Development Authority Irda Quiz 2 (25 MCQs)

Quiz Instructions:

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1. As per HLV concept, the amount of insurance onecan buy could be _____ times of one's annual income

2. _____ rserve is a reserve to be created to meet any loss due to Natural Calamities,

3. Life insurance policy, in general, is a mixture of-

4. Material facts are those that would help the insurer todecide:

5. Human Life Value can be arrived at by dividing _____ by _____

6. Insurance business in india is now regulated by the provisions of:

7. The balance found in the revenue account of LIC is considered as _____

8. What does inter temporal allocation of resources mean?

9. Who devised the concept of HLV

10. A valuation Balance sheet is prepared by

11. HLV concept helps to determine the _____ limitbeyond which life insurance could be speculative.

12. A fire insurance policy is taken out to indemnify/ recover:

13. INSURANCE BUSINESS IS CONTROLLED BY?

14. _____ life insurance pays off a policy holders mortgage in the event of the persons death

15. _____ means that insurer would assess and compensateonly the exact amount of loss.

16. Risk Retention means-

17. Which is not an element of a valid contract?

18. Secondary burden of risk consists of _____ and _____ one has to bear if exposed to loss situation

19. With increase in premium with age, healthy peopletended to withdraw leaving unhealthy people. Thislead to development of-

20. In decreasing term insurance, the premiums paid _____ over time

21. What is the relation between Investment horizon and returns

22. The difference between standard turnover and actual turnover during the indemnity period is:

23. Which is the 'consideration' from the insured in aninsurance contract?

24. What is not prohibited in the latest Insurance Amendments

25. _____ refers to the amount payable by the insurer to the insured when the policy become due for payment.