Business services Quiz-4

Business services Quiz-4

Quiz

 

1. Which of the following is the main purpose of an endowment policy?
   1.   To provide financial protection for the insured's family in the event of their death.
   2.   To provide a lump sum of money to the insured at the end of the policy term.
   3.   To accumulate a retirement fund for the insured.
   4.   To provide both financial protection and a lump sum of money to the insured or their beneficiaries
2. A bank overdraft is:
   
   1.   A short-term loan that allows a customer to withdraw more money from their account than is currently held.
   2.   A long-term loan that is secured by collateral.
   3.   A type of savings account that pays interest on the balance.
   4.   A type of checking account that charges a monthly fee.
3. A driver is driving down the road when a rock falls from a cliff and hits his windshield. The driver swerves to avoid the rock and hits another car. The driver's insurance company denies the claim for the damage to his car, arguing that the rock was an intervening act and not the proximate cause of the accident.
   1.   The insurance company is correct. The rock was an intervening act that broke the chain of causation between the driver's negligence and the damage to his car.
   2.   The insurance company is incorrect. The rock was not an intervening act, and the driver's negligence is still the proximate cause of the accident.
   3.   The insurance company is correct, but only if the rock was not foreseeable.
   4.   The insurance company is incorrect, but only if the rock was foreseeable.
4. Which of the following is the main purpose of an annuity policy?
   1.   To provide a regular income stream for the insured in retirement.
   2.   To provide a lump sum of money to the insured upon retirement.
   3.   To provide financial protection for the insured's family in the event of their death.
   4.   To accumulate a retirement fund for the insured.
5. DTH services are provided by:
   1.   Doordarshan
   2.   Dish TV
   3.   Tata Sky
   4.   All of the above
6. Which of the following is not a requirement for an annuity policy?
   1.   The insured must be insurable.
   2.   The insured must pay a premium.
   3.   The insured must be alive at the start of the annuity payments.
   4.   The insured must not have any pre-existing medical conditions.
7. Which is considered the cheapest means of transportation?
   1.   Road
   2.   Rail
   3.   Air
   4.   Water
8. Which of the following is not a function of insurance?
   1.   Risk bearing
   2.   Loss prevention
   3.   Profit making
   4.   Capital formation
9. Which of the following is the main function of insurance?
   1.   Risk bearing
   2.   Loss prevention
   3.   Capital formation
   4.   None of the above
10. Which of the following is not a characteristic of a term loan?
    1.   It is a long-term loan.
    2.   It is secured by collateral.
    3.   It is repaid in equal installments.
    4.   It can be used for any purpose.
11. What is the purpose of a marine insurance policy?
    1.   To protect the insured's ship from damage.
    2.   To protect the insured's financial interests in the event of a loss at sea.
    3.   To protect the insured's cargo from damage.
    4.   All of the above.
12. Which of the following is not a feature of an endowment policy?
    1.   The insured pays a premium for a fixed period of time.
    2.   The insurer pays a death benefit if the insured dies before the end of the policy term.
    3.   The insurer pays a maturity benefit if the insured survives the policy term.
    4.   The maturity benefit is always equal to the premiums paid plus interest
13. Which of the following is not a type of banking service?
    1.   Current account
    2.   Saving account
    3.   Fixed deposit
    4.   Insurance
14. Which of the following is not a benefit of using a bank draft?
    1.   It is a safe and secure way to make payments.
    2.   It is accepted by most merchants.
    3.   It can be used to make payments internationally.
    4.   It is a free service.
15. A man is walking down the street when he is hit by a car. The driver of the car is drunk, and he is speeding. The man is seriously injured and sues the driver for damages. The driver's insurance company argues that the man's contributory negligence is a proximate cause of his own injuries
    1.   The insurance company is correct. The man's contributory negligence is a proximate cause of his own injuries, and he is not entitled to any damagest, but only if the man was more than 50% at fault for the accident.
    2.   The insurance company is incorrect. The man's contributory negligence is not a proximate cause of his own injuries, and he is entitled to full damages.
    3.   The insurance company is correct, but only if the man was more than 50% at fault for the accident.
    4.   The insurance company is incorrect, but only if the man was more than 50% at fault for the accident.
16. Which of the following is an allied postal service?
    1.   Money order
    2.   Registered post
    3.   Speed post
    4.   All of the above
17. Which of the following is not a requirement for a valid life insurance policy?
    1.   The policy must be in writing.
    2.   The policy must be approved by the state.
    3.   The policy must be signed by the insured.
    4.   The premium must be paid in full.
18. A bank draft is:
    1.   A type of check that is drawn on a bank and guaranteed by the bank.
    2.   A type of loan that is secured by collateral.
    3.   A type of savings account that pays interest on the balance.
    4.   A type of checking account that charges a monthly fee.
19. How does insurance help with loss prevention?
    1.   By providing financial assistance to those who suffer losses
    2.   By encouraging people to take steps to prevent losses
    3.   By making it easier for people to recover from losses
    4.   All of the above
20. The validity period of a demand draft is:
    1.   3 months
    2.   6 months
    3.   9 months
    4.   1 year