Chapter-wise MCQ Questions

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Question-1. The arrangement by which a bank allows its customer to borrow money up to the specified limit.

  1. Cash Credits
  2. Pass Book
  3. Cash Book
  4. Account Payee
Answer-1

Question-2. The addition of the words___________ directs the banker to collect the cheque and credit the proceeds to the payees account.

  1. Manager
  2. Account payee
  3. Customers
  4. Bank
Answer-2

Question-3. A doctor can operate only on the condition that the patient is ready to take his service. Identify the feature of services mentioned here.

  1. Inseparability
  2. Intangibility
  3. Inconsistency
  4. Inventory (less)
Answer-3

Question-4. A person gets his house (worth RS. 12,00,000) insured from three insurance companies, i.e., A: Rs. 2,00,000, B: Rs. 4,00,000, C: Rs. 6,00,000. At the time of incurrence of loss, the compensation will be paid by insurance companies in the ratio of 1: 2: 3. Identify the principle being referred here.

  1. Principle of Contribution
  2. Principle of Mitigation of loss
  3. Principle of Proximate Cause
  4. Principle of Mitigation of loss
Answer-4

Question-5. A person gets his stock worth Rs. 50,000 insured for Rs. 70,000. A fire occurs and the whole stock gets damaged. The Insurance Company admits a claim of Rs. 50,000 only and not Rs. 70,000. Identify the principle of insurance being applied?

  1. Principle of Indemnity
  2. Principle of Insurable Interest
  3. Principle of Subrogation
  4. Principle of Contribution
Answer-5

Question-6. Bankers are not only dealers of money but also leaders in

  1. Industry development
  2. Service development
  3. Trade development
  4. Economic development
Answer-6

Question-7. Bankers cheque is also known as

  1. Pay order
  2. Bank draft
  3. Demand draft
  4. Bearer cheque
Answer-7

Question-8. DTH services are provided by

  1. Cellular companies
  2. Postal companies
  3. Transport companies
  4. Banks
Answer-8

Question-9. From the following which of these is covered under Marine Insurance?

  1. Whole Life policy
  2. Liability Insurance
  3. Endowment policy
  4. Act only
Answer-9

Question-10. In case of Life Insurance, at what time does the insurable interest needs to be present?

  1. Taking Insurance policy
  2. Taking Insurance policy and Claiming for loss incurred
  3. Claiming for loss incurred
  4. None of the options
Answer-10

Question-11. In services activities of producers and consumption takes place simultaneously. Which characteristic of service does this statement signify?

  1. Inseparability
  2. Intangibility
  3. Inventory (less)
  4. Inconsistency
Answer-11

Question-12. IndusInd Bank comes under which category of banks?

  1. Private Sector Banks
  2. Public Sector Banks
  3. Cooperative Banks
  4. None of the options
Answer-12

Question-13. It is a type of saving bank account in which excess of a particular limit gets automatically transferred to a fixed deposit account.

  1. Multiple deposit option account
  2. Current account
  3. Recurring deposit account
  4. Salary account
Answer-13

Question-14. It refers to the pecuniary interest in the subject matter of the contract of insurance. Identify the concept.

  1. Insurable Interest
  2. Mitigation of loss
  3. Subrogation
  4. Indemnity
Answer-14

Question-15. Its main function is to control and coordinate currency and credit policies of our country. Identify the institution mentioned here.

  1. The Reserve Bank of India
  2. The State Bank of India
  3. The Central Bank
  4. The Bank of India
Answer-15

Question-16. Life insurance is a contract of assurance because

  1. The sum assured will be certainly paid
  2. The policy will certainly mature
  3. Death will certainly occur
  4. The loss will definitely occurred
Answer-16

Question-17. Overdraft Facility is available on

  1. Current deposit account.
  2. Recurring Deposits
  3. Saving Deposit Account.
  4. Fixed deposits.
Answer-17

Question-18. RTGS is a fund transfer system from one bank to another

  1. Transactions are settled immediately
  2. On a real time basis
  3. On gross basis
  4. None of the options
Answer-18

Question-19. The fee charged by the insurer on account of providing services is called

  1. Premium
  2. Profit
  3. Dividend
  4. Instalment
Answer-19

Question-20. The largest commercial bank of India

  1. SBI
  2. RBI
  3. PNB
  4. ICICI
Answer-20

Question-21. This category of cheque is to be deposited only in the payees account.

