Risk Management MCQ Multiple Choice Questions Answers | Quiz for Practice
Embark on an insightful journey through the realm of Risk Management with our comprehensive collection of multiple-choice questions and answers. Whether you're a risk management professional seeking to enhance your skills, a student studying risk management concepts, or a business owner looking to mitigate potential threats, our repository offers invaluable insights. Explore topics such as risk identification, risk assessment, risk mitigation strategies, risk monitoring, and risk communication. Each multiple-choice question is meticulously crafted to challenge your understanding and stimulate critical thinking about the intricacies of managing risks effectively. From understanding different types of risks to mastering risk assessment techniques and implementing risk control measures, our MCQs provide a comprehensive exploration of all facets of Risk Management. Start exploring today to deepen your knowledge and excel in navigating uncertainties in various domains!
Risk Management MCQ Questions for Practice
1. In ...............or ............... method a fixed share or quota of the risk is reinsured
Correct Answer is: none of above
2. ...............happen when an insurance company has undertaken more risk burden on its shoulders than its bearing capacity. ................... is a device to reduce the risk
Correct Answer is: double insurance , double insurance ,
3. ...............refers to the cause of loss or the contingency that may cause a loss
Correct Answer is: Hazards
4. When a jewelry store locks its merchandise in a vault at the end of the day, it is practicing
Correct Answer is: risk shifting
5. Which risk-management technique does self-insurance satisfy?
Correct Answer is: Shifting risks
6. A broken window pane is evidence of a
Correct Answer is: theft
7. Choosing not to ride in a car is an example of
Correct Answer is: risk assumption
8. A consumer disputes redressal forum to be known as the ...............to be established by the ...............with the prior approval of the central government in each district of the state
Correct Answer is: central council, local government
9. Insurance that provides protection for a stated period of time is defined as ..................insurance
Correct Answer is: limited-payment
10. ...............risk is defined as the relative variation of actual loss from expected loss
Correct Answer is: Expected risk
11. What type of life insurance policy would you recommend for a young couple, with no children, that would provide the most protection for the smallest premium?
Correct Answer is: Endowment
12. ...............is an essential part of the bailor-baliee relationship
Correct Answer is: All of above
13. According to ...............model, an insurance company markets its products almost exclusive through the distribution channel of its banking parents
Correct Answer is: none of above
14. which of the following is the main objective of IRDA
Correct Answer is: to supervise the activities of intermediaries
15. When a firm buys insurance to cover losses caused by riots, the firm is
Correct Answer is: assuming risk
16. A physical hazard is a condition stemming from the material characteristics of an object
Correct Answer is: False Statement
17. Risk management is synonymous with Insurance mangement
Correct Answer is: True Statement
18. ACV stands for actual cash value
Correct Answer is: False Statement
19. The first insurance was established in Anthens
Correct Answer is: False Statement
20. A risk manager can ignore those pure risk that are not insurable
Correct Answer is: True Statement
21. There is no hazards of direct competition to conventional banking products
Correct Answer is: True Statement
22. Without the payment of premium, the insurance contract cannot start
Correct Answer is: False Statement
23. To be insurable, a risk must have potential losses that are
Correct Answer is: unmeasurable
24. Risks that insurance firms will not assume are called
Correct Answer is: pure risks
25. Which of the following is not a condition for an insurable loss?
Correct Answer is: 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
Correct Answer is: limited-pay
27. The general insurance corporation is holding company, which has ...............subsidiary companies
Correct Answer is: 6
28. LIC (Mauritius) ltd. Was set in ...............
Correct Answer is: 1998
29. The idea of insurance ombudsman was mooted in the year
Correct Answer is: 1990
30. Insurance Ombudsman is open to all individuals whose claim amount is less than
