Top 150+ Solved Risk Management and Insurance MCQ Questions Answer
Q. This policy covers all risks to the ship and its cargo while the ship is at a particular port ___________.
a. Voyage policy.
b. floating policy.
c. time policy.
d. port risk policy.
Q. Fire insurance can be taken in respect of_____.
a. movable property only.
b. immovable property only.
c. both movable and immovable properties.
d. persons only.
Q. The principle of indemnity is applicable to _______ only.
a. life insurance.
b. personal accident insurance.
c. proximate cause.
d. property insurance.
Q. Except life assurance the maximum term of other insurance is _________
a. 12 months.
b. 24 months.
c. 6 months.
d. 36 months.
Q. The person whose risk is insured is called __________
a. Insured.
b. Assured.
c. Indemnity.
d. Both 1 and 2.
Q. The person who agrees to compensate the loss arising from the risk is called the _____
a. Insurer.
b. Assurer.
c. Underwriter.
d. All the above
Q. _______ policy in which the limits of the risks are determined by place of particularvoyage.
a. Valued.
b. Time.
c. Voyage .
d. Unvalue
Q. _______ policy is which covers the risk during all situations.
a. Floating .
b. Wagering.
c. Valu
d. Mixed
Q. The term ‘run off’ or ‘fully declared’ refers to ___________
a. Floating policy.
b. Wagering policy.
c. Builders risk policy.
d. Open cover policy.
Q. Wagering policy is otherwise termed as _________
a. Policy proof of interest.
b. Open policy.
c. Builders risk policy.
d. Port risk policies.
Q. Risk insured against death is a contract of ________
a. assurance.
b. agreement.
c. indemnity.
d. caveat emptor.
Q. The term ‘Assurance’ refers to ________
a. Life Insurance Business.
b. Marine Insurance Business.
c. Fire Insurance Business.
d. Motor Vehicle Business.
Q. The proportion of the risk which the direct insurer holds on his own account refers to___________
a. Line.
b. Retention.
c. Retrocession.
d. Ceding insurer.
Q. IRDA refers to_________
a. Insurance Regulatory Development Authority.
b. Indian Regulatory Development Authority.
c. Institute of Regulatory Development Authority.
d. Insurance Regulatory Development Association.
Q. An international code of York Antwerp Rules applied to__________
a. marine losses.
b. losses of fire.
c. losses of crop.
d. losses of human life.