1.  A technique that consists of staggering the maturity dates and the mix of different types of bonds is termed as

a

  Laddering

b

 Fire Insurance

c

 Escrow Account

d

 Earned Premium

Answer & Explanation
Answer : Option A

2.  An auto-mobile insurance option, available in some states, that covers the difference between a car's actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or fin

a

  Gap Insurance

b

 Double Insurance

c

 Industrial Insurance

d

 Commercial Insurance

Answer & Explanation
Answer : Option A

3.  The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called

a

  Fund

b

 Cover

c

 Liquidity

d

 Limited premium

Answer & Explanation
Answer : Option D

4.  Which one of the following does not belong to regulatory bodies in India?

a

  FMC

b

 SEBI

c

 IRDA

d

 PFRDA

Answer & Explanation
Answer : Option B

5.  When was the General Insurance Corporation of India incorporated?

a

  1970

b

 1971

c

 1972

d

 1973

Answer & Explanation
Answer : Option C

6.  is an insurance purchased by a bank or creditor on an uninsured debtor's behalf so if the property is damaged, funding is available to repair it.

a

  Flood Insurance

b

 Liability Insurance

c

 Industrial Insurance

d

 Forced Place Insurance

Answer & Explanation
Answer : Option D

7.  The insurance companies collect a fixed amount from its customers at a fixed interval of time. What it is called?

a

  EMI

b

 Premium

c

 Installment

d

 Contribution

Answer & Explanation
Answer : Option C

8.  is reinsurance for a single risk or a defined package of risks.

a

  Treaty Reinsurance

b

 Facultative Reinsurance

c

 Catastrophe Reinsurance

d

 Excess of Loss Reinsurance

Answer & Explanation
Answer : Option B

9.  Which of the following is not the name of an Insurance Scheme launched by the Government of India -

a

  Varsha Bima Yojana

b

 Janashree Bima Yojana

c

 Shiksha Sahyog Yojana

d

 Krishi Shramik Sarnajik Suraksha Yojana

Answer & Explanation
Answer : Option A

10.  'Leadership and Beyond' is the tagline of which insurance company?

a

  LIC

b

 UIICL

c

 Oriental Insurance

d

 New India Assurance

Answer & Explanation
Answer : Option D

11.  A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally is known as

a

  Hull Insurance

b

 Self Insurance

c

 Group Insurance

d

 Hospital Insurance

Answer & Explanation
Answer : Option B

12.  If you might want to discontinue the policy, and take whatever money is due to you. The amount the insurance company then pays is known as

a

  Sum Assured

b

 Paid-up value

c

 Maturity Value

d

 Surrender Value

Answer & Explanation
Answer : Option D

13.  Circumstance including possibility of loss or no loss but no possibility of gain is termed as

a

  Pure Risk

b

 Pure Premium

c

 Product Liability

d

 Retrospective Rating

Answer & Explanation
Answer : Option A

14.  Contract under which the ultimate liability of the reinsurer is capped and on which anticipated investment income is expressly acknowledged as an underwriting component is called

a

  Fire Insurance

b

 Escrow Account

c

 Earned Premium

d

 Finite Risk Reinsurance

Answer & Explanation
Answer : Option D

15.  Which of the following is largest Non Life Insurance Company in India?

a

  General Insurance Company Ltd.

b

 New India Assurance Company Ltd.

c

 United India InsuranceCompany Ltd.

d

 ICICI Lombard GeneralInsurance Company Ltd.

Answer & Explanation
Answer : Option B

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