Question 1

The business of insurance is related to protection of ________

Accepted Answer

A) status 
B) savings 
C) economic value of assets 
D) profits 
A) status 
B) savings 
C) economic value of assets 
D) profits C

Question 2

Insurance is a risk management technique involving____________

Accepted Answer

A) risk retention. 
B) risk avoidance. 
C) loss control. 
D) risk transfer. 
A) risk retention. 
B) risk avoidance. 
C) loss control. 
D) risk transfer. D

Question 3

Insurance covers the risk of most certain event _____

Accepted Answer

A) birth of a person 
B) protection of the childhood 
C) Protection in old age 
D) death of a person 
A) birth of a person 
B) protection of the childhood 
C) Protection in old age 
D) death of a person D

Question 4

For introduction of a group scheme, we need a ______

Accepted Answer

A) Large group of persons 
B) Small group of persons 
C) Homogeneous group 
D) Insured group 
A) Large group of persons 
B) Small group of persons 
C) Homogeneous group 
D) Insured group

Question 5

On the death of the bread-earner, two losses occur in the family-one is loss of human life and the other _____

Accepted Answer

A) Loss of insurance 
B) Loss of investment 
C) Loss of bank deposits 
D) Earning power of family 
A) Loss of insurance 
B) Loss of investment 
C) Loss of bank deposits 
D) Earning power of family

Question 6

Insurance cover _______

Accepted Answer

A) protects assets 
B) prevents loss 
C) reduces the impact of loss 
D) insurances immorality 
A) protects assets 
B) prevents loss 
C) reduces the impact of loss 
D) insurances immorality

Question 7

The first step in risk management process is

Accepted Answer

A) risk avoidance. 
B) risk identification. 
C) insurance. 
D) risk evaluation. 
A) risk avoidance. 
B) risk identification. 
C) insurance. 
D) risk evaluation.

Question 8

Risk management follows a systematic process which involves _______ steps.

Accepted Answer

A) two. 
B) three. 
C) four. 
D) five. 
A) two. 
B) three. 
C) four. 
D) five.

Question 9

The proportion of the risk which the direct insurer holds on his own account refers to _______

Accepted Answer

A) Line 
B) Retention 
C) Retrocession 
D) Ceding insurer 
A) Line 
B) Retention 
C) Retrocession 
D) Ceding insurer

Question 10

When choosing group life insurance, most groups buy _______

Accepted Answer

A) whole life insurance 
B) one year renewable group term assurance 
C) variable life insurance 
D) universal life insurance 
A) whole life insurance 
B) one year renewable group term assurance 
C) variable life insurance 
D) universal life insurance

Question 11

In insurance contracts, the insurance company is also known as ________

Accepted Answer

A) Insured 
B) Beneficiary 
C) Insurer 
D) policy holder 
A) Insured 
B) Beneficiary 
C) Insurer 
D) policy holder

Question 12

The Concept of Insurance is ___________

Accepted Answer

A) to share losses by many 
B) to make money out of death 
C) to earn interest 
D) to earn a status 
A) to share losses by many 
B) to make money out of death 
C) to earn interest 
D) to earn a status

Question 13

Which of the following steps in the risk management process helps in determining sum insured under policies?

Accepted Answer

A) risk identification. 
B) risk retention. 
C) risk transfer. 
D) risk evaluation. 
A) risk identification. 
B) risk retention. 
C) risk transfer. 
D) risk evaluation.

Question 14

Main emphasis of risk management is on

Accepted Answer

A) risk retention. 
B) reduction of cost of handling risk. 
C) risk transfer. 
D) insurance. 
A) risk retention. 
B) reduction of cost of handling risk. 
C) risk transfer. 
D) insurance.

Question 15

Organizations are mainly concerned with managing

Accepted Answer

A) pure risks. 
B) speculative risks. 
C) personal risks. 
D) other risks 
A) pure risks. 
B) speculative risks. 
C) personal risks. 
D) other risks

Question 16

Who are the beneficiaries of Insurance?

Accepted Answer

A) Society 
B) Individual 
C) Business 
D) All of these 
A) Society 
B) Individual 
C) Business 
D) All of these

The business of insurance is related to protection of ________

Insurance is a risk management technique involving____________

Insurance covers the risk of most certain event _____

For introduction of a group scheme, we need a ______

On the death of the bread-earner, two losses occur in the family-one is loss of human life and the other _____

Insurance cover _______

The first step in risk management process is

Risk management follows a systematic process which involves _______ steps.

The proportion of the risk which the direct insurer holds on his own account refers to _______

When choosing group life insurance, most groups buy _______

In insurance contracts, the insurance company is also known as ________

The Concept of Insurance is ___________

Which of the following steps in the risk management process helps in determining sum insured under policies?

Main emphasis of risk management is on

Organizations are mainly concerned with managing

Who are the beneficiaries of Insurance?

Insurance Policy and Risk Management: Part A

Insurance Policy and Risk Management: Part B

Insurance Fundamentals

Insurance Terminology and Policies

Insurance Policy Types and Terms

Filters

Exam 4: Understanding Insurance: Cover, Risk, and Reinsurance

The business of insurance is related to protection of ________

Insurance is a risk management technique involving____________

Insurance covers the risk of most certain event _____

For introduction of a group scheme, we need a ______

On the death of the bread-earner, two losses occur in the family-one is loss of human life and the other _____

Insurance cover _______

The first step in risk management process is

Risk management follows a systematic process which involves _______ steps.

The proportion of the risk which the direct insurer holds on his own account refers to _______

When choosing group life insurance, most groups buy _______

In insurance contracts, the insurance company is also known as ________

The Concept of Insurance is ___________

Which of the following steps in the risk management process helps in determining sum insured under policies?

Main emphasis of risk management is on

Organizations are mainly concerned with managing

Who are the beneficiaries of Insurance?

Insurance Policy and Risk Management: Part A

Insurance Policy and Risk Management: Part B

Insurance Fundamentals

Insurance Terminology and Policies

Insurance Policy Types and Terms

Filters