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Which is the correct statement regarding risk?
Which risk management technique is followed by a person who is not doing things that expose one to risk?
If a person is employing strategies to reduce the likelihood or the severity of loss caused by a particular risk he is most likely doing
If an individual takes insurance he most likely manages risk by:
If the probability of risk occurrence is low and the cost of loss is small he most likely manages such risk by:
When the likelihood of loss is significant and/or when the cost of a loss is substantial a person should most likely manage risk:
Which of the following statement is correct:Statement 1: Insurance cover both speculative and pure risk.Statement 2: Insurance cover only pure risk
Which of the following statement is correct?Statement 1: Perils are cause of loss and Hazards are the things that increase the chance of loss by a perilStatement 2: Hazards are cause of loss and perils are the things that increase the chance of loss by a hazard.
Moral hazards most likely refer to:
Morale hazards most likely refer to:
Under which step of risk management the advisor will identify what the client wants from his or her risk management program and evaluate all the client’s risk exposures and provide guidance in meeting the resulting risk management goals
Under which step of risk management the advisor will view tax returns investment statements wills and trust documents policy checklists legal documents risk analysis questionnaires and financial statements.
Monitoring and reviewing risk management recommendation is required to be done by advisor as part of risk management process.
The process by which the insurer determines whether a risk is reasonable to accept at what price and with what conditions refer to:
Which of the following are the most likely factors which should be considered before accepting risk:
The insurer works with the idea that with enough homogeneous risks or exposure units potential losses for the entire group become somewhat predictable the principle is refer to:
Which of the following is least likely a characteristic of insurance policy:
The insurer has the power to draft the contract while the potential policyholder only has the right of refusal and he/she cannot counter the offer or create a new contract for the insurer to agree to.Which characteristic of insurance policy is referred:
When a person is most likely to have a insurable interest in the insured:
Principle of indemnity in insurance least likely refer to:
Duty of disclosure apply to:
An insurer will sue the individual who caused covered harm to an insured after it has settled the insured’s claim to recover amounts paid to the insured to cover the loss this ensures that the insured does not gain from insurance policy.
Which property of insurance contract refer here:
Which section of insurance policy define the boundary of an insurance policy i.e. the extent of cover under policy?
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