que. 3 : Q3) When the premium is paid just once at the start of the policy, such policy is called____________.

   1.  a) One premium policy

   2.  b) Limited premium policy

   3.  c) Single premium policy

   4.  d) Special premium policy

Que. 4 : Q4) _______ defines the ratio of expenses to the premium

   1.  a) Combined Ratio

   2.  b) Loss Ratio

   3.  c) Expense Ratio

   4.  d) Claims Ratio

Que. 5 : Q5) In which of the following contracts Insurable Interest need to be present only at the time of claim?

   1.  a) Life Insurance Contracts

   2.  b) General Insurance Contracts

   3.  c) Health Insurance Contracts

   4.  d) Marine Insurance Contracts