Insurance and Risk Management MCQs

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The Insurance is a ______________






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Losses arising due to a risk exposure retained or assured is known as ______________






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An alternative approach to the check list is ______________






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The measures aimed at avoiding, eliminating or reducing the chances of loss production is covered by ______________






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Insurance is best suited to risk with ______________.






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The risk manager maybe able to identify the new ventures involved in ______________.






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An instrument by which a pure risk is transferred by a party other than insurer is






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The Person whose risk is insured is called ______________.






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That which is designed to improve the information on which decisions are take to reduce risk is ______________.






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Uncertain events are broadly classified as ______________.






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The possibility that actual results may differ from predicted results is known as ______________.






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The success of whole process of risk management depends on its ______________.






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That which covers the cost of self insurance, loading in insurance premiums and enforcing hedging arrangements is ______________.






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If RMIS has poor system documentation then the remedy is to provide ______________.






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The risk management can be done by ______________.






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The installation of heat or smoke activated sprinkler systems that are designed to minimize fire damage in the outbreak of a fire is an example of ___...






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______________ is the extra payment done for administrative and capital cost.






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Transfer of rights and remedies of the insured to the insurer after indemnity has been effected is called ______________.






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The principle of indemnity is applicable to ______________ only.






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______________ is those terms, which are implied in every contract of marine insurance unless they are expressly excluded.






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Risk Management is a subject which falls under ______________.






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A person employed to do any act for another or to represent another in dealing with a third person refers to ______________.






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Insurance contract is sort of contract which is approved by ______________.






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The term Assurance refers to ______________.






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The first step in risk management process is ______________.






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Which of the following is the last step in the risk management process?






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Risk retention means ______________






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The risk which has three outcomes with possibility of gain is ______________






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The company doing the insurance business is called ______________.






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The medias used for direct marketing are






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Pure Risk was grouped ______________.






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A bancassurance started in India was ______________.






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_____________ refers to distribution of insurance products through






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Risk Management process includes ______________






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The foundation for risk Management is provided by ______________






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Insurance is a risk management technique involving






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Restoring a policy holder to his pre-loss financial position means ______________.






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______________ are the risk management methods






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The strategy pursued by the business firms to tackle risk by spreading into a number of business is ______________.






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A firm may seek to minimize marketing risks by undertaking ______________.






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The principles of indemnity does not apply to ______________.






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The risk that arises because of magnitude of cash flow due to change in output and input prices is known as ______________.






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Cost of risk has the following components ______________.






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If RMIS has the problem of incompatibility of software then the remedy is to provide ______________.






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To avoid RMIS being obsolete provide ______________.






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The process of reducing the level of risky activities firstly affect the frequency of losses is the strategy of ______________.






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Which of the statements is correct? a. Insurance is a transfer of risk mechanism. b. Insurance gives physical protection to assets.






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A complete proposal form contains information about ______________.






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This policy covers all risks to the ship and its cargo while the ship is at a particular port ______________.






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_______________ policy matures on the assured death or on his attainment of a particular age whichever occurs earlier.






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Assignment of life policy means ______________.






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Risk insured against death is a contract of ______________.






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The risk which arises because of change in major economic, social, cultural and political factors are ______________.






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When an event is stated to be possible, it has a probability between ______________.






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If the premium loading is zero then purchasing insurance ______________






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Insurance cover ______________.






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Taylor Tobacco Company is concerned that the company may be held liable in a court of law and forced to pay a large damage award. The characteristics ...






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Bancassurance means ______________.






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Credit Risk is high in case of ______________.






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A bancassurance concept originated in ______________.






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The cause of loss or a contingency that may cause a loss due to nature is known as ______________






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The risk which directly affects the individual’s capability to earn income is called ______________






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Type of Risk Management are ______________






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The Risks which have some financial impact from the part of risk management are ______________






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Identification of sources of hazard will have to be done by the ______________.






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The expected value of losses varies directly with the ______________.






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The number of elements of uncertainty in most type of events are ______________.






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Personnel risk in a firm depends upon the ability integrity and enthusiasm of ______________.






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Except life assurance the maximum term of other insurance is ______________.






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The situation of doubt in mind about the happening or not happening of anything in future because of lack of knowledge ______________.






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Transfer of risk to other party is done through ______________.






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The cost of uncertainty that remains once the firm has selected and implemented loss control loss financing and internal risk reduction is called ____...






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If RMIS shows lack of service then you need to provide ______________.






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The methods of risk management are ______________.






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Which of the following helps in risk improvement?






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The insurance plays a role in the economic development of the country in the following ways ______________.






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Malhotra Committee was appointed in






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Fire insurance can be taken in respect of ______________






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______________ is an agreement where by the insurer agrees to indemnity the insured against marine losses.






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When the subject matter insured is destroyed wholly refers to ______________.






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Marine perils is also called as ______________.






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______________ is a document which provides evidence of the contract of insurance






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The business of insurance is related to protection of ______________.






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Loss control involves a combination of ______________.






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An insurance company estimates its objective risk for 10,000 exposures at 10 Per cent. Assuming the probability of loss remains the same, what would h...






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All of the following are social costs associated with insurance Except ______________.






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Risk of premature death is a ______________.






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All dynamic risks are ______________.






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The agreement refers to ______________.






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The System that brings together the operative causes of perils is ______________






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The main aim of risk Financing is to ______________






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The claim amount received from insurer are treated as ______________.






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Franchise and aggregate excess of loss are two variations of ______________.






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The risk management which refers to the identification of pure risk faced by an individual or family is ______________.






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The 5th chapter of Factories Act deals with ______________.






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Dynamic risks are closely related to ______________.






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In order to minimize the impact of uncertain events risk management is concerned with planning arranging and controlling of ______________.






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The number of prime elements of risk analysis is ______________.






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The identification analysis and economic control of those risk which can threaten the assets or earning capacity of an enterprise is known as ________...






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The uncertainty reduced through diversification and investing in information is known as ______________.