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Insurance MCQ Questions and Solutions with Explanations | Commerce

Insurance MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Insurance MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-1 section-6

Each section contains 100 MCQs on Insurance .
1
_________ relate to one’s ability to interact effectively with other workers and customers, both at work and outside.
Discuss
Answer & Solution
Answer: Option B
Solution:
Soft skills relate to one’s ability to interact effectively with other workers and customers, both at work and outside. A soft skill is a personal attribute that supports situational awareness and enhances an individual's ability to get a job done. The term soft skills is often used as a synonym for people skills or emotional intelligence.
2
Which of the below elements promote trust?
Discuss
Answer & Solution
Answer: Option C
Solution:
Attraction, communication and being present are the three elements to promote trust.
3
Which of the below consumer grievance redressal agencies would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs?
Discuss
Answer & Solution
Answer: Option B
Solution:
State Commission would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs.
4
Which among the following cannot form the basis for a valid consumer complaint?
Discuss
Answer & Solution
Answer: Option B
Solution:
Shopkeeper not advising the customer on the best product in a category cannot form the basis for a valid consumer complaint.
5
Can a complaint be launched against a private insurer?
Discuss
Answer & Solution
Answer: Option B
Solution:
Yes, complaints can be lodged against any Insurer both in Public Sector and Private Sector in both Life and Non-Life sectors.
6
Which is correct?
Discuss
Answer & Solution
Answer: Option C
Solution:
Insurance is risk transfer of pooling of similar risks. In insurance, the term "risk pooling" refers to the spreading of financial risks evenly among a large number of contributors to the program.
7
Identify the correct statement
Discuss
Answer & Solution
Answer: Option A
Solution:
Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. 1686.
8
Identify the correct statement
Discuss
Answer & Solution
Answer: Option D
Solution:
Losses suffered by a few people are sought to be shared by many in insurance. Insurance is defined as a co-operative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to insure themselves against that risk.
9
Which is incorrect statement out of the following ones?
Discuss
Answer & Solution
Answer: Option D
Solution:
Subsidy is not an essential element of insurance. The elements of an insurance contract can be called many things, but in the end, you need an offer, an agreement, the objects being insured, the requirements that both parties must meet, and the requirement that each party is legally responsible. These components create a legally binding contract.
10
Find out which one below is not an asset.
Discuss
Answer & Solution
Answer: Option A
Solution:
Air is not an asset among the other given options.