{"id":50550,"date":"2021-07-16T16:24:00","date_gmt":"2021-07-16T10:54:00","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=50550"},"modified":"2021-07-16T17:01:30","modified_gmt":"2021-07-16T11:31:30","slug":"insurance-notes-principles-of-insurance","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/insurance-notes-principles-of-insurance\/","title":{"rendered":"Insurance Notes &#038; MCQs for LIC Assistant Exam 2021 | Principles of Insurance"},"content":{"rendered":"\n<p><span style=\"color: #000000;\"><strong>LIC Assistant Notification 2021<\/strong> is released on LIC website frequently and is expected soon. It is high time that you start revising your insurance notes for the section of\u00a0<b><span style=\"color: #3366ff;\"><a href=\"https:\/\/www.oliveboard.in\/bank-exams\/?ref=ba\" target=\"_blank\" rel=\"noreferrer noopener\">General\/Financial Awareness<\/a><\/span>.<\/b>\u00a0In this blog post, we have compiled\u00a0<strong>Insurance Notes &amp; MCQs<\/strong> on classification &amp; <strong>Principles of Insurance<\/strong>. Go through these and acquaint yourself with the basic insurance terminologies. Revise your Insurance notes multiple times so that you don&#8217;t miss out on any of the marks in the LIC Assistant Mains 2021 exam.\u00a0<\/span><\/p>\n\n\n\n<div class=\"wp-block-buttons aligncenter is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background\" href=\"https:\/\/www.oliveboard.in\/lic-assistant-exam\/?ref=ba\" style=\"border-radius:2px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Take A Free LIC Assistant Mock Test<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Insurance Notes &amp; MCQs &#8211;&nbsp;Principles of Insurance<\/strong><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>What is Life Insurance?<\/strong><\/span><\/h3>\n\n\n\n<p><span style=\"color: #000000;\">Life Insurance: It is a form of investment offering savings, It is an insurance contract, which covers the life-risk of the person insured. It\u2019s a long term contract. Insurable amount is paid either on the occurrence of the event or maturity.<\/span><br><span style=\"color: #000000;\">Examples: Term Assurance, Whole Life, Endowment Assurance, Family Income Policy, Life Annuity, Joint Life Assurance Etc.<\/span><\/p>\n\n\n\n<p class=\"has-text-align-center gdlr-page-title\"><a href=\"https:\/\/www.oliveboard.in\/blog\/lic-assistant-mains-exam-mcqs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Financial &amp; Insurance Awareness MCQs Ebook \u2013 LIC Assistant Mains Exam<\/strong><\/span><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Classification of Insurance:<\/strong><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>1. General Insurance:<\/strong><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"color: #000000;\">It is meant insurance other than life insurance. In popular terms a dialect it is famous as non-life insurance.<\/span><\/li><li><span style=\"color: #000000;\">Non-Life insurance products include property or casualty, health insurance or house, fire, marine insurance etc.<\/span><\/li><li><span style=\"color: #000000;\">Loss is reimbursed, or liability will be repaid on the occurrence of an uncertain event.<\/span><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Principles of Insurance<\/strong><\/span><\/h3>\n\n\n\n<p><span style=\"color: #000000;\">The basic principles which govern the insurance are:<\/span><br><span style=\"color: #000000;\">1. Utmost good faith<\/span><br><span style=\"color: #000000;\">2. Insurable interest<\/span><br><span style=\"color: #000000;\">3. Indemnity<\/span><br><span style=\"color: #000000;\">4. Contribution<\/span><br><span style=\"color: #000000;\">5. Subrogation<\/span><br><span style=\"color: #000000;\">6. Causa Proxima<\/span><br><span style=\"color: #000000;\">7. Mitigation of loss<\/span><\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/lic-assistant-exam\/?ref=hny&amp;next=https:\/\/mocks.oliveboard.in\/banking\/insurancelessons.php\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Insurance &amp; Financial Awareness Notes<\/strong><\/span><\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Question 1. Which of the following principles of Insurance denotes a positive duty of the person seeking insurance to voluntarily disclose all facts material to the risk being proposed whether requested or not?<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">a) Insurable Interest<\/span><br><span style=\"color: #000000;\">b) Utmost Good Faith<\/span><br><span style=\"color: #000000;\">c) Principle of Contribution<\/span><br><span style=\"color: #000000;\">d) Principle of loss Minimization<\/span><br><span style=\"color: #000000;\">e) Principle of Partnership<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Answers: b<\/strong><\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Principles of Insurance<\/strong><\/span><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>1. Principal of Utmost Good Faith:<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 Each party must reveal all material information to the other party whether such information is asked or not.<\/span><br><span style=\"color: #000000;\">\u2022 There should not be any fraud, non-disclosure or misrepresentation of material facts.<\/span><br><span style=\"color: #000000;\">\u2022 This principle applies to life, fire and marine insurance.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>2. Principle of Insurable Interest<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 Insured must have the insurable interest on the subject matter<\/span><br><span style=\"color: #000000;\">\u2022 Insurance interest is that interest when the policyholders get benefited by the existence of the subject matter and loss if there is death or damage to the subject matter.<\/span><br><span style=\"color: #000000;\">\u2022 In case of life insurance spouse and dependents have insurable interest in the life of a person.<\/span><br><span style=\"color: #000000;\">\u2022 Corporations also have insurable interests in the life of their employees<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><span style=\"color: #000000;\">Question 2. Which of the following principles of Insurance assures about the financial interest that the assured possesses in whatever is being insured?