Risk Management MCQ Questions and Answers Quiz

31. Insurance Ombudsman is a Quasi judicial body established for speedy settlement of dispute in ............... ,............... and ............... manner

  1. fair, impartial , judicial
  2. clear, equal, common
  3. impartial, simple, fair
  4. all of above

32. Extended coverage endorsements normally do not cover damage caused by

  1. falling aircraft
  2. vandalism
  3. wind and hail
  4. nuclear radiation

33. A type of insurance that has been around since the ancient Greeks and Romans is ...................insurance.

  1. fire
  2. marine
  3. business liability
  4. medical

34. Which of the following is not the type of insurance:

  1. Fire insurance, theft insurance, Motor insurance, Marine insurance
  2. Life Insurance, Fire insurance, theft insurance, motor Insurance
  3. Personal Insurance, Motor insurance, Marine insurance, theft Insurance
  4. Public Insurance, Social Insurance, Motor insurance, Marine insurance

35. Indemnity also means ...............according to the Collins Thesaurus

  1. Guarantee, security, compensation, protection
  2. Reimbursement, payment, repayment, safety
  3. Safety, payment, guarantee, security
  4. None of above

36. Which type of insurance protects the policyholder against loss or damage to a ship or its cargo on the high seas?

  1. hazards
  2. inland
  3. transportation
  4. marine

37. ...............is a corollary of the indemnity principle. It is ...............concept that legally differentiates insurance from gambling

  1. indemnity, subrogartion
  2. endorsement, binders
  3. subrogation, indemnity
  4. binders, endorsement

38. according to ...............principle , life insurance can be affected on the lives of third parties provided the proposer has insurable interest in the third party

  1. insurable interest in own life
  2. insurable interest in property insurance
  3. insurable interest in others life
  4. none of above

39. The doctrine of subrogation is the supplementary principle of ...............

  1. insurance
  2. surety
  3. Bailment
  4. Indemnity

40. Which statement is not true about a mutual insurance company?

  1. It is a cooperative
  2. It has stockholders and operates to earn a profit
  3. It is owned by its policyholders
  4. Surplus of income is distributed to policyholders as a reduction in premium
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