Top 250+ Solved Basics of Banking and Insurance MCQ Questions Answer
Q. A reinsurance of reinsurance known as............
a. line
b. retention
c. retrocession
d. cession
Q. Reinsurance is also termed as..............
a. insurance of insurance
b. retrocession
c. double insurance
d. all of these
Q. When the same risk and subject matter is insured with more than one insurer iscalled............
a. insurance of insurance
b. retrocession
c. double insurance
d. none of these
Q. When the amount for which a subject matter is insured more than its actualvalue, it is called...............
a. over insurance
b. reinsurance
c. double insurance
d. extra insurance
Q. IRDA refers to
a. insurance regulatory development authority
b. indian reinsurance development authority
c. insurance regulation and department accreditation
d. insurance regulatory development association
Q. Committee of Reforms in Insurance sectors during 1993 headed by...........
a. rn malhotra
b. s narasimham
c. manmohansingh
d. p chidambaram
Q. The danger of loss from the unforeseen circumstances in future refers to
a. risk
b. perils
c. hazard
d. damage
Q. The principle of ‘prevention is better than cure’ refers to
a. avoiding of risk
b. reduction of risk
c. transferring risk
d. shifting of risk
Q. When the subject is partially lost by a peril insured against, it is called..........
a. general average loss
b. constructive total loss
c. actual total loss
d. particular average loss
Q. Cargo ship caught by fire is an example of
a. general average loss
b. constructive total loss
c. actual total loss
d. particular average loss
Q. Under fire insurance, loss of profit policy is also called
a. average policy
b. consequential loss policy
c. specific policy
d. adjustable policy
Q. Rashtriya Krishi Yojana of crop insurance scheme introduced in India in the year
a. 1999
b. 1888
c. 1988
d. 1977
Q. Motor vehicle insurance is compulsory under Motor Vehicle Act, which was enacted in...
a. 1988
b. 1998
c. 1939
d. 1978