Business Services Quiz-3

Business Services Quiz-3

Quiz

 

1. UPI stands for-
   1.   Unique Payment Introductionrface
   2.   Union Payment Interface
   3.   Upper Payment Interface
   4.   Unified Payment Inteface
2. The principle of subrogation means that:
   1.   The insurer has the right to step into the shoes of the insured and sue the third party who caused the loss.
   2.   The insured is not liable to the insurer for any loss that is covered by the insurance policy.
   3.   The insurer has the right to recover the amount it paid to the insured from the third party who caused the loss.
   4.   All of the above.
3. Which of the following is NOT an example of a proximate cause?
   1.   A lightning strike that starts a fire
   2.   A faulty electrical outlet that sparks fire
   3.   A homeowner's negligence that allows a fire to spread
   4.   A firefighter's negligence that extinguishes a fire too quickly
4. Mr. Raj went to a shop for purchasing 50kg rice. He did not have cash but he has a debit card. He asked shopkeeper for payment by debit card. Shopkeeper takes his debit card and inserts it in a machine. By entering the pin code Mr. Raj paid money to shopkeeper. What does this machine called?
   1.   Point of Sale Machine
   2.   ATM
   3.   Computerised Machine
   4.   None of these
5. Maximum period limit of a General Insurance is-
   1.   1 year
   2.   2 years
   3.   3 Years
   4.   No limit
6. The principle of subrogation is not applicable in the following type of insurance:
   1.   Life insurance
   2.   Health insurance
   3.   Property insurance
   4.   Liability insurance
7. The insurable interest principle is not applicable in the following type of insurance:
   1.   Life insurance
   2.   Health insurance
   3.   Property insurance
   4.   Liability insurance
8. HDFC Bank is-
   1.   Public Sector Bank
   2.   Private Sector Bank
   3.   Cooperative Sector Bank
   4.   None of these
9. The principle of insurable interest means that:
   1.   The insured must have a financial stake in the subject matter of the insurance.
   2.   The insured must have a legal right to the subject matter of the insurance.
   3.   The insured must have a moral obligation to the subject matter of the insurance.
   4.   All of the above.
10. Give the name of the facilities generally given by the banks to the firms for meeting their short-term requirements of funds in excess amount in their account-
    1.   Credit
    2.   Bank Overdraft
    3.   Loan
    4.   None of these
11. Ankur saves Rs.3,000 every month. Which type of Bank Account he should open with the bank?
    1.   Current Account
    2.   PPF Account
    3.   Recurring Deposit Account
    4.   Saving Account
12. The insured is expected to disclose all the important facts related to property insured. Which principle is discussed here?
    1.   Mitigation
    2.   Insurable Interest
    3.   Indemnity
    4.   Utmost Good Faith
13. Mohan mortgages his factory to Shyam and get loan from him. Shyam get it insured for fire. Which principle of insurance applicable here?
    1.   Principle of Insurable Interest
    2.   Principle of Utmost Good Faith
    3.   Principle of Indemnity
    4.   None of these
14. Assurance is associated with-
    1.   Fire Insurance
    2.   Life Insurance
    3.   Hull Insurance
    4.   Motor Insurance
15. “Hull” and “Cargo” words relates to which type of insurance?
    1.   Marine Insurance
    2.   Life Insurance
    3.   Fire Insurance
    4.   Motor Insurance
16. Ram and Shyam are brothers, Ram transfer Rs.5,000 from his bank account to Shyam’s bank account, With which mode Ram transferred the money from his account to his brother’s account?
    1.   E-mail
    2.   Postal Order
    3.   Money Order
    4.   Electronic Fund Transfer
17. Which of the following is not related to Life Insurance Contract?
    1.   Conditional Contract
    2.   Unilateral Contract
    3.   Indemnity Contract
    4.   None of these
18. A plant manager gets his stock of goods insured but he hide the fact that the electricity board has issued him statutory warning letter to get his factory wiring changed. Later on, the factory catches fire due to short circuit. Which principle is violated in the case? A plant manager gets his stock of goods insured but he hide the fact that the electricity board has issued him statutory warning letter to get his factory wiring changed. Later on, the factory catches fire due to short circuit. Which principle is violated in the case?
    1.   Principle of Subrogation
    2.   Principle of Utmost Good Faith
    3.   Principle of Indemnity
    4.   Principle of Insurable Interest
19. The causa proxima principle is important in insurance because it:
    1.   Helps to ensure that insurers are only liable for the losses that they can reasonably be expected to cover
    2.   Helps to prevent insurers from being held liable for losses that are caused by the negligence of others
    3.   Helps to protect policyholders from being denied coverage for losses that are caused by a combination of factors
    4.   All of the above
20. A person gets his stock with Rs.25,000 insured for Rs.35,000. A fire occurs and the whole stock gets damaged. The insurance company will pay him only Rs.25,000, the actual value of his stock and not Rs.35,000. Which principle of insurance is applied in this case?
    1.   Principle of Contribution
    2.   Principle of Subrogation
    3.   Principle of Indemnity
    4.   Principle of Insurable Interest