Top 350+ Solved Banking and Insurance MCQ Questions Answer
Q. ___________is the oldest form of insurance
a. Motor insurance
b. Marine insurance
c. Fire
d. Life
Q. Life insurance made its first appearance in England in the
a. 14th century
b. 15th century
c. 16th century
d. 17th century
Q. Insurance works on the principle of
a. Sharing of losses
b. Probabilities
c. Large numbers
d. All of the Above
Q. The principle of _______ensures that an insured does not profit by insuring with multipleinsurers.
a. Subrogation
b. Contribution
c. Indemnity
d. All of the Above
Q. Insurance is meant to
a. Prevent specified events
b. Prevent damage to assets from specified events
c. Compensate for losses from specified events
d. Rebuild the assets lost because of specified events
Q. Insurance compensate losses
a. By replacing the original asset
b. To the full extent of lost income
c. Only to the extent of insured amount
d. All the above
Q. Insurance is necessary because
a. Assets depreciate over time and through usage
b. Assets may be damaged by external causes
c. Assets require regular maintenance
d. None of the above
Q. Insurance works on the principle of
a. Sharing
b. Probabilities
c. Large numbers
d. All the above
Q. The amount of insurance depends on
a. Peril
b. The risk
c. Neither the peril nor the risk
d. Both the peril and the risk
Q. Insurance benefits replace
a. All physical losses in full
b. All physical losses partially
c. The monetary losses in full
d. The monetary losses, but only to some extent.
Q. A human being
a. Is an economic asset
b. Is an income earning asset
c. Is a perishable asset
d. All the above