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Development Authority Irda Quiz 3 (25 MCQs)

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1. Which of the following is incorrect? Mutuality means funds from variousindividuals are combinedB. Diversification means spreading out funds tovarious destinations.
2. Appropriations like interim dividend, proposed final dividend in GIC business are shown in
3. Consent is not said to be free when it is caused by
4. Which is not an example of social security schemesof the Government?
5. _____ is an annual guaranteed and paid by the Insurance company as long as the insured is alive .
6. Which element of a valid contract deals with premium
7. Which among the following is a method of risk transfer?
8. Which among the following is a secondary burden of risk?
9. Out of 400 houses, each valued at Rs. 20, 000, on an average 4 houses get burnt every year resulting in a combined loss of Rs. 80, 000. What should be the annual contribution of each house owner to make good this loss?
10. Which among the following is the traditional method that can help determine the Insurance needed by an individual
11. Fire Insurance is a classification under _____ insurance
12. This principle means flow of resources from many to one.
13. RESERVES FOR UNEXPIRED RISK FOR BUSINESS IS?
14. In Insurance policies we always find a date which is "Date of Maturity" . What does it mean?
15. SCHEDULE NO. 3 CONSISTS OF?
16. Cost of the risk is product of which of the following 2factors:
17. Considering insuring an oil refinery is example of
18. An individual with Aggressive Risk profile is likely to follow wealth _____ investment style
19. In General Insurance the policy amount is payable:
20. An Insurance contract has to fulfill the requirements of
21. Which is evidence of contract?
22. Which of the following is untrue? A. Insurance promotes efficient use of existingresourcesB. Insurance contributes to healthy economy andnational productivityC. Insurance policy can be used as a collateralsecurity
23. The bonus which is to be paid on maturity of policy along with policy amount is known as
24. The proposal form contains
25. Which of the following entity is exempt from thepurview of the IRDA?
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