Insurance and Risk Management

101. The number of prime elements of risk analysis is ______________.

1. one
2. Two
3. Three
4. Four

View answer

102. The identification analysis and economic control of those risk which can threaten the assets or earning capacity of an enterprise is known as ______________.

1. Business Management
2. Risk Management
3. Financial Management
4. Strategic Management

View answer

103. The uncertainty reduced through diversification and investing in information is known as ______________.

1. Cost of Residual Uncertainty
2. Cost of Loss Financing
3. Cost of Loss Control
4. Cost of Internal Risk Reduction

View answer

104. If RMIS shows inflexibility of system then provide ______________.

1. solid vendor account team
2. clear and comprehensive specifications
3. internal access to system expert
4. standard software configuration

View answer

105. Risk management information is not useful in one of the following ______________.

1. Reporting
2. Hedging
3. Claim adjustment process reviews
4. Derivatives

View answer

106. Which of the following is the last step in risk management process ______________.

1. Insurance
2. Review
3. Risk evaluation
4. Loss prevention

View answer

107. The Principle of Indemnity does not apply to ______________.

1. Burglary Insurance
2. Fire Insurance
3. Marine Insurance
4. Life and personal accident insurance

View answer

108. Except life assurance the maximum term of other insurance is ______________.

1. 12 months
2. 24 months
3. 6 months
4. 36 months

View answer

109. ______________ are those terms, which are written on the policy.

1. Express Warranties
2. Implied Warranties
3. Memorandum Warranties
4. Valuation Clause

View answer

110. ______________ policy issued on the basis of the number of persons assured.

1. Annuity policy
2. Multiple life policy
3. Single life policy
4. Level of premium policy

View answer