Insurance is an important topic for the UPSC EPFO APFC examination, covering insurance basics, risk management, principles of insurance, life insurance, general insurance, and social security. Practising insurance questions can help you understand important concepts and prepare for exam-related questions. Attempt the UPSC EPFO APFC Insurance Practice Quiz to test your knowledge, identify areas for improvement, and revise key topics.
Download UPSC EPFO APFC Insurance Practice Quiz PDF
Download the free UPSC EPFO APFC Insurance Practice Quiz PDF to revise important insurance concepts and practise exam-level questions anytime.
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Attempt UPSC EPFO APFC Insurance Practice Quiz
Practise Insurance MCQs through a quiz designed for the UPSC EPFO APFC exam. Test your knowledge of insurance basics, risk management, principles of insurance, life and general insurance, and social security while identifying areas that need more revision.
1. Which one of the following best describes insurance as an economic arrangement?
2. The law of large numbers is most directly relevant to an insurer because it enables the insurer to:
3. Which of the following is the principal consideration supplied by the policyholder under a typical insurance contract?
4. An insurance contract is described as aleatory primarily because:
5. Which statement about insurance and prevention of loss is correct?
6. In insurance terminology, an exposure generally means:
7. Which of the following most clearly illustrates pooling of risk?
8. A policy provides cover only when the loss results from specified events. Such insurance is most accurately described as:
9. Which one of the following is ordinarily NOT a core function of insurance?
10. Which statement best distinguishes insurance from self-insurance?
11. A proposal form is principally used by an insurer to:
12. Which one of the following statements concerning insurance premiums is correct?
13. A deductible in a general insurance policy normally means:
14. In a contract that specifies a sum insured, the sum insured ordinarily represents:
15. An insurance endorsement is generally used to:
16. Which of the following is an example of pure risk?
17. The possibility of both gain and loss in a foreign-exchange trade is an example of:
18. A slippery factory floor that increases the probability of accidents is primarily a:
19. A fire that actually damages an insured warehouse is best classified as a:
20. An insured person deliberately exaggerates an otherwise valid claim. This conduct most directly illustrates:
Quiz Summary
Why should you practise insurance questions for the UPSC EPFO APFC exam?
Insurance questions can test your understanding of basic concepts, important principles, insurance products, and social security schemes. The UPSC EPFO APFC previous year question paper included questions on insurance principles, covering mitigation of loss and indemnity. Questions related to the Employees’ State Insurance (ESI) Scheme are also relevant to the broader social security section.
- Understand key concepts: Revise insurance terminology, risk, perils, hazards, and risk management.
- Learn insurance principles: Practise questions on utmost good faith, insurable interest, indemnity, subrogation, contribution, and proximate cause.
- Revise insurance products: Understand life insurance, health insurance, motor insurance, fire insurance, and marine insurance.
- Cover social security: Study the role of insurance in financial protection, social welfare, and government-supported schemes.
- Improve accuracy: Review your answers and understand the concepts behind incorrect responses.
What topics are covered in the UPSC EPFO APFC Insurance Practice Quiz?
The Insurance Practice Quiz covers the major concepts relevant to the UPSC EPFO APFC syllabus. It includes questions on insurance fundamentals, types of risk, parties to an insurance contract, and important principles of insurance. It also covers life and general insurance products, along with the role of insurance in social and economic security.
| Topic | Important subtopics |
|---|---|
| Insurance basics | Meaning, definition, functions, importance, risk transfer, and financial protection |
| Risk | Types of risk, pure and speculative risk, perils, hazards, and risk management |
| Parties to insurance | Insurer, insured, policyholder, proposer, nominee, beneficiary, and insurance agent |
| Principles of insurance | Utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss |
| Life insurance | Term insurance, whole life insurance, endowment plans, ULIPs, annuity plans, premium, and sum assured |
| General insurance | Health, motor, fire, marine, travel, property, liability, and crop insurance |
| Insurance and social security | ESI Scheme, social insurance, government-supported schemes, financial inclusion, and social welfare |
What are the important insurance topics to revise before the exam?
Candidates should focus on key concepts related to insurance contracts, risk protection, and social security.
- Principles of insurance: Indemnity, subrogation, contribution, insurable interest, and mitigation of loss.
- Risk management: Types of risk, perils, hazards, and risk transfer.
- Life and general insurance: Features, benefits, coverage, exclusions, premiums, and claims.
- Insurance terminology: Insurer, insured, policyholder, nominee, beneficiary, and assignee.
- Insurance and social security: Employees’ State Insurance Scheme and the role of insurance in social protection.
FAQs
Prepare utmost good faith, insurable interest, indemnity, subrogation, contribution, proximate cause, and mitigation of loss.
Yes, understand their features, types, benefits, coverage, premiums, and claims.
Yes, the ESI Scheme is relevant to the broader insurance and social security areas of the examination.
The principle of indemnity aims to compensate the insured for the covered loss, subject to the policy terms and applicable limits.
It requires the insured to take reasonable steps to reduce or minimise a covered loss.
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