Question 1

The principle functions of an insurance contract are

Accepted Answer

A) To define the risk that is to be transferred 
B) To state the conditions under which the contract applies 
C) To explain the procedure for settling losses 
D) All of the Above 
A) To define the risk that is to be transferred 
B) To state the conditions under which the contract applies 
C) To explain the procedure for settling losses 
D) All of the Above

Question 2

The spreading of losses incurred by the few over the entire group is called

Accepted Answer

A) pooling 
B) pulling 
C) contribution 
D) joining 
A) pooling 
B) pulling 
C) contribution 
D) joining

Question 3

Insurance works on the principle of

Accepted Answer

A) Sharing of losses 
B) Probabilities 
C) Large numbers 
D) All of the Above 
A) Sharing of losses 
B) Probabilities 
C) Large numbers 
D) All of the Above

Question 4

Life insurance made its first appearance in England in the

Accepted Answer

A) 14th century 
B) 15th century 
C) 16th century 
D) 17th century 
A) 14th century 
B) 15th century 
C) 16th century 
D) 17th century

Question 5

Life Insurance Corporation of India headquarter is in

Accepted Answer

A) Delhi 
B) Chennai 
C) Guwahati 
D) Mumbai 
A) Delhi 
B) Chennai 
C) Guwahati 
D) Mumbai

The principle functions of an insurance contract are

The spreading of losses incurred by the few over the entire group is called

Insurance works on the principle of

Life insurance made its first appearance in England in the

Life Insurance Corporation of India headquarter is in

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Exam 14: Insurance Principles, Functions, and Benefits

The principle functions of an insurance contract are

The spreading of losses incurred by the few over the entire group is called

Insurance works on the principle of

Life insurance made its first appearance in England in the

Life Insurance Corporation of India headquarter is in

Banking Terms and Concepts: From Demand Deposits to Central Banks and Rtgs

Banking and Finance Terminology

Banking and Cheque-Related

Banking Terminology and Functions

Banking and Insurance

Understanding Insurance and Its Components

Insurance Policy Types and Terms

Insurance Terminology and Concepts

Banking History and Classification in India

Banking and Financial Services: A Compilation of Questions

Banking and Finance FAQS

Various Questions on Banking and Reserve Bank of India

Banking, Monetary Policy, Cooperative Banks, Credit Control, Insurance, and Risks

Insurance Sector and Policies: A Comprehensive Overview

Understanding Principles and Types of Insurance Policies

Filters