Insurance MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10

31.
Which of the following could be classified as Nondisclosure?

A. Inadvertent omission of information

B. Intentional suppression of information (Concealment)

C. A & B are correct

D. None of the above

Answer & Solution Discuss in Board Save for Later

32.
Which of the following could be termed Misrepresentation?

A. Innocent misrepresentation

B. Fraudulent misrepresentation

C. A & B are correct

D. None of the above

Answer & Solution Discuss in Board Save for Later

33.
When an insurance contract can be declared void?

A. Innocent misrepresentation

B. Fraudulent misrepresentation

C. A & B are correct

D. None of the above

Answer & Solution Discuss in Board Save for Later

34.
Why insurance contract is an Adhesion Contract?

A. Insurance Co. has all the bargaining power

B. Client has also great bargaining power

C. Both A & B

D. None of the three

Answer & Solution Discuss in Board Save for Later

35.
Which of the following is not a long term goal of an individual?

A. Education/marriage of child

B. Retirement provision

C. Buying a TV set

D. All of the above

Answer & Solution Discuss in Board Save for Later

36.
Which of the following could be termed the need of an individual?

A. Specific transaction needs

B. General transaction needs

C. Meeting contingencies

D. All of the above

Answer & Solution Discuss in Board Save for Later

37.
Which of the following is a Contingency product?

A. Bank deposits

B. Real Estate

C. Postal savings

D. Insurance

Answer & Solution Discuss in Board Save for Later

38.
Contingency products typically address which type of need?

A. Cash requirements

B. Against uncertainties

C. Wealth creation

D. All of the above

Answer & Solution Discuss in Board Save for Later

39.
At young age, one tends to be

A. Progressive

B. Aggressive

C. Secured

D. Conservative

Answer & Solution Discuss in Board Save for Later

40.
Which of the following is incorrect? (i) - The longer the period of investment, the more they will multiply.
(ii)– The lesser the period of investment, the greater they will multiply.

A. Statement (i)

B. Statement (ii)

C. Both (i) and (ii)

D. Neither (i) nor (ii)

Answer & Solution Discuss in Board Save for Later

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Insurance MCQ Questions and Solutions with Explanations | Commerce

31. Which of the following could be classified as Nondisclosure?

Answer & Solution

32. Which of the following could be termed Misrepresentation?

Answer & Solution

33. When an insurance contract can be declared void?

Answer & Solution

34. Why insurance contract is an Adhesion Contract?

Answer & Solution

35. Which of the following is not a long term goal of an individual?

Answer & Solution

36. Which of the following could be termed the need of an individual?

Answer & Solution

37. Which of the following is a Contingency product?

Answer & Solution

38. Contingency products typically address which type of need?

Answer & Solution

39. At young age, one tends to be

Answer & Solution

40. Which of the following is incorrect? (i) - The longer the period of investment, the more they will multiply. (ii)– The lesser the period of investment, the greater they will multiply.

Answer & Solution

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31.
Which of the following could be classified as Nondisclosure?

32.
Which of the following could be termed Misrepresentation?

33.
When an insurance contract can be declared void?

34.
Why insurance contract is an Adhesion Contract?

35.
Which of the following is not a long term goal of an individual?

36.
Which of the following could be termed the need of an individual?

37.
Which of the following is a Contingency product?

38.
Contingency products typically address which type of need?

39.
At young age, one tends to be

40.
Which of the following is incorrect? (i) - The longer the period of investment, the more they will multiply.
(ii)– The lesser the period of investment, the greater they will multiply.