IRDA 2

IRDA 2

Professional Development

20 Qs

quiz-placeholder

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IRDA 2

IRDA 2

Assessment

Quiz

Other

Professional Development

Practice Problem

Hard

Created by

Jinsha Suman

Used 72+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The measures to reduce chances of occurrence of risk are known as

Risk retention

Loss prevention

Risk transfer

Risk avoidance

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

By transferring risk to insurer, it becomes possible ___________.

To become careless about our assets

To make money from insurance in the event of a loss

To ignore the potential risks facing our assets

To enjoy peace of mind and plan one‟s business more effectively

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Origins of modern insurance business can be traced to

Bottomry

Lloyds

Rhodes

Malhotra Committee

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In insurance context „risk retention‟ indicates a situation where

Possibility of loss or damage is not there

Loss producing event has no value

Property is covered by insurance

One decides to bear the risk and its effects

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statement is true?

Insurance protects the asset

Insurance prevents its loss

Insurance reduces possibilities of loss

Insurance pays when there is loss of asset

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the below option best describes the process of insurance?

Sharing the losses of many by a few

Sharing the losses of few by many

One sharing the losses of few

Sharing of losses through subsidy

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify the scenario where a debate on the need for insurance is not required.

Property insurance

Business liability insurance

Motor insurance for third party liability

Fire insurance

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