This quiz works best with JavaScript enabled. Home > Indian Polity > Regulatory > Bodies > Development Authority Irda – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Development Authority Irda Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not an element of the life insurance business A) Asset. B) Risk. C) Principle of Mutuality. D) Subsidy. Show Answer Correct Answer: D) Subsidy. 2. Government of India transacts life insurancebusiness in India through which of the following A) LIC of India. B) GIC of India. C) Postal Life Insurance. D) All the above. Show Answer Correct Answer: C) Postal Life Insurance. 3. Life Insurance covers the risk of- A) Dying too early. B) Living too longer. C) Both are correct. D) Both are wrong. Show Answer Correct Answer: C) Both are correct. 4. THE TERM WHICH IS USED IN CASE OF LIFE INSURANCE COMPANIES( WHEN A POLICYHOLDER IS NOT IN A POSITION TO PAY THE FUTURE PREMIUMS ON HIS POLICY )? A) REINSURANCE. B) ANNUITIES. C) SURRENDER. D) BONUS. Show Answer Correct Answer: C) SURRENDER. 5. Find out proximate cause of death in the following scenario. Ajay falls off a horse and breaks his back.He lies there in a pool of water and contacts Pneumonia.He is admitted to hospital and dies because of Pneumonia A) Pneumonia. B) Broken Back. C) Falling off a horse. D) Surgery. Show Answer Correct Answer: C) Falling off a horse. 6. Providing social security is the obligation of ..... A) State. B) Insurance companies. C) Private companies. D) Individuals. Show Answer Correct Answer: A) State. 7. When is it essential for Insurable Interest to be present in case of life Insurance A) At the time of taking out Insurance. B) At the time of Claim. C) Insurable Interest is not required in case of Life Insurance. D) Either at the time of policy purchase or at the time of Claim. Show Answer Correct Answer: A) At the time of taking out Insurance. 8. Considering insuring an ordinary ball pen is anexample of- A) Don't risk more than you can afford to lose. B) Don't risk a lot for a little. C) Both are correct. D) Both are wrong. Show Answer Correct Answer: B) Don't risk a lot for a little. 9. Cost of the risk would ..... with the probability andamount of loss A) Increase. B) Decrease. C) Vary. D) None of the above. Show Answer Correct Answer: A) Increase. 10. Which is not a capacity to enter into contract? A) Minor. B) Major. C) Sound mind. D) Not disqualified under law. Show Answer Correct Answer: A) Minor. 11. Lease Hold ground rents are shown in A) Revenue a/c. B) P & L a/c. C) Schedule 8 Investments. D) Schedule 9 loans. Show Answer Correct Answer: C) Schedule 8 Investments. 12. For the year 2008, 2009, 2010 if the rate of gross profit were 15%, 20%, and 18%respectively, then the rate of Average gross profit for the year 2011 will be: A) 15%. B) 18.75%. C) 17.67%. D) 53%. Show Answer Correct Answer: C) 17.67%. 13. ..... involves pressure applied through criminal means A) Fraud. B) Undue Influence. C) Coercion. D) Mistake. Show Answer Correct Answer: C) Coercion. 14. Who among the following is best advised to purchase a term plan A) An individual who needs money at the end of Insurance term. B) An individual who needs insurance and has a high budget. C) An individual who needs insurance and has a low budget. D) An individual who needs an insurance product that gives high returns. Show Answer Correct Answer: C) An individual who needs insurance and has a low budget. 15. In Life Insurance, the policy amount is payable A) After the death of the Insured. B) After the expiry of policy period. C) On the death of the Insured or an expiry of policy period whichever is earlier. D) Only when Insured has incurred some loss. Show Answer Correct Answer: C) On the death of the Insured or an expiry of policy period whichever is earlier. 16. Who controls the capital market of India? A) SEBI. B) RBI. C) IRDA. D) NABARD. Show Answer Correct Answer: A) SEBI. 17. Number of Schedules to be prepared by Insurance companies for their Financial statement are: A) 26 Schedules. B) 10 Schedules. C) 12 Schedules. D) 15 Schedules. Show Answer Correct Answer: D) 15 Schedules. 18. Which of the following reasons is not responsible for the ups and downs in the Sensex? A) Rain. B) Monetary Policy. C) Political instability. D) None of the above. Show Answer Correct Answer: D) None of the above. 19. The losses of a few are shared among many throughthe mechanism of- A) Nuclear family. B) Insurance. C) Government. D) All the above. Show Answer Correct Answer: B) Insurance. 20. Claims paid by LIC is shown in: A) Schedule 1. B) Schedule 2. C) Schedule 3. D) Schedule 4. Show Answer Correct Answer: D) Schedule 4. Next →Related QuizzesRegulatory QuizzesIndian Polity QuizzesDevelopment Authority Irda Quiz 2Development Authority Irda Quiz 3Development Authority Irda Quiz 4Development Authority Irda Quiz 5Development Authority Irda Quiz 6 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books