Assessment Title : Chapter3 Total Questions : 10

Module : 3.Fundamentals of Insurance-Part-1 Total Marks : 10

Q1. Kailash is working with an MNC and has a coworker Ramesh who helps him in his work. In the absence of Ramesh
Kailash�s work would suffer significantly and he has to work on his own to complete his assignments. Which of the
statement is true with regard t

Insurable Interest exists between Kailash and Ramesh

Insurable Interest does not exist between Kailash and Ramesh

Kailash has unlimited insurable interest in life of Ramesh

Ramesh has unlimited insurable interest in life of Kailash

Q2. In which kind of policy the insurable interest should exist at the time of claim

Motor insurance

Marine insurance

Liability insurance

Travel insurance

Q3. If the employer has insurable interest in the life of an employee what kind of policy is this?

Surety insurance

Keyman Insurance

Partnership Insurance

Debtor Insurance

Q4. Which of the following document contains the offer of the insurer:

Proposal

Prospectus

Policy

Endorsement

Q5. In a life insurance policy it is later found that the person doesn�t have insurable interest then the contract
is����������

expired

reviewed

Void

Valid�����

Q6. Rohit 17 years old submitted a proposal for Endowment plan of Rs. 1 lakh to AB Insurance Company. In the absence of
an essential ingredient of a valid contract the proposal was not accepted. Which factor caused the insurer for non-
acceptance of the pr

Capability of performance

Legality of object

Offer
 Capacity to contract

Q7. How many days free look time available after receiving Policy documents ?

30

15

20

45

Q8. Life insurance contracts are also known as

Value contracts

Legal contracts

Logical contracts

None of the above

Q9. Ajay does not consumes alcohol for a month to not detect during medical test is

Concealment of a material fact

Fraudulent misrepresentation

Innocent misrepresentation

None of the above

Q10. Where annually increasing flexible premiums operate under a life insurance policy what rate of increase will generally
apply?

0.03%

0.03%

0.05%

0.07%

Submit Assessment Cancel