This is the set of 15 Mcq On Insurance Domain.
1. Health Insurance is a risk management technique involving __________________________.
(a) Risk avoidance
(b) Risk allocation
(c) Risk transfer
(d) Risk retention.
2. Which of the following products comes under commercial Insurance?
(a) Condominium
(b) Automobile
(c) Dwelling wire
(d) Boiler
3. Insurance is a risk management technique involving __________________________.
(a) Risk avoidance
(b) Risk allocation
(c) Risk transfer
(d) Risk retention.
4. “Legal right to insure” can be termed as?
(a) Insurance Validation
(b) Contribution
(c) Insurable Interest
(d) Subrogation
5. ____________________ Insurance protects the insured against any legal liabilities that occur during the business operations.
(a) Casualty
(b) Property
(c) Liability
(d) Speciality
6. Who are the beneficiaries of Insurance?
(a) Society
(b) Individual
(c) Business
(d) All of these
7. Reinsurance also termed as ____________
(a) insurance of insurance
(b) reinsurance of reinsurance
(c) double insurance
(d) reinsurance
8. Employer liability also known as __________________ in the United State of America.
(a) Company compensation
(b) Worker’s compensation
(c) Owners compensation
(d) Enterpreneurs compensation
9. Based on the nature of business, the insurance industry is divided into which of the following categories?
(a) Universal Life & Whole Life
(b) Life & Non-Life
(c) Term Life & Whole life
(d) Term Life & Universal Life
10. Which of the following is/ are examples of perils?
(a) Society
(b) Windstorm
(c) Hail
(d) All of these
11. What is the method of canceling the contract of insurance?
(a) Partial Surrender
(b) None of these
(c) Surrender of a policy
(d) both of these
12. ____________ annuity functions as a risk management tool.
(a) Long Term
(b) Single Premium differed
(c) Immediate
(d) None of these
13. _____________ is a contract between the purchaser and annuity issuer.
(a) Endowment Policy
(b) term Insurance
(c) ULIP
(d) Annuity
14. Life insurance is usually long-term. true or false
(a) true (b) false
15. IFA stands for?
(a) independent financial adviser
(b) individual financial adviser
(c) independent functional adviser
(d) independent financial agent
Answer of Mcq On Insurance Domain
| Question Number | Answer Number |
| 1 | (c) |
| 2 | (B) |
| 3 | (D) |
| 4 | (C) |
| 5 | (C) |
| 6 | (D) |
| 7 | (A) |
| 8 | (B) |
| 9 | (B) |
| 10 | (D) |
| 11 | (D) |
| 12 | (A) |
| 13 | (D) |
| 14 | (A) |
| 15 | (A) |