Risk Management MCQs Quiz Multiple Choice Questions & Answers Page 2


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Risk Management Questions with Answers

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

67. ...............insurance is the one where the loss is not due to physical damage but the result of dishonesty of employees as a result of physical damage

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

69. The ...............principle states that the business and individual should insure potentially serious losses before relatively minor losses

70. Life insurance and general insurance are divided on the basis of

71. A state law requires individuals suffering injury or loss from an automobile accident to be reimbursed by their own insurance companies. What type of insurance is this?

72. Which of following statement is correct 1) According to captive model an insurance company market its products almost exclusively through the distribution channels of its banking parent. 2) According to partnership model, the insurance company distributes its products partly, though not exclusively through a banking channel.

73. Which of the following is the advantage of reinsurance for insurer? 1. Insurer can share his risk with other insurance. 2. It reduces the situation of certainty by distribution of risks among other insurers

74. 1. Risk can be eliminated without an adverse effects on the goals of an individual or business probably should not be avoided. 2. self insurance is another way of mixing risk retention & risk transfer. Which of the above statement is false.

75. Costs for injury or death due to hazards at the work place are covered under ..................insurance

76. The ratemaking function in a life insurance company is performed by ...............

77. Which type of coverage pays for damages intentionally caused by another person, such as breaking a windshield in a parking lot?

78. defective products is an example of which loss exposure

79. The law of large numbers can be applied more easily to ...............than speculative risk

80. A lien can be placed on ones income and financial assets to satisfy a legal judgment. This results in ...............

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Multiple Choice Questions and Answers on Risk Management

Risk Management Multiple Choice Questions and Answers

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