Q. Marine insurance may cover loss or damage to the ________
✅ Correct Answer: (D)
All of these
Banking and Insurance MCQs and Notes
Q. Which of the following insurance contract is not based on the principle of indemnity.
✅ Correct Answer: (C)
Life insurance
Q. ________ was the first Indian Insurance Company
✅ Correct Answer: (A)
Bombay Mutual Assurance Society Ltd.
Q. Health insurance can be availed by people aged between ______ and ______
✅ Correct Answer: (C)
5 and 75
Q. Under ________ insurance, loss of profit policy is called as consequential loss policy
✅ Correct Answer: (C)
Fire
Q. The central office of LIC of India is located at ________
✅ Correct Answer: (A)
Mumbai
Q. The term 'Assurance' refers to ___________
✅ Correct Answer: (A)
Life Insurance business
Q. In the case of life insurance, the principle of insurable interest operates
✅ Correct Answer: (D)
Differently than in other forms of insurances.
Q. In case of life insurance, insurable interest should exist
✅ Correct Answer: (A)
At the inception of policy
Q. Insurable interest is
✅ Correct Answer: (D)
Not defined in any written law