CSC Insurance Exam answer key

Q.01. Origins of modern insurance business can be traced to ______

Ans. Lloyds

Q.02. LIC of india act was passed in june 1956 but it came into force on

Ans. sept 1 1956

Q.03. Every insurance carrying on business in India shall invest and at all
time keep invested an amount not exceeding _____ of heir funds other
capital maker investments .

Ans. 35%

Q 04 . On 20th january 1956 all life insurance companies operating in

India were taken over by _____ nominated custodains.

Ans. 43

Q. 05 . which of the following is a method of risk transfer .

Ans. Insurance

Q.06 . which of the following statements is true?

Ans. Insurane is a method of sharing the losses of a few by many .

Q. 07 insurance is a mechanism that heps reduce adverse consequences

through______.

Ans. Pooling spreading and sharing of risk .

Q . 08 . Emloyees state Insurance Act 1948 provides for .

Ans. medical aid to warkers and their families working in Industries

located in certain notain notified areas

Q. 09 pradhan mantri jeevan jyoti bima Yojana is to benefit people in case

of death . This scheme with a premium of Rs 330 and coverage of Rs 2 lakh is
avaible to person in the age group of _____

Ans. All the above

Q.11 An insurer is bound to furnish details regarding .

Ans. All the above three

Q.12 . How breath of utmost Good faith occure in a contract of insurance?

Ans. through both of the above

Q13 in property insurance Insurable interest must exist at the time of

_______

Incepton and loss both

Q .14 Generally a person seeking insurance writes a form to the insurer and
applies for insurance . This form is known as ______

Ans. proposal form

Q.15 In any contract if there is an offer and acceptance , what is the third
condition that must be fulfilled to make it a complete contract ?

Ans. Consideration

Q16 A fact that influences a prdent undetwriter ?s decision to Accept the

risk or not is known as __________

Ans. Material fact

Q.17 . Gautama gets his tractor insured for a sum saying that the tractor is
two years Old . But in an Accident , when the tractor become a total loss ,
the isurer comes to know that the said tractor was 10 years old . The
insurer can reject the claim stating ______

Ans. Non - Disclosure of material fact

Q18 Indemnity means a guarantee or an assurance to put the insured in the

same position in which he was imediately prior to the happening of the
contingency insured . That means the insurer undertake to .
Ans. Make good the loss

Q19 Ram fell from a horse while riding and his leg fractured . He kept lying on
a wet land for a long time before he was taken to the hospital where he was
diagosed of pneumonia and he died of the pneumonia . the proximate cause
was_______ .

Ans. Accidental fall from the horse.

Q.20 . Conventionally Insurance has been classified in to _____

Ans. LIfe Insurance and General Insurance .

Q 21. miscellanceous Insurance business means affecting insurance

contracts on all kinds of risks other than ________

Ans. All the three above .

Q 22 Some insurance cannot be categorized as a standard group and are a

part of ? Others ? Insurance like_______.

Ans. All the above

Q23 . All the insurance in India are governed by the rules and regulations
framed by IRDAI except _______

Ans. Postal LIfe insurance

Q.24. A Household insurance means______.

Ans. Both of the above

Q .25 LIfe insurance provide the products like _____

Ans Both Avobe

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