<\/span><\/strong><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">a) Insurable Interest<\/span><br><span style=\"color: #000000;\">b) Principle of loss Minimization<\/span><br><span style=\"color: #000000;\">c) Principle of Contribution<\/span><br><span style=\"color: #000000;\">d) Utmost Good Faith<\/span><br><span style=\"color: #000000;\">e) Principle of Indemnity<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Answers: a<\/strong><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/lic-assistant-exam\/?ref=hny&amp;next=https:\/\/mocks.oliveboard.in\/banking\/insurancelessons.php\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Insurance &amp; Financial Awareness Notes<\/strong><\/span><\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>3. Principle of Indemnity<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 Indemnity is considered to be a contractual agreement between two parties where the insurer agrees to pay for potential losses or damages caused by insured<\/span><br><span style=\"color: #000000;\">\u2022 Indemnity principle is a rule of insurance law which says an insurance policy should not confer a benefit greater in value than the loss suffered by the insured.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>4. Contribution:<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 The insurers must share the burden of payment in proportion to the amount insured by each<\/span><br><span style=\"color: #000000;\">\u2022 If one of the insurers pays the whole loss, he is entitled to contribution from other insurers.<\/span><br><span style=\"color: #000000;\">\u2022 The principle of contribution is a corollary to the doctrine of indemnity. It applies to any insurance which is a contract of indemnity. So, it does not apply to life insurance.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>5. Subrogation:<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 According to it, after the insured is compensated for the loss caused by the damage to the property insured by him, the right of ownership to such property passes to the insurer after settling the claims of the insured in respect of the covered loss.<\/span><br><span style=\"color: #000000;\">\u2022 It applies to fire and marine insurance.<\/span><\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/lic-assistant-exam\/?ref=hny&amp;next=https:\/\/mocks.oliveboard.in\/banking\/insurancelessons.php\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Insurance &amp; Financial Awareness Notes<\/strong><\/span><\/a><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>6. Causa Proxima:<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 Causa Proxima means proximate cause or cause which, in a natural and unbroken series of events, is responsible for a loss or damage<\/span><br><span style=\"color: #000000;\">\u2022 The insurer is liable for loss only when such a loss is proximately caused by the peril insured against<\/span><br><span style=\"color: #000000;\">\u2022 The cause should be the proximate cause and cannot the remote cause<\/span><br><span style=\"color: #000000;\">\u2022 If the risk insured is the remote cause of the loss, then the insurer is not bound to pay compensation.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>7. Mitigation of loss:<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">\u2022 An insured must take all reasonable care to reduce the loss. We must act as if the property was not insured.<\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Question 3. Which of the following principles of Insurance tells that an insured may not be compensated by the insurance company in an amount exceeding the insured\u2019s economic loss?<\/strong><\/span><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">a) Insurable Interest<\/span><br><span style=\"color: #000000;\">b) Utmost Good Faith<\/span><br><span style=\"color: #000000;\">c) Principle of Contribution<\/span><br><span style=\"color: #000000;\">d) Principle of Indemnity<\/span><br><span style=\"color: #000000;\">e) Causa Proxima<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Answers: d<\/strong><\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><span style=\"color: #000000;\">Question 4. Which of the following principles of Insurance enables the insured to claim the amount from the third-party responsible for the loss?<\/span><\/strong><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">a) Insurable Interest<\/span><br><span style=\"color: #000000;\">b) Principle of Subrogation<\/span><br><span style=\"color: #000000;\">c) Principle of Contribution<\/span><br><span style=\"color: #000000;\">d) Double insurance<\/span><br><span style=\"color: #000000;\">e) Reinsurance<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Answers: b<\/strong><\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><span style=\"color: #000000;\">Question 5. What is the Principle of Insurance called under which the insured can claim the compensation only to the extent of actual loss either from all insurers or from any one insurer?<\/span><\/strong><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">a) Insurable Interest<\/span><br><span style=\"color: #000000;\">b) Principle of Subrogation<\/span><br><span style=\"color: #000000;\">c) Principle of Contribution<\/span><br><span style=\"color: #000000;\">d) Double insurance<\/span><br><span style=\"color: #000000;\">e) Causa Proxima<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Answers: c<\/strong><\/span><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><span style=\"color: #000000;\">Question 6. What is the Principle of Insurance called under which insured must always try his level best to minimize the loss of his insured property, in case of uncertain events?