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INSURANCE AWARENESS MCQs

Total Questions : 92 | Page 8 of 10 pages
Question 71. Which is a fixed amount for a covered service in the health sector?
  1.    Coinsurance
  2.    Deductible
  3.    Copay
  4.    Health Insurance
 Discuss Question
Answer: Option C. -> Copay


A copayment or copay is a fixed amount for a covered service, paid by a patient to the insurance company before patient receives service from physician.


Question 72. A deductible is usually mentioned in
  1.    Rupee
  2.    Dollar
  3.    Euro
  4.    Any currency
 Discuss Question
Answer: Option B. -> Dollar




Question 73. Which of the following statements is/are true about Co-operative Banks in India?
  1.    It has a three-tier set-up.
  2.    State Co-operative Banks does not have access to RBI
  3.    It is an urban oriented Bank
  4.    It functions on sound business principles.
 Discuss Question
Answer: Option A. -> It has a three-tier set-up.




Question 74. What is/are true about IMF?
  1.    It's headquarter is situated at Washington, D.C.
  2.    It works to foster economic stability and global growth by providing policy, advice and financing to members
  3.    It negotiates conditions on lending and loans under their policy
  4.    It oversees the fixed exchange rate arrangements between countries
  5.    All of these
 Discuss Question
Answer: Option E. -> All of these




Question 75. What is the function of IRDA?
  1.    Plan for Financial Inclusion
  2.    Provide relief packages to the Farmers
  3.    Regulate insurance business in India
  4.    Hiring & Purchasing assets
 Discuss Question
Answer: Option C. -> Regulate insurance business in India




Question 76. Fiscal policy is related with which of the following?
  1.    Public Revenue and Expenditure
  2.    Education for All
  3.    Import and Export
  4.    Import and Export
 Discuss Question
Answer: Option A. -> Public Revenue and Expenditure




Question 77. Which of the following organization decides Repo Rate?
  1.    SEBI
  2.    IMF
  3.    AMFI
  4.    RBI
 Discuss Question
Answer: Option D. -> RBI




Question 78. Which one of the following is the special drawing rights given by the International Monetary Fund to its member countries?
  1.    Cold money
  2.    Hot money
  3.    Paper gold
  4.    None of these
 Discuss Question
Answer: Option C. -> Paper gold


It is an accounting entry. It is used only among governments and IMF for balance of payment settlements.


Question 79. A method of valuing insured property or the value computed by that method is known as
  1.    Actual cost validity
  2.    Actual cash value
  3.    Replacement cash value
  4.    Normal cost value
 Discuss Question
Answer: Option B. -> Actual cash value


Actual Cash Value (ACV) is a method of valuing insured property or the value computed by that method. Actual Cash Value (ACV) is not equal to replacement cost value (RCV). ACV is computed by subtracting depreciation from replacement cost.


Question 80. In pursuance of which one of the following was the General Insurance Corporation of India was formed?
  1.    General Insurance Business (Nationalization) Act, 1972
  2.    Insurance Act, 1938
  3.    Insurance Amendment Act, 2002
  4.    IRDA Act 1999
 Discuss Question
Answer: Option A. -> General Insurance Business (Nationalization) Act, 1972


The entire general insurance business in India was nationalized by the Government of India through the General Insurance Business (Nationalisation) Act of 197B.


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