______ is the primary principle of Insurance.

Principle of indemnity is not applicable to _______ insurance.

The tool which shows loss of few with large number of people is known as _____.

Insurance act was passed in the year_____.

Insurance is a _____ device.

Insurance increases feeling of _____ in society.

Principle of utmost good faith is applicable to _______.

_____ is primary principle of the insurance.

The Financial Interest of the insured in the subject matter of insurance called as _____________

_____________ is an instrument of distributing the loss of few among many.

It is expected that Insured should give _____________ in insurance proposal form.

______ is the main objective of insurance.

According to A.Z. Mayerson, insurance is______.

First Indian insurance company formed in ______.

_______committee formed in 1993 related to insurance reforms.

The principle that ensures the insured has a legal and monetary relationship with the subject matter is_______.

Which of the following is not considered a material fact in an insurance contract?

The principle which states that the insured must disclose all relevant information is_____.

Which principle deals with chances of happening of an event and expected amount of loss?

The principle of co-operation in insurance relates to______.

The principle of Subrogation applies only when_____.

Principle of Subrogation is the outcome of:

If a property is insured by two companies and both are liable to compensate proportionately, which principle applies?

A person taking all efforts to reduce further damage after an accident is following which principle?

Principle of Causa Proxima means:

If the actual cause of loss is not identifiable, the insurer pays based on:

A house insured for ₹6,00,000 with Company A and ₹3,00,000 with Company B is destroyed. What is Company B's share of ₹6,00,000 total loss?

Insurance completely eliminates the risk from life and business.

Risk is the possibility of loss due to uncertain events.

Insurance is a contract in which one party transfers the risk to another party for a consideration.

According to E.W. Patterson, insurance is a method of tax saving.

Lloyd's Association was the first life insurance company in India.

Insurance provides only protection and not any investment benefits.

Insurance helps in generating long-term capital through collection of premiums.

Insurance cannot be used to reduce tax liability.

Business organizations do not need insurance coverage.

Life insurance cannot help the dependents of a deceased person.

Insurance promotes savings among individuals.

Insurance companies do not invest in capital market or infrastructure projects.

Insurance has no role in the development of foreign trade.

Employee welfare and compensation are supported through group insurance policies.

Insurable interest means having a legal and monetary relationship with the subject matter of insurance.

In life insurance, insurable interest must exist only at the time of claim.

Principle of indemnity is applicable to life insurance contracts.

Under the principle of indemnity, the insured can claim compensation more than the actual loss.

Replacement and repairs are two methods of indemnification.

Principle of utmost good faith requires only the insurer to disclose material facts.

Information that reduces the risk of insurer must be disclosed as material fact.

The principle of probability is used to determine chances of events and premium calculation.

Law of large numbers is related to the principle of indemnity.

Principle of co-operation means losses are shared among all policyholders.

The principle of subrogation allows insured to claim twice - from third party and insurer.

Subrogation applies only when the insured has been fully indemnified.

Principle of contribution applies when a person has multiple insurance policies on same risk.

In contribution, all insurers must pay equally regardless of sum insured.

The principle of mitigation requires the insured to act as if the property was uninsured.

The insured can stay inactive after a loss because the insurer will pay anyway.

Causa Proxima refers to the closest or most effective cause of loss.

The principle of causa proxima is mostly applied in marine insurance.