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Exam 7: Reinsurance and Insurance Terminology

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Question 1

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The main cause of loss or damage is _____________

A) Proximate cause
B) Indirect Loss
C) Consequential loss
D) All of these

E) A) and B)
F) A) and C)

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Question 2

Multiple Choice

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__________ means insuring a risk with two or more insurers and the total sum insured also exceeds the actual value of the subject matter.

A) Reinsurance
B) General Insurance
C) Single insurance
D) Double insurance

E) A) and D)
F) B) and C)

Correct Answer

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D

Question 3

Multiple Choice

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________ insurance means an alternative to purchasing insurance in a commercial market.

_____________ Policy is granted only in respect of stocks of inventories of the insured under fire insurance business.

Crop insurance scheme came into existence in India in ________

Public liability Insurance act established in _______

__________ provides evidence of insurance to the police and Registration Authorities under Motor Vehicle Act.

From the following which is not a non-proportional form of reinsurance?

__________ Insurance is a contract to provide a measure of financial support to farmers in the event of a crop failure due to drought or flood.

The cause of a possible loss, such as fire windstorm theft etc. is known as _____

An unlooked mishap or an untoward event which is not expected or designed

_______ involves proportionate sharing of the insurance among more than one insurer.

Re-insurer is the insurer who grants a guarantee from the _______

The proportion of the risk which the direct insurer holds on his own account is called _________

From the following which is not a type of Public Liability Risk Insurance

________ means insuring again.