Risk Management MCQ Questions and Answers Quiz

21. There is no hazards of direct competition to conventional banking products

  1. True Statement
  2. False Statement

22. Without the payment of premium, the insurance contract cannot start

  1. True Statement
  2. False Statement

23. To be insurable, a risk must have potential losses that are

  1. under the control of the insured
  2. centrally located
  3. predictable
  4. unmeasurable

24. Risks that insurance firms will not assume are called

  1. uninsurable risks
  2. insurable risks
  3. endorsements
  4. pure risks

25. Which of the following is not a condition for an insurable loss?

  1. Using accurate and effective accounting and financial controls to protect the firms inventories and cash from pilfering
  2. Establishing a self-insurance health program that covers all employees
  3. Installing burglar alarms, security guards, and even guard dogs to protect warehouses from burglary
  4. Purchasing and using safety equipment, from hand guards on machinery to goggles and safety shoes for individuals

26. A type of insurance that combines protection with an investment plan is called

  1. whole life
  2. endowment
  3. limited-pay
  4. universal

27. The general insurance corporation is holding company, which has ...............subsidiary companies

  1. 10
  2. 12
  3. 4
  4. 6

28. LIC (Mauritius) ltd. Was set in ...............

  1. 1990
  2. 2001
  3. 2009
  4. 1998

29. The idea of insurance ombudsman was mooted in the year

  1. 1998
  2. 1938
  3. 1986
  4. 1990

30. Insurance Ombudsman is open to all individuals whose claim amount is less than

  1. 1 Crore
  2. 20 crores
  3. 20 lakhs
  4. 10 lakhs
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