Top 150+ Solved Risk Management and Insurance MCQ Questions Answer

a. risk increases as age increases

b. it is convenient to the policyholders

c. it is convenient to the insurer

d. all the above reasons

a. Any demand made by the policy holder on the insurer

b. A demand to fulfill the policyholders obligations

c. A demand to fulfill the insurer's obligations

d. All the three above

a. A death claim within two years of commencement is treated as an early claim

b. A death claim within two years of revival is treated as an early claim

c. Both (a) and (b) statements are correct

d. Both (a) an (b) statements are wrong

a. Maturity proceeds are paid to the nominee, if the policyholder dies earlier

b. Maturity proceeds are paid to the heirs, if the policy holders dies earlier

c. Both the above statements are correct

d. Both the above statements are wrong

a. No claim is paid unless the original policy is produced

b. Claim can be paid even without the original policy, if it is lost

c. Both the above statements are correct

d. Both the above statements are wrong

a. If death occurs in grace period, the premium due is waived.

b. The date of payment of premium is the date on which the cheque is cleared

c. Both (a) and (b) statements are correct

d. Both (a) and (b) statements are wrong

a. When a policy lapses, the policy holders loses everything

b. When a policy lapses, some benefits are protected

c. Both statements are Correct

d. Both the statements are wrong

a. In group insurance, a single policy is issued covering many persons

b. A master policy covers servants of a master

c. Both the statements above are correct

d. Both statements above are wrong

a. Group insurance covers a large number of persons in the policy

b. Group insurance is relatively cheaper than individual insurances

c. Both the statements above are correct

d. Both statements above are wrong

a. A master policy is issued in a group insurance policy.

b. Each member in a group policy pays the premium directly to the insurer

c. Both statements above are correct

d. Both the statements above are wrong

a. Copies of the master policy are given to all members by the insurer.

b. The group has to be formed exclusively for the purpose of insurance

c. Entry into the scheme and exit out of it, is at the option of the members.

d. The amount of the cover is determined by the scheme

a. A trade union can take out a group insurance policy

b. The cover for an employee can be equal to his age multiplied by a fixed number

c. Both the statements above are correct

d. Both the statements above are wrong

a. there is an insurer and policy holder

b. utmost good faith

c. insurable interest

d. Both (b) and (c

a. facts of common knowledge

b. facts which lessen the risks

c. facts which every one is supposed to know in general

d. family history

a. burglary insurance.

b. fidelity insurance.

c. third party insurance.

d. medical insurance.