lic agent IC-38 exam set-1



CHAPTER 1 : INTRODUCTION OF INSURANCE

Thank you for taking part in online test

Test your Preparation

• Home
• 1
• 2
• 3
• 4
• 5
• 6
• 7
• 8
• 9
• >>>

IC-38 Online Mock Test for LIC agency Exam preparation SET-1

Question-1

In insurance context ‘risk retention’ indicates a situation where _____.
[A]. Possibility of loss or damage is not there	[B].Loss producing event has no value
[C].Property is covered by insurance	[D]. One decides to bear the risk and its effects

Question-2

Which of the following statement is true?
[A]. Insurance protects the asset	[B].Insurance prevents its loss
[C].Insurance reduces possibilities of loss	[D]. Insurance pays when there is loss of asset

Question-3

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?
[A]. Rs.100/-	[B].Rs.200/-
[C]. Rs.80/-	[D]. Rs.400/-

Question-4

Which of the following statements is true?
[A]. Insurance is a method of sharing the losses of a ‘few’ by ‘many’	[B].Insurance is a method of transferring the risk of an individual to another individual
[C].Insurance is a method of sharing the losses of a ‘many’ by a few	[D]. Insurance is a method of transferring the gains of a few to the many

Question-5

Why do insurers arrange for survey and inspection of the property before acceptance of a risk?
[A]. To assess the risk for rating purposes	[B]. To find out how the insured purchased the property
[C].To find out whether other insurers have also inspected the property	[D]. To find out whether neighbouring property also can be insured

Question-6

Which of the below option best describes the process of insurance?
[A]. Sharing the losses of many by a few	[B].Sharing the losses of few by many
[C]. One sharing the losses of few	[D]. Sharing of losses through subsidy

Question-7

Origins of modern insurance business can be traced to __________.
[A]. Bottomry	[B].Lloyds
[C].Rhodes	[D]. Malhotra Committee

Question-8

By transferring risk to insurer, it becomes possible ___________.
[A]. To become careless about our assets	[B].To make money from insurance in the event of a loss
[C].To ignore the potential risks facing our assets	[D]. To enjoy peace of mind and plan one’s business more effectively

Question-9

The measures to reduce chances of occurrence of risk are known as _____.
[A]. Risk retention	[B].Loss prevention
[C].Risk transfer	[D]. Risk avoidance

Question-10

Risk transfer through risk pooling is called ________.
[A]. Savings	[B].Investments
[C].Insurance	[D]. Risk mitigation

Click on Finish/Submit to View Your Score

Click on below links to practce more sets

• Home
• 1
• 2
• 4
• 5
• 6
• 7
• 8
• 9
• >>>

********************************************

Click >>Go to Next Set>>>

********************************************

• IC-38 LIC agency Exam preparation | SET-1
• IC-38 LIC agency Exam preparation | SET-2
• IC-38 LIC agency Exam preparation | SET-3
• IC-38 LIC agency Exam preparation | SET-4
• IC-38 LIC agency Exam preparation | SET-5
• IC-38 LIC agency Exam preparation | SET-6
• IC-38 LIC agency Exam preparation | SET-7
• IC-38 LIC agency Exam preparation | SET-8
• IC-38 LIC agency Exam preparation | SET-9
• IC-38 LIC agency Exam preparation | SET-10