This quiz works best with JavaScript enabled. Home > Indian Polity > Regulatory > Bodies > Development Authority Irda – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Development Authority Irda Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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? A) Rs.100/-. B) Rs.200/-. C) Rs.80/-. D) Rs.400/-. Show Answer Correct Answer: B) Rs.200/-. 2. Which among the following is the traditional method that can help determine the Insurance needed by an individual A) Human Economic Value. B) Life Term Proposition. C) Human Life Value. D) Future Life Value. Show Answer Correct Answer: C) Human Life Value. 3. Fire Insurance is a classification under ..... insurance A) Life. B) General. C) Both of the above. D) None of the above. Show Answer Correct Answer: B) General. 4. This principle means flow of resources from many to one. A) Mutuality or Pooling. B) Mutuality or co-operation. C) Pooling or funding. D) Resourcing or pooling. Show Answer Correct Answer: A) Mutuality or Pooling. 5. RESERVES FOR UNEXPIRED RISK FOR BUSINESS IS? A) 25%. B) 50%. C) 75%. D) 100%. Show Answer Correct Answer: B) 50%. 6. In Insurance policies we always find a date which is "Date of Maturity" . What does it mean? A) This is the date on which the policy was sold to the customer/person insured. B) This is the date on which the contract between the person and insurance company will come to an end. C) This is the date on which the policy holder will have to submit his/her claim seeking the amount of the policy. Otherwise the company will not make any payment to him/her. D) None of these. Show Answer Correct Answer: B) This is the date on which the contract between the person and insurance company will come to an end. 7. SCHEDULE NO. 3 CONSISTS OF? A) PREMIUM. B) COMMISSION. C) OPERATING EXPENSES. D) CLAIMS INCURRED. Show Answer Correct Answer: B) COMMISSION. 8. Cost of the risk is product of which of the following 2factors: A) Insurance and Assurance. B) Happenings and result. C) Cause and effect. D) Probability and impact. Show Answer Correct Answer: D) Probability and impact. 9. Considering insuring an oil refinery is example 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: A) Don't risk more than you can afford to lose. 10. An individual with Aggressive Risk profile is likely to follow wealth ..... investment style A) Consolidation. B) Gifting. C) Accumulation. D) Spending. Show Answer Correct Answer: C) Accumulation. 11. In General Insurance the policy amount is payable: A) After the death of the Insured. B) After the expiry of the policy period. C) Only when the loss occurs or the liability arises. D) Only when insured has attained certain Age. Show Answer Correct Answer: C) Only when the loss occurs or the liability arises. 12. Which of the following TERM does not belong to the stock exchange? A) NAV. B) KPO. C) IPO. D) NSE. Show Answer Correct Answer: B) KPO. 13. An Insurance contract has to fulfill the requirements of A) Insurance Act 1938. B) IRDA Act, 1999. C) LIC Act, 1956. D) Indian Contract Act, 1872. Show Answer Correct Answer: D) Indian Contract Act, 1872. 14. Which is evidence of contract? A) Proposal. B) First Premium Receipt. C) Deposit amount. D) Policy bond. Show Answer Correct Answer: B) First Premium Receipt. 15. 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 A) A is true. B) B is true. C) A and B true. D) None. Show Answer Correct Answer: D) None. 16. Which component is not a part of capital market? A) Debt Market. B) Equity Market. C) Insurance Market. D) Derivative Market. Show Answer Correct Answer: C) Insurance Market. 17. The bonus which is to be paid on maturity of policy along with policy amount is known as A) Reversionary Bonus. B) Annual Bonus. C) Interim Bonus. D) Eventual Bonus. Show Answer Correct Answer: A) Reversionary Bonus. 18. The proposal form contains A) Personal details. B) Physical condition. C) Habits and pastimes. D) All of the above. Show Answer Correct Answer: D) All of the above. 19. Which of the following entity is exempt from thepurview of the IRDA? A) LIC of India. B) GIC of India. C) Postal Life Insurance. D) None. Show Answer Correct Answer: C) Postal Life Insurance. 20. Fire insurance provides cover for: A) Intangible assets. B) Fictitious assets. C) Tangible assets. D) Business employees. Show Answer Correct Answer: C) Tangible assets. ← PreviousNext →Related QuizzesRegulatory QuizzesIndian Polity QuizzesDevelopment Authority Irda Quiz 1Development Authority Irda Quiz 2Development Authority Irda Quiz 3Development Authority Irda Quiz 5Development Authority Irda Quiz 6 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books