Top 350+ Solved Banking and Insurance MCQ Questions Answer
Q. The principle of utmost good faith is meant to protect the interest of
a. The insurer
b. The community of policyholders
c. The shareholders
d. None of the above
Q. The principle of utmost good faith is important to ensure
a. That the premium charged is correct
b. That no one gets an undue advantage
c. That there is no adverse selection
d. All the three factors mentioned above
Q. Which of the following risks are insurable?
a. Speculative
b. Economic
c. Sure to happen
d. All the above
Q. Insurable interest is
a. Defined in the Insurance Act
b. Defined in the Contract Act
c. Defined by IRDA
d. Not defined in any written law
Q. In case of life insurance, insurable interest should exist
a. At the inception of policy
b. At the time of claim
c. At the time of every renewal of premium payment
d. All the above occasions
Q. In the case of life insurance, the principle of insurable interest operates
a. In the same way as in marine insurance
b. In the same way as fire insurance
c. In the same way as in motor insurance
d. Differently than in other forms of insurances.
Q. The term 'Assurance' refers to ___________
a. Life Insurance business
b. Fire insurance business
c. Motor Vehicle insurance
d. Marine insurance
Q. The central office of LIC of India is located at ________
a. Mumbai
b. New Delhi
c. Bangalore
d. Chennai
Q. Under ________ insurance, loss of profit policy is called as consequential loss policy
a. Marine
b. Property
c. Fire
d. Life
Q. Health insurance can be availed by people aged between ______ and ______
a. 10 and 100
b. 7 and 75
c. 5 and 75
d. 10 and 70
Q. ________ was the first Indian Insurance Company
a. Bombay Mutual Assurance Society Ltd.
b. Bombay Insurance Society Ltd.
c. Insurance Regulatory Development Authority
d. General Insurance Corporation
Q. Which of the following insurance contract is not based on the principle of indemnity.
a. Fire insurance
b. Marine insurance
c. Life insurance
d. All
Q. Marine insurance may cover loss or damage to the ________
a. Ship
b. Cargo
c. Any other subject of Marine adventure
d. All of these
Q. When a banker collects cheques, dividend warrants, bills or other services on behalfof the customer, the banker the banker acts as an__________
a. Principal
b. Agent
c. Bailor
d. Bailee
Q. Motor insurance provides insurance cover to
a. Private Vehicles
b. Commercial Vehicles
c. Motorcycles
d. All of these