English IC33 2015 Paper 1

Que. 1 : Nationionalisation of Insurance was on _________
   1.  10th Sept 1956
   2.  1 st October 1956
   3.  1st December 1956
   4.  1st September 1956
Que. 2 : Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses get burnt every year resulting in a combined loss of Rs. 80,000. What should be the annual contribution of each house owner to make good this loss?
   1.  Rs.80/-
   2.  Rs.200/-
   3.  Rs.100/-
   4.  Rs.400/-
Que. 3 : Why do insurers arrange for survey and inspection of the property before acceptance of a risk?
   1.  To find out whether neighbouring property also can be insured
   2.  To find out how the insured purchased the property
   3.  Find out whether other insurers have also inspected the property
   4.  To assess the risk for rating purposes
Que. 4 : Which among the following is a secondary burden of risk ?
   1.  Business interruption cost
   2.  Goods damaged cost
   3.  Setting a side reserves as a provision for meeting potential losses in the future
   4.  Hospitalisation cost as a result of heart attack.
Que. 5 : Which is the first Indian Insurance Company?
   1.  Life Insurance Corporation of India
   2.  Bombay Mutual Assurance Society Ltd.
   3.  National Insurance Company Ltd.
   4.  The oriental Life Insurance Company Ltd.
Que. 6 : Which is the first Insurance Company in India?
   1.  The oriental Life Insurance Company Ltd.
   2.  Life Insurance Corporation of India
   3.  National Insurance Company Ltd.
   4.  Bombay Mutual Assurance Society Ltd.
Que. 7 : The cause of the risk event is known as __________________
   1.  Peril
   2.  Pooling
   3.  Hazard
   4.  Risk
Que. 8 : The Asset May Be
   1.  Non Physical
   2.  Physical
   3.  Personal
   4.  All the Above
Que. 9 : When an insurer enters into an Insurance Contract with each person who seeks to participate in the Scheme. Such a participant is known as _____________
   1.  Insurer
   2.  Insured
   3.  Both a and b
   4.  None of the Above
Que. 10 : How does diversification reduce risks in financial markets?
   1.  Maintaining time difference between investments
   2.  Collecting funds from multiple sources and investing them in one place
   3.  Investing funds across various asset classes
   4.  Investing in safe assets