The risk management methods are ______
1.Insurance
2.Hedging
3.Derivatives
4.All of the above
A person who dislikes risk is known as ____
1.Risk lover
2.Risk Averse
3.Risk Neutral
4.Insurer
A person who is risk averse _______
1.accepts the risk no matter what
2.do not accept the risk as a loss hurts them more than gain benefits them
3.tries to control the loss
4.avoids insurance
A risk manager should report to ______
1.Managing Director
2.Company Secretary
3.Supervisor
4.General manager.
Contractual risk transfers come under ______
1.Cost of loss financing
2.Cost of internal risk reduction
3.Cost of control of loss
4.Cost of residual uncertainty
Except life assurance the maximum term of other insurance is _____
1.12 months
2.24 months
3.6 months
4.36 months
Fire insurance can be taken in respect of ___
1.movable properties only
2.immovable properties
3.movable and immovable
4.persons only
Having money available when it is needed is defined as the art of ____
1.Financial management
2.Risk management
3.Contingency fund
4.Surplus
If impurity of data is the problem that RMIS is showing then provide ___
1.clear and comprehensive specifications
2.solid vendor account team
3.reference checks, including on-site
4.assessment in proper manner
If RMIS shows inflexibility of system then provide ________
1.solid vendor account team
2.clear and comprehensive specifications
3.internal access to system expert
4.standard software configuration
If the most impossible event is assigned a value of zero, then most inevitable event is assigned a value _______
1.one
2.Between Zero and one
3.Between Zero to 10
4.Between 10 to 10
In alike the risk of creditors and shareholders by High Capital Gearing ratio companies is _______
1.Increased
2.Decreased
3.Government
4.Management and Employees
Insurance business is based on _______
1.Parkinsons law
2.Newtons law
3.The theory of probability and law of large numbers
4.Boyles law
Insurance is based on the principle of _______
1.co-operation
2.Democracy
3.Equality
4.welfare
Insurance penetration in India in 2001 was
1.1.93
2.2.32
3.2.71
4.2.25
Medical Expenses Risk Comes under?
1.Business Risk
2.Price Risk
3.Credit Risk
4.Personal Risk
Notice of abandonment is necessary in the case of _______
1.Actual loss
2.Constructive total loss
3.Partial total loss
4.Minimum loss
Organisations are mainly concerned with managing
1.Pure Risk
2.Speculative Risk
3.Personal Risk
4.None of the above
Risk and Premium are fixed on the basis of ____
1.strategic Methods
2.Survey Methods
3.Scientific Methods
4.Probability Methods
Risk management information is not useful in one of the following _______
1.Reporting
2.Hedging
3.Claim adjustment process reviews
4.Derivatives
Risk management is concerned with _______
1.Planning
2.Arranging and controlling of activities
3.Managing of funds
4.Planning, arranging and controlling of activities
Risk means _________
1.economy
2.possibility of loss
3..reduction of anxiety
4. meeting externally imposed obligations
That which are not independent parts of the whole risk management process are ____
1.Risk Control and Risk Financing
2.Risk Retention and Risk Analysis
3.Risk Retention and Risk Financing
4.Risk Analysis and Risk Control
That which helps to determine the accuracy and relevance of risk at each stage to which an organization is exposed is known as _______
1.Principle of Identification
2.Principle of Risk Analysis
3.Principle of Assessment Risk
4.Principle of Corrective Decision
That which take advantage to the law of large numbers is ________
1.Risk retention
2.Combination
3.Hedging
4.Inflation
The concept of insurance is ______
1.to share the losses by many
2.to make money out of death.
3.to earn interest
4.to earn a status
The condition for insurable interest is _______
1.Loss should be sufficiently in monetary terms
2.Loss potential should be sufficiently large
3.Interest on the subject matter of the insurance
4.Loss cannot be managed
The cost of increased precautions and limits on risky activity to reduce the frequency and severity of accidents and losses is covered by ______
1.Cost of Loss Financing
2.Cost of Expected Losses
3.Cost of Control of Loss
4.Cost of Internal Risk Reduction
The identification analysis and economic control of those risk which can threaten the assets or earning capacity of an enterprise is known as _______
1.Business Management
2.Risk Management
3.Financial Management
4.Strategic Management
The insurance plays a role in the economic development of the country in following ways:
1.Releases capital for new investment
2.The job potential increases
3.Money collected is invested in infrastructure
4.All of the above
The number of prime elements of risk analysis is _____
1.one
2.Two
3.Three
4.four
The person who agrees to compensate the loss arising from the risk is called the _______
1.Insurer
2.Assurer
3. Underwriter
4.All the above.
The premium implies _____
1.Consideration by Service
2.Consideration by cash
3.Consideration by Kind
4.Speculative Cash
The Principle of Indemnity does not apply to _______
1.Burglary Insurance
2.Fire Insurance
3.Marine Insurance
4.Life and personal accident insurance
The Risk Evaluation breaks into two parts.They are ___________
1.The cause of loss and its affects
2.The probability of loss occurring and its severity
3.The loss due to any reasons
4.The risk and return
The routine medical check up during a year is an example of ______
1.Loss prevention
2.Loss reduction
3.Risk avoidance
4.Retention
The two Aspects of risk Managers are _________
1.Record keeping and reporting of the activities
2.Maintaining accounts and reporting
3.Carry out analysis and control
4.Marketing
The type of reinsurance that forms individual large losses of risk is called as _____
1.Proportional quota share
2.Excess of loss per event basis
3.Stop loss
4.Facultative
The uncertainty reduced through diversification and investing in information is known as _______
1.Cost of Residual Uncertainty
2.Cost of Loss Financing
3.Cost of Loss Control
4.Cost of Internal Risk Reduction
Which of the following contract is not legally enforceable?
1.Contract of insurance
2.Wagering contract
3.Contract of sale of goods
4.Contract of business
Which of the following is the last step in risk management process _______
1.Insurance
2.Review
3.Risk evaluation
4.Loss prevention
Which of the following steps in the risk management process helps in determining sum insured under policies?
1.Risk identification
2.Risk Retention
3.Risk Evaluation
4.Risk Transfer
Which of the following types of risks best meets the requirements for being insurable by private insurers?
1.market risks
2.property risks
3.financial risks
4.political risks
Which of the statements is correct? a. The simplest way to deal with a risk to avoid it. b. This technique is always possible and practical.
1.Statement A
2.Statement B
3.Both the statements
4.Neither of the statements
Which of the statments are true?
1.Loss prevention and loss reduction mean different things
2.Risk may be transfered by contract
3.Both the statements
4.Neither is correct
_____ policy issued on the basis of the number of persons assured.
1.Annuity policy
2.Multiple life policy
3.Single life policy
4.Level of premium policy
______ provides evidence of insurance to the policies and Registration Authorities under Motor Vehicle Act.
1.Cover note
2.Endorsements
3.Certificate of insurance
4.Policy form
_______ policy is which covers the risk during all situations.
1.Floating
2.Wagering
3.Valued
4.Mixed
________ are those terms, which are written on the policy.
1.Express Warranties
2.Implied Warranties
3.Memorandum Warranties
4.Valuation Clause
________ means a willful and intentional act on part of the self-destroyed.
1.Death
2.Suicide
3.Murder
4.Accident