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WHAT LIFE INSURANCE INVOLVES (1) How does diversification reduce risks in financial markets? I. Collecting funds from multiple sources and investing them in one place II. Investing funds across various asset classes III. Maintaining time difference between investments IV. Investing in safe assets Answer: II. Investing funds across various asset classes (2) Which of the below is not an element of the life insurance business? I. Asset II. Risk III. Principle of mutuality IV. Subsidy Answer: IV. Subsidy (3) Who devised the concept of HLV? I. Dr. Martin Luther King II. Warren Buffet III. Prof. Hubener IV. George Soros Answer: III. Prof. Hubener (4) Which of the below mentioned insurance plans has the least or no amount of savings element? I. Term insurance plan II. Endowment plan III. Whole life plan IV. Money back plan Answer: I. Term insurance plan (5) Which among the following cannot be termed as an asset? I. Car II. Human Life III. Air ...

(1) Risk transfer through risk pooling is called ________. I. Savings II. Investments III. Insurance IV. Risk mitigation Answer : III. Insurance (2)The measures to reduce chances of occurrence of risk are known as _____. I. Risk retention II. Loss prevention III. Risk transfer IV. Risk avoidance Answer :II. Loss prevention (3)By transferring risk to insurer, it becomes possible ___________. I. To become careless about our assets II. To make money from insurance in the event of a loss III. To ignore the potential risks facing our assets IV. To enjoy peace of mind and plan one’s business more effectively Answer :IV. To enjoy peace of mind and plan one’s business more effectively (4)Origins of modern insurance business can be traced to __________. I. Bottomry II. Lloyds III. Rhodes IV. Malhotra Committee Answer :II. Lloyds (6)In insurance context ‘risk retention’ indicates a situation where _____. I. Possibility of loss or damage is not there I...