Que. 1 : Q1) Which of the following is an example of material fact?
1. a) facts which would tend to make the risk of loss more likely or more severe
2. b) details of previous losses, whether insured or not
3. c) details of special terms imposed by other insurers or proposals declined by other insurers
4. d) All of the above
Que. 2 : Q2) Insurers Liability in a policy is limited to
1. a) Premiums paid till date
2. b) Sum Assured
3. c) Actual Loss
4. d) None of the above
Que. 3 : Q3) Which of the following statements is True?
1. a) If premium is not paid within days of grace then policy Lapses.
2. b) Personal Accident Policy provides compensation in the event of an accident causing death or injury to the insured.
3. c) Insurable interest is one of the basic requirements for Insurance
4. d) All the above statements are True
Que. 4 : Q4) Insurance manages risk in which of the following ways
1. a) Transfer
2. b) Retention
3. c) Reduction
4. d) Avoidance or Prevention
Que. 5 : Q5) Insurable interest is required for all of the following reasons EXCEPT
1. a) to prevent gambling
2. b) to measure the extent of loss
3. c) to reduce premiums
4. d) None of the above
