Q. Reinstatement policy is related in the case of which policy
✅ Correct Answer: (C)
Fire insurance policy
Banking and Finance MCQs and Notes
Q. Insurance Act was comes into existence on …….
✅ Correct Answer: (C)
1938
Q. ……………….. schemes are intended to insure a group of individual together
✅ Correct Answer: (D)
group insurance
Q. …………….. is the price paid by the insured for the risk undertaken by the insurer
✅ Correct Answer: (B)
premium
Q. Both assignment and nomination are possible in the case of ………… insurance policies
✅ Correct Answer: (B)
fire
Q. ………. of a life policy means transferring the rights of the insured in respect of the policy to another one
✅ Correct Answer: (A)
Nomination
Q. In the case of life insurance HLV refers to………….
✅ Correct Answer: (C)
Human Legal Value
Q. Hull insurance related in the case of ……….
✅ Correct Answer: (D)
ship
Q. IRDA stands for ……..
✅ Correct Answer: (A)
Insurance Regulatory and Development Authority