A bancassurance started in India was ____
1.2002
2.2003
3.2001
4.2000
A complete proposal form contains information about _______
1.Moral hazard
2.Physical hazard
3.Personal history of proposer and identify of the property insurance
4.All of the above
A firm may seek to minimize marketing risks by undertaking _______
1.Credit Facilities
2.Training Salesmen
3.Market Research
4.Branch Expansion
A person employed to do any act for another or to represent another in dealing with a third person refers to _______
1.Principal
2.Employee
3.Agent
4.Development Officer
An alternative approach to the check list is ______
1.Threat Analysis
2.Event Analysis
3.Operability Study
4.Minimum Level Analysis
An instrument by which a pure risk is transferred by a party other than insurer is
1.Insurance
2.Retention.
3.Non Insurance Transfer.
4.Reinsurance.
Cost of risk has the following components _______
1.Cost of Expected Losses and Cost of Control of Loss
2.Cost of Expected Losses and Cost of Loss Financing
3.Cost of Control of Loss and Cost of Loss Financing
4.Cost of Expected Loss, Cost of Control of Loss Cost of Financing, Cost of Residual Uncertainity
If RMIS has poor system documentation then the remedy is to provide ____
1.solid vendor account team
2.solid vendor account team
3.assessment in proper manner
4.clear and comprehensive specifications
If RMIS has the problem of incompatibility of software then the remedy is to provide _____
1.solid vendor account team
2.internal access to system expert
3.clear and comprehensive specifications
4.financial check
Insurance contract is sort of contract which is approved by ______
1.The Indian Contract Act
2.Indian Factory Act
3.Indian Companies Act
4.The Indian finance Act
Insurance is a risk management technique involving
1.Risk Retention
2.Risk Avoidance
3.Loss Control
4.Risk Transfer
Insurance is best suited to risk with ________
1.high frequency and low loss severity.
2.low frequency and high loss severity.
3.minimum frequency and no loss severity.
4.high frequency and high loss severity.
Losses arising due to a risk exposure retained or assured is known as _____
1.Risk Reduction
2.Risk Financing
3.Risk Retention
4.Risk Sharing
Pure Risk was grouped ________
1.Property Risk
2..Personal Risk
3.Liability risk
4.All the above.
Restoring a policy holder to his pre-loss financial position means _______
1.Contribution
2.Indemnity
3.Goodwill
4.LiquidAsset
Risk Management is a subject which falls under ________
1.production
2.HR
3.marketing
4.finance
Risk Management process includes ______
1.Risk Analysis
2.Risk Control
3.Risk Analysis and Control
4.Risk Reduction
Risk retention means _______
1.Saving money to pay for the losses
2.Accepting and agreeing to finance the loss oneself
3.Not taking up any activity which is risky
4.Insuring the risk
That which covers the cost of self insurance, loading in insurance premiums and enforcing hedging arrangements is ________
1.Cost of Loss Financing
2.Cost of Control of loss
3.Cost of Residual Uncertainty
4.Cost of Internal Risk Reduction
That which is designed to improve the information on which decisions are take to reduce risk is ____
1.Transfer
2.Research.
3.Costs.
4.Deflation.
The company doing the insurance business is called ________
1.Mutual funds
2.Non-banking firm
3.An insurance company
4.Banking company
The first step in risk management process is ________
1.Riskavoidance
2.Risk Identification
3.Insurance
4.Risk Evaluation
The foundation for risk Management is provided by ________
1.Risk Control
2.Risk Analysis
3.Risk Identification
4.Risk Retention
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 ______
1.Loss prevention
2.Loss reduction
3.Hedging
4.Insurance
The Insurance is a _______
1.Contract
2.Uncertainty
3.Peril
4.Hazard
The measures aimed at avoiding eliminating or reducing the chances of loss production is covered by _____
1.Risk Control
2.Risk Retention
3.Risk Avoidance
4.Risk Financing
The medias used for direct marketing are
1.Direct Mail
2.Telephone Contacts
3.Kiosks
4.All the above.
The Person whose risk is insured is called ______
1.Insured
2.merchandiser
3.marketer
4.Agents
The possibility that actual results may differ from predicted results is known as ______
1.Risk.
2.Uncertainty.
3.Peril.
4.Hazards.
The principle of indemnity is applicable to ______ only.
1.Life Insurance
2.Personal accident insurance
3.Proximate Cause
4.Property insurance
The principles of indemnity does not apply to ______
1.Burglary insurance
2.Fire insurance
3.Marine insurance
4.Life and Personal Accident insurance
The process of reducing the level of risky activities firstly affect the frequency of losses is the strategy of _____
1.Risk avoidance
2.Retention
3.Hedging
4.Other contractual risk transfer
The risk management can be done by ______
1.Insurance
2.Hedging
3.Derivatives
4.All of the above
The risk manager maybe able to identify the new ventures involved in _______
1.Pure risk.
2.Group Risk.
3.Speculative risk.
4.Particular risk.
The risk that arises because of magnitude of cash flow due to change in output and input prices is known as ______
1.Credit risk
2.Particular risk
3.Business risk
4.Price risk
The risk which has three outcomes with possibility of gain is _____
1.Pure
2.Speculative
3.Static
4.Dynamic
The strategy pursued by the business firms to tackle risk by spreading into a number of business is _____
1.Diversification
2.Centralisation
3.Risk Retention
4.Financing
The success of whole process of risk management depends on its __________
1.Identification
2.Risk analysis
3.Assessment of risk
4.Evaluation of risk
The term Assurance refers to _______
1.Life Insurance Business
2.Marine Insurance Business
3.Fire Insurance Business
4.Motor Vehicle Business
This policy covers all risks to the ship and its cargo while the ship is at a particular port ______
1.Voyage policy
2.Floating policy
3.Time policy
4.Portrisk Policy
To avoid RMIS being obsolete provide ______
1.solid vendor account team
2.internal access to system expert
3.standard software configuration
4.clear and comprehensive specifications
Transfer of rights and remedies of the insured to the insurer after indemnity has been effected is called _____
1.Insurable interest
2.Subrogation
3.Proximate clause
4.Money back policy
Uncertain events are broadly classified as ______
1.Predictable and Unpredictable.
2.Possible and Impossible
3.Natural and Artificial.
4.Rare and Continuous
Which of the following is the last step in the risk management process?
1.Insurance
2.Review
3.Risk evaluation
4.Loss prevention
Which of the statements is correct? a. Insurance is a transfer of risk mechanism. b. Insurance gives physical protection to assets.
1.Statement A
2.Statement B
3.Both the statements
4.Neither of the statements
______ policy matures on the assured death or on his attainment of a particular age whichever occurs earlier.
1.Endowment
2.Money back
3.Joint life
4.Single premium
_______ is the extra payment done for administrative and capital cost.
1.Premium
2.Premium loading
3.Interest
4.Contingency
________ are the risk management methods
1.Insurance
2.Hedging
3.Derivatives
4.All the above.
_________ is those terms, which are implied in every contract of marine insurance unless they are expressly excluded.
1.Guarantee
2.Express Warranties
3.Implied Warranties
4.Waiver Clause
_________ refers to distribution of insurance products through
1.Bank
2.Company
3.Co-operatives
4.Sole trader