This quiz works best with JavaScript enabled. Home > Indian Polity > Regulatory > Bodies > Development Authority Irda – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Development Authority Irda Quiz 6 (14 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The average clause in a loss of profit policy protects the ..... A) Insurance company. B) Insuree. C) Insurer. D) Insurance agent. Show Answer Correct Answer: C) Insurer. 2. Which are the methods to manage risks? A) Risk Avoidance. B) Risk Retention. C) Risk Reduction. D) All the above. Show Answer Correct Answer: D) All the above. 3. How life insurance is possible? A) Timing of death is certain. B) Timing of death is uncertain. C) Death is certain but its timing is uncertain. D) None of the above. Show Answer Correct Answer: C) Death is certain but its timing is uncertain. 4. Human Life Value concept measures the value of ahuman life on the basis of his- A) Gross earnings. B) Net earnings. C) Total earnings. D) Expenses. Show Answer Correct Answer: B) Net earnings. 5. ..... and ..... refer to measures to reduce chance ofoccurrence and measures to reduce degree of losses. A) Loss Prevention, Loss damage. B) Loss Control, Loss management. C) Loss advantage, Loss prevention. D) Loss Prevention, Loss Reduction. Show Answer Correct Answer: D) Loss Prevention, Loss Reduction. 6. If any condition is put by the Insurer then it is- A) Acceptance. B) Offer. C) Counter offer. D) Conditional acceptance. Show Answer Correct Answer: C) Counter offer. 7. RESERVES FOR UNEXPIRED RISK FOR MARINE BUSINESS IS? A) 25%. B) 50%. C) 75%. D) 100%. Show Answer Correct Answer: D) 100%. 8. Which was the first Act to regulate life insuranceindustry in India? A) Insurance Act, 1938. B) Life Insurance Companies Act, 1912. C) IRDA Act, 1999. D) LIC Act, 1956. Show Answer Correct Answer: B) Life Insurance Companies Act, 1912. 9. Which among the following scenarios warrants insurance? A) The sole bread winner of a family might die untimely. B) A person may lose his wallet. C) Stock prices may fall drastically. D) A house may lose value due to natural wear and tear. Show Answer Correct Answer: A) The sole bread winner of a family might die untimely. 10. Which of the following is correct? Life insurance is a long term contractGeneral insurance is a short term contract A) A is correct. B) B is correct. C) Both A and B correct. D) None. Show Answer Correct Answer: C) Both A and B correct. 11. The person who makes the offer is called the ..... and the person who accepts the offer in an insurancecontract is called the ..... A) Offerer, Acceptor. B) Insurer, Insured. C) Proposer, Insured. D) Proposer, Insurer. Show Answer Correct Answer: D) Proposer, Insurer. 12. In which type of contract, the happening of event iscertain but its timing is not known A) Life Insurance. B) General Insurance. C) Both. D) None. Show Answer Correct Answer: A) Life Insurance. 13. Risk reduction and control involves steps like- A) Education and training. B) Making environmental changes. C) Spreading out items to various locations. D) All the above. Show Answer Correct Answer: D) All the above. 14. Which of the following is not a valid consideration for a contract A) Money. B) Property. C) Bribe. D) Jewelry. Show Answer Correct Answer: C) Bribe. ← PreviousRelated QuizzesRegulatory QuizzesIndian Polity QuizzesDevelopment Authority Irda Quiz 1Development Authority Irda Quiz 2Development Authority Irda Quiz 3Development Authority Irda Quiz 4Development Authority Irda Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books