Principles of Commerce ICOM Part 01 Top 500 + MCQS Download Pdf Chapter No 18
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Chapter # 18
Insurance
Encircle the most appropriate answer from the following options\
1 In Pakistan, life insurance business was nationalized in:
- 1970
- 1972
- 1973
- 1978
2 Group insurance is popular among:
- Unemployed people
- House wives
- Employees of business
- All the above organizations
3. The objective of life insurance is to:
- Make investment
- Get security for loan
- Lessen the financial burden
- All the above
4. On the death of the insured, sum is paid to:
- Friends
- Dependent
- Relative
- Insurer
5 According to Jiwan sathi insurance, the husband and wife are provided with financial security in:
- One installment
- Three installments
- Two installments
- Four installments
6 The time period of rural insurance policy is:
- 15 — 20 years
- 20 a 25 years-O
- 10— 15 years
- More than 25 ears
7 The voyage policy is taken for:
- Specific voyage
- Specific person
- Specific centers
- Voyage of different countries
8 Types of accidental insurance are•
- Four
- Two
- Three
- One
9 If a person gets his property Insured from to different company’s, then it is called:
- Whole life insurance
- Compensatory insurance
- Double insurance
- None of these
10 The sum of marine Insurance is not paid:
- If the ship changes direction
- Trade is unnecessary
- If the ship is not capable of the voyage
- All of these
11 Why is the public not inclined towards insurance in Pakistan?
- Due to ignore
- Due to poverty
- Due to economic backwardness
- All of the above
12 What type of security does life insurance offer?
- Individual
- Collective
- Both (a) & (b)
- None of (a) & (b)
13 Insurance is an agreement in which the insurer:
- Gives profit
- Gives interest
- Compensate loss
- All of the above
14 The company that insures is called:
- Insured
- Proposer / Insurer
- Acceptor
- Business company
15 The person who gets himself insured is called:
- Insured
- Insurance policy
- Proposer
- Both (a) and (b)
16 Kinds of fire insurance:
- Voyage and time insurance
- Specific and floating policy
- Fleet and valued policy
- Endowment and term life policy
17 If a person having a property of two lakhs and insurance of fifty thousand, then in case of loss the company will pay:
- thousand
- I lakh
- 50 thousand
- Nothing
18 Paid premium is refundable in case of:
- Life insurance
- Valued policy
- Fire insurance
- Marine insurance
19 Which insurance policy can be used as a security:
- Marine insurance
- Life insurance
- Fire insurance
- All the three
20 The principal of contribution is not applicable in:
- Life insurance
- Marine insurance
- Valued policy
- Fire insurance