Basics of General Insurance Quiz

When was the 1st Non-Life Insurance Company established in India?

• 1818

• 1850

• 1972

• 1956

What are the core values of ICICI Lombard?

• Passion, Honesty, Transparency, Empathy

• Passion, Integrity, Transparency, Humility and Sensitivity

• Passion, Integrity, Honesty, Sensitivity

• Passion, Integrity, Transparency, Empathy

What is the vision statement of the insurance company?

• To be the most innovative company in India

• To be the most value creating and admired risk solutions company in India, with a global footprint

• To be the largest insurance company in the world

• To be the most profitable company in India

What are the elements of insurance?

• Peril, Financial loss, Uncertain risk, Measurable

• Risk, Peril, Financial gain, Legal in nature

• Subject matter, Risk, Financial gain, Legal in nature

• Subject matter, Peril, Financial loss

According to the principle of indemnity, what is the purpose of insurance?

• To make a profit

• To provide security and protection

• To avoid financial gain

• To compensate for losses

What is the principle of contribution related to in insurance?

• Providing additional coverage for free

• Refusing to pay compensation

• Sharing profits with the insured

• It applies to all contracts of indemnity, if the insured has taken out more than one policy on the same subject matter

What does the principle of subrogation entail?

• Denying claims for damages

• Shifting ownership rights to the insured

• Substituting one creditor for another

• Avoiding compensation for losses

What does the principle of proximate cause determine?

• The least significant cause of loss

• The most profitable cause of loss

• The nearest cause of loss

• The remotest cause of loss

What happens if any of the principles of general insurance are missing in a contract?

• The contract becomes void

• The insured receives double compensation

• The contract is extended automatically

• The insurer is not liable for any losses

What is the principle of utmost good faith in insurance?

• The insurer should always deny claims

• Both parties should have absolute trust and disclose all material facts

• Both parties should hide information from each other

• The insured should never disclose any information