Insurance is a _________ subject in India.

• Federal
• Secular
• Risky
• Nominal

Insurance Act came in to force on ______

• 1st July 1999
• 1st July 1938
• 26th Feb 1972
• 26th Feb 1963

The minimum paid up capital for Life Insurance Company is_____

• 1000 Crores
• 250 Crores
• 200 Crores
• 100 Crores

One of the aim of Life Insurance Act is

• Protection of Property
• Provision of Tax
• Tax Concession
• Encourage Expenditure

Marine Insurance Policy is also called as ________ Policy

• River
• Sea
• Lake
• Water

The Insurer in Marine Insurance is called __________

• The Underwriter
• Insurance Company
• Reinsurer
• Client

_______ is a right of insured to receive the amount secured under the policy of insurance contract promised by Insurer.

• Premium
• Commission
• Claim
• Fees

Insurance Ombudsman was established in __________

• 1998
• 2001
• 1999
• 2000

Which of the following statement is true?

• If the property is insured with two or more independent insurers it is called reinsurance.
• Nomination can be cancelled by the policyholder without informing the nominee.
• Actual value of stock destroyed will be calculated without taking salvage value.
• Personal accident insurance will be categorized under life insurance.

If Insurance is taken with two independent Insurer for the same risk, is called as _________

• Reinsurnace
• Insurance
• Insurance on Insurance
• Double Insurance