Top 250+ Solved Insurance Management MCQ Questions Answer
Q. Insurance is a cooperative form of distributing a certain__________over a group of personswho are exposed to it.
a. Uncertainty
b. Risk
c. Peril
d. Hazards
Q. The principle of indemnity is not applicable to
a. Fire Insurance
b. Marine Insurance
c. Life Insurance
d. Property Insurance
Q. The policy for which the premium is payable throughout the life of the assured is known as
a. Annuity Policy
b. Whole Life Policy
c. Term Policy
d. Endowment
Q. When the same risk and subject matter is insured with more than one insurer is known as
a. Reinsurance
b. Double Insurance
c. Under Insurance
d. Over Insurance
Q. The chance of loss from the unforeseen circumstances in future refers to ______.
a. Perils
b. Damage
c. Risk
d. Hazards.
Q. Master policy is issued for ___________.
a. Group Insurance
b. Term Insurance
c. Marine Insurance
d. Individual Policy
Q. The organisation structure of LIC refers to ___________.
a. Three Tier
b. Four Tier
c. Five Tier
d. Six Tier
Q. ________ can be done by mere endorsement on the policy or by a separate duly stamped deed.
a. Assignment
b. Nomination
c. Renewal
d. Revival
Q. The document which contains the terms and conditions of the life insurance contract is termed as the
a. Agreement
b. Life Insurance Policy
c. Cover Note
d. Proposal Form
Q. What is a proposal?
a. A request for an insurance cover
b. An offer to enter into a contract
c. Both a and b
d. None of the above
Q. Which of these persons will not be given a license to work as an insurance agent?
a. A person with criminal record
b. A corporate insurance executive.
c. An employee of an insurance company
d. All the three mentioned here.
Q. A memorandum added to a policy embodying some alterations to the terms of policy is known as
a. Surrender
b. Endorsement
c. Nomination
d. Breach of Contract
Q. Which of the following is an evidence of insurance contract?
a. Policy Document
b. payment of premium.
c. cover note
d. acceptance of proposal