Insurance and Risk Management

131. If impurity of data is the problem that RMIS is showing then provide ______________.

1. clear and comprehensive specifications
2. solid vendor account team
3. reference checks, including on-site
4. assessment in proper manner

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132. The routine medical check up during a year is an example of ______________.

1. Loss prevention
2. Loss reduction
3. Risk avoidance
4. Retention

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133. Which of the statements is correct? a. The simplest way to deal with a risk to avoid it. b. This technique is always possible and practical.

1. Statement A
2. Statement B
3. Both the statements
4. Neither of the statements

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134. Insurance is based on the principle of ______________.

1. co-operation
2. Democracy
3. Equality
4. welfare

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135. The person who agrees to compensate the loss arising from the risk is called the ______________.

1. Insurer
2. Assurer
3. Underwriter
4. All the above

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136. Notice of abandonment is necessary in the case of ______________.

1. Actual loss
2. Constructive total loss
3. Partial total loss
4. Minimum loss

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137. ______________ policy is which covers the risk during all situations.

1. Floating
2. Wagering
3. Valued
4. Mixed

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138. ________________ provides evidence of insurance to the policies and Registration Authorities under Motor Vehicle Act.

1. Cover note
2. Endorsements
3. Certificate of insurance
4. Policy form

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139. Which of the following steps in the risk management process helps in determining sum insured under policies?

1. Risk identification
2. Risk Retention
3. Risk Evaluation
4. Risk Transfer

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140. Insurance business is based on ______________.

1. Parkinsons law
2. Newtons law
3. The theory of probability and law of large numbers
4. Boyles law

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