Top 250+ Solved Insurance Management MCQ Questions Answer
Q. Select the expanded form of OR as commonly used in life insurance
a. Oral Rehydration
b. Once Renewed
c. Ordinary Rates
d. Ordinary Renewal
Q. Select the expanded form of SV as commonly used in life insurance
a. Summary Valuation
b. Selected Value
c. Surrender Value
d. Stamp Value
Q. Which of the following terms matches closest with ‘Automatic TellerMachines’?
a. Divisional Offices
b. Branch Offices
c. Agents
d. Information Kiosks
Q. Which of the following terms matches closest with ‘Foreclosure’?
a. Surrender Value
b. Nominee
c. Death Claim
d. Maturity Claims
Q. Find out which of the given statements is incorrect
a. An organisation must have a purpose
b. An organisation is identified by its actions
c. An organisation is identified by the building it occupies
d. A organisation can sue and be sued
Q. Find out which of the given statements is incorrect
a. Accounts department has to monitor cash flow from subordinate offices
b. Marketing department has to monitor business inflow
c. Marketing department has to monitor performance of agents
d. Actuarial department is responsible for settling death claims
Q. Which of the following terms is dissimilar to the other four in the context ofdeath claims in life insurance?
a. Early claims
b. Non-early claims
c. Foreclosure
d. Claimant’s statement
Q. As per structured formula under the Motor Vehicle Act, victims of fatalinjuries are paid compensation on the basis of:
a. Age and sex
b. Age and number of dependents
c. Income and size of family
d. Age and income
Q. Time Policies relate to:
a. Fire insurance
b. Hull insurance
c. Personal Accident insurance
d. Workmen’s Compensation insurance
Q. Which clause specifies the perils insured in a scheduled form of policy?
a. Preamble Clause
b. Recital Clause
c. Operative Clause
d. Consideration Clause
Q. Which of the following types of insurances is mandatory?
a. Motor Own Damage
b. Motor Third Party Legal Liability
c. Personal Accident Insurance
d. Product Liability
Q. The minimum paid up capital required for a General Insurance Company isRs. ____
a. 25 crores
b. 50 crores
c. 75 crores
d. 100 crores
Q. In ‘Hit and Run’ cases, claims are settled from _______
a. Solatium Fund
b. IRDA’s contingency Fund
c. Insuring Company’s reserves
d. Motor Third Party Pool
Q. Select the expanded form of FPA as used in insurance
a. Freight Payable Assured
b. Free of Particular Average
c. Fire Perils Added
d. Fixed Peripherals Added
Q. Select the expanded form of ALOP used in insurance
a. Advance Loss of Profits insurance
b. Agreed Loss of Profits insurance
c. Additional Loss of Profits insurance
d. Associated Loss of Profits insurance