Practice Test |
  • Insurance companies collect premium against ______.

    all the options are correct
    life policies
    non-living policies
    non-life policies
  • The term inflation indicates the ______ in the price level of goods or services.?

  • Which one of them is the advantage of insurance?

    It consumes more time to provide financial compensation because lengthy legal formalities.
    It does not provide enough financial facilities like the bank does. So, people prefer to save in the bank rather than in insurance.
    It provides economic protection to the insured.
    It intentionally tries to compensate as less as possible to the sufferer with the aim of maximizing profit rather than maximizing well-being of the insured.
  • Which one of them is the disadvantage of insurance?

    It protects against the uncertainties providing adequate financial support.
    It is a means of encouraging saving.
    It provides financial compensation in case of loss or damage to the properties of the business.
    Insurance company shows bias to the insured as it does not compensate all types of losses.
  • Insurance is a means of encouraging ______.

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