Top 150+ Solved Risk Management and Insurance MCQ Questions Answer
Q. An escape from disability or death in a plain crash by refusing to fly is called…
a. Risk shifting
b. Risk avoidance
c. Risk hedging
d. None of these
Q. ………… is the process of reducing frequencies and severely of losses.
a. Loss prevention
b. Loss Control
c. Avoidance of risk
d. None of the above
Q. Willingness to retain whole or part of a given risk is called…………..
a. Risk retention
b. Risk carrying
c. Risk bearing
d. None of the above
Q. Annual maintenance contract for computers is …………
a. Risk avoidance
b. Loss reduction
c. Insurance
d. Transfer of risk by contract
Q. Which of the following is a method of risk identification.
a. Insurance
b. Standard deviation method
c. Checklist method
d. None of these
Q. Risk evaluation breaks down into two parts. They are:
a. Probability of loss occurring and its severity
b. Risk calculation and risk analysis
c. Loss calculation and avoidance
d. None of the above
Q. …………….. is planned retention by which the part or full of the exposure arising a riskfactor is retained by the firm
a. Reinsurance
b. Self insurance
c. Risk financing
d. None of the above
Q. A policy for protecting a group of employees in a firm is called………..
a. General Insurance
b. State life insurance
c. Group insurance
d. None of the above
Q. Committee constituted to reform insurance sector constituted in the 1993 was headed by
a. R.N. Malhothra
b. S. Narasimham
c. Manmohan Singh
d. Rangarajan
Q. When the amount for which a subject matter is insured is more that its actual value. It iscalled…..
a. Double insurance
b. Over insurance
c. Over premium
d. None of these
Q. Expansion of IRDA is…………….
a. Insurance reforms and development agency
b. Insurance restriction and development authority
c. Insurance regulatory and development authority
d. None of the above
Q. First private life insurance company was registered in India in……….
a. 1999
b. 2000
c. 2002
d. 1978
Q. When did Government of India nationalized life insurance business.
a. 1956
b. 1978
c. 1991
d. 2002
Q. …………….. is a policy where the insurer undertakes to make good the loss upto the amountmentioned in the policy
a. Specific policy
b. Valued policy
c. Average policy
d. None of these