Q.1
Which of the following constitute Breach of Utmost Good faith?
Q.2
In commercial contracts, the principle to be observed is
Q.3
In which type of contract, the happening of event is certain but its timing is not known?
Q.4
How life insurance is possible?
Q.5
Life insurance policy, in general, is a mixture of
Q.6
Which of the following is incorrect?
A. Mutuality means funds from various individuals are combined
B. Diversification means spreading out funds to various destinations.
Q.7
The person who makes the offer is called the _________ and the person who accepts the offer in an insurance contract is called the _________
Q.8
At young age, one tends to be
Q.9
Which of the following is incorrect? (i) - The longer the period of investment, the more they will multiply.
(ii)– The lesser the period of investment, the greater they will multiply.
Q.10
Cost of the risk is product of which of the following 2 factors:
Q.11
Considering insuring an ordinary ball pen is an example of
Q.12
Providing social security is the obligation of _________
Q.13
Which is not an example of social security schemes of the Government?
Q.14
Considering insuring an oil refinery is example of
Q.15
Which of the following is correct? Statement A. The system of insurance benefits individual, family and the society Statement B. Insurance companies could invest in speculative ventures.
Q.16
Which of the following is untrue?
A. Insurance promotes efficient use of existing resources
B. Insurance contributes to healthy economy and national productivity
C. Insurance policy can be used as a collateral security
Q.17
In Variable insurance plan, the policy reserves are placed in _________ fund which do not form part of its general investment account.
Q.18
In which type of policy, death benefits and cash value varied with investment experience?
Q.19
Human Life Value concept measures the value of a human life on the basis of his
Q.20
Human Life Value can be arrived at by dividing by_________
Q.21
In respect of Traditional plans, which of the following statement is correct?
Q.22
In Unit Linked policies, the benefits are determined by the _________ of units credited to the policyholder’s account on the date on which payment is due.
Q.23
Units in a Unit Linked policy are purchased through payment of a
Q.24
As per HLV concept, the amount of insurance one can buy could be _________ times of one’s annual income.
Q.25
Which of the following typically have the highest insurance premiums.
  • Young, inexperienced drivers
  • Older, experienced drivers
  • Drivers who have with safe driving records
  • Drivers who travel long distances
Q.26
Of the four parts of auto insurance coverage, which part protects your from acts of God?
  • Comprehensive
  • Liability
  • Collision
  • Medical Payments/Bodily Injury
Q.27
According to the Affordable Care Act, children can be on their parents' health insurance until what age?
  • Until they get a full time job
  • 22
  • 26
  • 28
Q.28
The purpose of insurance is to completely transfer risk to other people.
  • TRUE
  • FALSE
Q.29
Cash set aside that can be used to cover the costs of unexpected expenses
  • emergency savings
  • emergency spending
  • emergency fraud
  • emergency share
Q.30
The risks covered and amount of money paid for losses under an insurance policy
  • emergency savings
  • beneficiary
  • claim
  • coverage
Q.31
Requires the insured individual to pay a fixed percentage of the loss after the deductible has been paid
  • employee benefits
  • co-insurance
  • deductible
  • coverage
Q.32
Most experts in personal finance say that everyone should have life insurance no matter what age you are.
  • TRUE
  • FALSE
Q.33
When you shop for life insurance, you should consider only the cost or premium you will pay.
  • TRUE
  • FALSE
Q.34
In which of the following scenarios will you obligated to pay the least amount of money out-­‐of-­‐pocket for medical expenses?
  • You have no insurance.
  • You have health insurance with a $500 deductible.
  • You have auto insurance with a $700 deductible.
  • You have health insurance with a $1,500 deductible.
Q.35
What does renters insurance cover?
  • The damage to the property
  • Earthquakes
  • Personal items the tenant owns
  • If a burglar breaks in and he/she is injured as a result
Q.36
This type of insurance protects against damage to the car OR injury to persons in the car caused by a driver who carries no insurance.
  • collision
  • comprehensive
  • property
  • uninsured motorists
Q.37
If you can not work due to a health condition or injury, this type of insurance will pay you a portion of the income you lose.
  • disability
  • health
  • premium
  • hospitalization
Q.38
The amount paid for insurance is the
  • closing cost
  • premium
  • deductible
  • assessed value
Q.39
Someone breaks into your apartment and steals your iPad.
  • Homeowners Insurance
  • Liability Insurance
  • Comprehensive Insurance
  • Renters Insurance
Q.40
You hit a deer with your car and it needs to be repaired
  • Liability Insurance
  • Comprehensive Insurance
  • Collision Insurance
  • Life Insurance
Q.41
Food poisoning sends you and your family to the emergency room.
  • Liability Insurance
  • Disability Insurance
  • Life Insurance
  • Health Insurance
Q.42
Your car is totaled during a hit and run accident
  • Uninsured Motorist Insurance
  • Life Insurance
  • Comprehensive Insurance
  • Collision Insurance
Q.43
After your knee surgery, you are unable to work for 3 months and you need help paying expenses while you're out of work
  • Disability Insurance
  • Health Insurance
  • Life Insurance
  • Automobile Insurance
Q.44
You fall off your bike and sprain your wrist.
  • Disability Insurance
  • Automobile Insurance
  • Health Insurance
  • Life Insurance
Q.45
You crash your car into another vehicle and hurt someone else in the car
  • Bodily Injury Liability
  • Property Damage Liability
  • Collision Insurance
  • Comprehensive Insurance
Q.46
Which of the following is NOT covered by Property Damage Liability Coverage?
  • Cars
  • Poles
  • Signs
  • Medical Bills
Q.47
You have a $copay every time you go to the doctor. You have a $deductible, and a $annual premium for health care. How much money do you have to pay out of pocket before insurance kicks in?
  • $20
  • $100
  • $250
  • $1000
Q.48
Which type of Life Insurance policy only pays a beneficiary when a person dies during a time period?
  • Term Life Insurance
  • Whole Life Insurance
  • Variable Life Insurance
  • Universal Life Insurance
Q.49
Which is NOT a source of Disability Income?
  • Worker's Compensation
  • Private Insurance
  • Social Security
  • University
Q.50
What type of insurance coverage is considered specialized?
  • Floods and earthquakes
  • Stolen or destroyed property
  • Loss of Use
  • Property Damage from a fire
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