Saturday , July 31 2021

Insurance and Risk Management MCQs

You will cover here Multiple Choice Questions related to Business Insurance and Risk Management. Take your time and prepare yourself to achieve success

1) The Insurance is a ______________

(A) Contract

(B) Uncertainty

(C) Peril

(D) Hazard

Answer

Option (A) Contract

2) Losses arising due to a risk exposure retained or assured is known as ______________

(A) Risk Reduction

(B) Risk Financing

(C) Risk Retention

(D) Risk Sharing

Answer

Option (C) Risk Retention

3) An alternative approach to the check list is ______________

(A) Threat Analysis

(B) Event Analysis

(C) Operability Study

(D) Minimum Level Analysis

Answer

Option (A) Threat Analysis



4) The measures aimed at avoiding,eliminating or reducing the chances of loss production is covered by ______________

(A) Risk Control

(B) Risk Retention

(C) Risk Avoidance

(D) Risk Financing

Answer

Option (A) Risk Control

5) Insurance is best suited to risk with ______________

(A) high frequency and low loss severity.

(B) low frequency and high loss severity.

(C) minimum frequency and no loss severity.

(D)minimum frequency and no loss severity.

Answer

Option (B) low frequency and high loss severity.

6) The risk manager maybe able to identify the new ventures involved in ______________.

(A) Pure risk

(B) Group Risk

(C) Speculative risk

(D) Particular risk

Answer

(A) Pure risk

7) An instrument by which a pure risk is transferred by a party other than insurer is:

(A) Insurance

(B) Retention

(C) Non-Insurance Transfer

(D) Reinsurance

Answer

Option (C) Non-Insurance Transfer

8) The Person whose risk is insured is called ______________:

(A) Insured

(B) merchandiser

(C) marketer

(D) Agents

Answer

Option (A) Insured

9) That which is designed to improve the information on which decisions are take to reduce risk is :

(A) Transfer

(B) Research

(C) Costs

(D) Deflation

Answer

Option (B) Research

10) Uncertain events are broadly classified as:

(A) Predictable and Unpredictable.

(B) Possible and Impossible

(C) Natural and Artificial.

(D) Rare and Continuous

Answer

Option (A) Predictable and Unpredictable.

 

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