Risk Management MCQ Questions and Answers Quiz

21. The consent will be free when it is not caused by

  1. coercion
  2. undue influence
  3. fraud
  4. all of above

22. Which type of insurance covers damage or injury caused by a vehicle with no liability insurance coverage?

  1. comprehensive insurance
  2. uninsured motorists insurance
  3. no-fault automobile insurance
  4. property damage liability coverage

23. A contract of ............... means the insured must accept the entire contract, with all of its items and conditions

  1. conditional
  2. adhesion
  3. unilateral
  4. personal

24. ...............helps lower the cost of insurance as well as increase its availability

  1. deductible decisions
  2. objective decision
  3. selective decisions
  4. all of the above

25. The insurer according to which of the following principle, becomes entitled to all the rights of insured subject matter after payment because he has to pay the actual loss of the property

  1. doctrine of subrogation
  2. subrogation is substitution
  3. subrogation upto the amount of payment
  4. subrogation may be applied for payment

26. ............... is a contract between two or more insurance companies by which a portion of risk of loss is transferred to another insurance companies

  1. double insurance
  2. reinsurance
  3. treaty insurance
  4. banc-assurance

27. ...............is the distribution of insurance products through the banks distribution channels

  1. double insurance
  2. reinsurance
  3. treaty insurance
  4. banc-assurance

28. ...............are used as a valuable tool/aid to rate making & underwriting

  1. engineering services
  2. market research
  3. personnel management
  4. legal advices

29. Under which method, both the parties are found into a contract for any specific risk

  1. facultative
  2. treaty
  3. pooling
  4. all of the above

30. ...............method is the oldest method of reinsurance and there is...............on reinsurance

  1. Facultative, no restrictions
  2. Treaty, restriction
  3. Pooling , Restriction
  4. treaty, no restriction
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