Insurance Quiz

A person whose risk is insured is called ______

• Insured

• Insurance company

• Agent

• All of the above

_____ is the first step of taking life insurance.

• payment of premium

• to fill proposal form

• medical examination

• Selection of Insurance Company

______ is the primary principal of Insurance.

• Principal of Indemnity

• Principal of Insurable interest

• Principal of Utmost good faith

• All of the above

Indian Insurance act passed in _______.

• 1934

• 1936

• 1938

• 1956

_____ insurance is not a contract of indemnity.

• Fire

• Life

• Marine

• None of these

__________ grace days are allowed for yearly payment of insurance premium.

• 15

• 30

• 45

• 60

The principle of indemnity is not applicable to _______ insurance

• Fire

• Life

• Marine

• All of these

A tool which shares loss of few persons into many persons is known as______.

• Cooperation

• Business

• Corporate

• Insurance

The principle of Causa Proxima is sub principle of _______

• Indemnity

• Utmost good faith

• Cooperation

• Probability

According to the insurance contract, Insured transfers the ______ to the insurer.

• Guarantee

• Responsibility

• Risk

• Authority