<\/span><\/strong><\/h4>\n\n\n\n<p><span style=\"color: #000000;\">a) Mitigation of loss<\/span><br><span style=\"color: #000000;\">b) Principle of Subrogation<\/span><br><span style=\"color: #000000;\">c) Principle of Proximate Cause<\/span><br><span style=\"color: #000000;\">d) Principle of Indemnity<\/span><br><span style=\"color: #000000;\">e) Causa Proxima<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Answers: a<\/strong><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.oliveboard.in\/lic-assistant-exam\/?ref=hny&amp;next=https:\/\/mocks.oliveboard.in\/banking\/insurancelessons.php\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Insurance &amp; Financial Awareness Notes<\/strong><\/span><\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><strong>Insurance Terminology &#8211;&nbsp;<\/strong><strong>Assurance v\/s Insurance<\/strong><\/span><\/h3>\n\n\n\n<p><span style=\"color: #000000;\">The two words are commonly in use together, but there is a fine distinction between the two.<\/span><br><span style=\"color: #000000;\">\u2022 Assurance is used in those contracts which guarantee the payment of a certain sum on the happening of a specified event which is bound to happen sooner or later, for example attaining a certain age or death. Thus life policies come under \u2018assurance\u2019.<\/span><br><span style=\"color: #000000;\">\u2022 Insurance: It provides the granting of agreed compensation of the happening of certain events defined in the contract which are not expected but which may happen, for example, risk relating to fire, accident or marine.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Special Mention | Bancassurance<\/strong><\/h2>\n\n\n\n<p>Bancassurance is a French term. Bancassurance as a term first appeared in France in the 1980s. Today, many countries allow the practice, demonstrating notable growth around the world. It is most successful in Europe.<\/p>\n\n\n\n<p>For banks, they can earn extra income by providing its platform to insurance companies. They can also get an opportunity to provide more products to customers. As a result, they can become the center of financial products for the individual customer.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank&#8217;s customers.<\/li><li>According to IRDA, \u2018bancassurance\u2019 refers to banks acting as corporate agents for insurers to distribute insurance products.<\/li><li>It is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank&#8217;s client base and by doing this both companies earn a profit.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bancassurance Products<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Banks typically focus on selling life insurance products because they generally command a higher price than non-life insurance products.<\/li><li>Moreover, banks can find and promote the most suitable life insurance for customers based on their credit and personal needs.<\/li><\/ul>\n\n\n\n<p><span style=\"color: #000000;\">This was all from us in this blog of &#8220;<strong>Insurance Notes &amp; MCQs LIC Assistant Exam | Principles of Insurance&#8221;.&nbsp;<\/strong>We hope that you like the content provided here.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"color: #000000;\"><strong>Read More:<\/strong><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.oliveboard.in\/blog\/lic-assistant-mains-exam-mcqs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Financial &amp; Insurance Awareness MCQs Ebook \u2013 LIC Assistant Mains Exam 2019<\/strong><\/span><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/insurance-awareness-bolt-ebook\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>INSURANCE BOLT \u2013 Static Insurance Awareness GK Ebook<\/strong><\/span><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/hindi-language-preparation-pdf\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #3366ff;\">\u0939\u093f\u0902\u0926\u0940 \u092d\u093e\u0937\u093e \u0938\u092e\u094d\u092a\u0942\u0930\u094d\u0923 \u092a\u0930\u093f\u091a\u092f \u2013 Free E-Book PDF for LIC Asst. 2019 Mains<\/span><\/strong><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/types-of-insurance-in-india\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #3366ff;\">Types of Insurance in India \u2013 Download the free E-book<\/span><\/strong><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/glossary-of-important-insurance-terms\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #3366ff;\">Glossary of Important Insurance Terms \u2013 Download the Ebook<\/span><\/strong><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/insurance-companies-taglines-headquarters\/\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Insurance Companies: Their Taglines and Headquarters<\/strong><\/span><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/blog\/niacl-ao-study-material\/\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"color: #3366ff;\">Role of IRDAI in India\u2019s Insurance Industry<\/span><\/strong><\/a><\/li><li><a href=\"https:\/\/www.oliveboard.in\/lic-assistant-exam\/?ref=hny&amp;next=https:\/\/mocks.oliveboard.in\/banking\/insurancelessons.php\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #3366ff;\"><strong>Insurance &amp; Financial Awareness Notes<\/strong><\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center has-medium-font-size\"><strong>Insurance Related Blogs<\/strong><\/p>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/www.oliveboard.in\/blog\/niacl-assistant-eligibility-check-tool\/\" aria-label=\"Are You Eligible for NIACL Assistant 2026? 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It is high time that you<\/p>\n","protected":false},"author":50,"featured_media":50566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,62,5221,5204,10217,2586],"tags":[],"class_list":["post-50550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-government-exams","category-homepage-featured","category-insurance-exams","category-lic-assistant","category-notes","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance Notes &amp; MCQs | LIC Assistant 2019 | Principles of Insurance<\/title>\n<meta name=\"description\" content=\"Go through the Insurance Notes comprising of Classification &amp; Principles of Insurance here for the upcoming LIC Assistant Mains Exam 2019.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/insurance-notes-principles-of-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Notes &amp; MCQs for LIC Assistant Exam 2021 | Principles of Insurance\" \/>\n<meta property=\"og:description\" content=\"LIC Assistant Notification 2021 is released on LIC website frequently and is expected soon. 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