Risk Management MCQ Questions and Answers Quiz

51. 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

52. ............... 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

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

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

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

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

55. 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

56. ...............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

57. 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

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

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

59. 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

60. 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
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