  1. Crossed Cheque
  2. Bearer Cheque
  3. Both Crossed Cheque and Bearer Cheque
  4. None of the options
Answer-21

Question-22. Which bank is known as Apex Bank of India?

  1. The Reserve Bank of India
  2. The State Bank of India
  3. The Central Bank
  4. The Bank of India
Answer-22

Question-23. Which of the following contained one of the earliest applications of insurance principles?

  1. Napoleonic Code
  2. Magna Carta
  3. Code of Hammurabi
  4. Charter of London
Answer-23

Question-24. Which of the following does not come under E-banking?

  1. Overdraft
  2. Debit Card
  3. Electronic Fund Transfer
  4. Automatic Teller Machine
Answer-24

Question-25. Which of the following element is present in the case of Life Insurance?

  1. Security, Investment
  2. Security
  3. Investment
  4. Profit
Answer-25

Question-26. Which of the following has largest number of branches across India?

  1. Postal offices
  2. Banks
  3. SBI
  4. Insurance companies
Answer-26

Question-27. Which of the following is covered under the life Assurance policy?

  1. Money Back Policy
  2. Declaration policy
  3. Act only
  4. Cargo Insurance
Answer-27

Question-28. Which of the following is not applicable in life insurance contracts

  1. Indemnity contract
  2. Unilateral contracts
  3. Conditional Contracts
  4. None of the options
Answer-28

Question-29. Which of the following is not covered under the principle of indemnity?

  1. Life Insurance
  2. Fire Insurance
  3. Marine Insurance
  4. Theft Insurance
Answer-29

Question-30. Which of the following is the subject matter of Marine Insurance?

  1. Freight
  2. Hull
  3. Cargo
  4. All of the above
Answer-30

Question-31. Which one of the following is NOT the form of e- banking services offered by e-banking?

  1. Cheque
  2. ATM
  3. Pos
  4. EFTS
Answer-31

Question-32. Which principle of insurance states that the insured must take reasonable steps to minimize the loss or damage to the insured property?

  1. Principle of Mitigation of loss
  2. Principle of Proximate Cause
  3. Principle of Indemnity
  4. Principle of Contribution
Answer-32

Question-33. You have to export a consignment of iron ore to France. Which mode of transport will you choose to send it?

  1. Air
  2. Sea
  3. Rail
  4. Road
Answer-33

Question-34. CWC stands for

  1. Central Water Commission
  2. Central Warehousing Commission
  3. Central Warehousing Corporation
  4. Central Water Corporation
Answer-34

Question-35. DTH services are provided by

  1. Transport Company
  2. Banks
  3. Cellular Company
  4. None of these
Answer-35

Question-36. It is not a type of general insurance

  1. Marine Insurance
  2. Fidelity Insurance
  3. Fire Insurance
  4. Life Insurance
Answer-36

Question-37. The benefits of public warehousing includes

  1. Control
  2. Flexibility
  3. Dealer relationship
  4. None of the above
Answer-37

Question-38. The functions of a commerce include

  1. acceptance of deposits
  2. granting of loans
  3. Locker facility
  4. all the above
Answer-38

Question-39. The validity period of a demand draft is

  1. One month
  2. Two Months
  3. Three months
  4. Six Months
Answer-39

Question-40. Time utility is created by

  1. Transportation
  2. Banking
  3. Warehousing
  4. Communication
Answer-40

Question-41. What is the full form of WWW

  1. world wide width
  2. world wide work
  3. world wild web
  4. world wide web
Answer-41

Question-42. Which is considered as the cheapest means of transportation

  1. Air
  2. Road
  3. Water
  4. Railway
Answer-42

Question-43. Which is the central Bank of India

  1. Central Bank
  2. State Bank of India
  3. Bank of India
  4. Reserve Bank of India
Answer-43

Question-44. Which of the following is a contract of Indemnity

  1. Marine Insurance
  2. Fire Insurance
  3. Life Insurance
  4. all the above
Answer-44

Question-45. Which of the following is an allied postal service

  1. Greeting post
  2. Media post
  3. Speed post
  4. Passport Application
Answer-45

Question-46. Which of the following is not a function of insurance?

  1. Risk sharing
  2. Assist in capital formation
  3. Lending of funds
  4. None of the above
Answer-46

Question-47. Which of the following is not applicable in life insurance contract?

  1. Conditional contract
  2. Unilateral contract
  3. Indemnity contract
  4. None of the above
Answer-47



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