QID #26086UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Reinsurance?
Correct Answer: B. Insurance purchased by an insurer to transfer part of its own risk Reinsurance: Insurance purchased by an insurer to transfer part of its own risk
QID #26084UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Deductible?
Correct Answer: C. Amount of a covered loss borne by the insured before insurer payment Deductible: Amount of a covered loss borne by the insured before insurer payment
QID #26082UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Proximate cause?
Correct Answer: B. Dominant effective cause used to determine whether a loss falls within policy coverage Proximate cause: Dominant effective cause used to determine whether a loss falls within policy coverage
QID #26081UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which of the following is best described as: Dominant effective cause used to determine whether a loss falls within policy coverage
Correct Answer: B. Proximate cause The correct answer is Proximate cause. Dominant effective cause used to determine whether a loss falls within policy coverage
QID #26080UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Contribution?
Correct Answer: A. Principle by which multiple insurers sharing the same risk contribute to an indemnity loss Contribution: Principle by which multiple insurers sharing the same risk contribute to an indemnity loss
QID #26079UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which of the following is best described as: Principle by which multiple insurers sharing the same risk contribute to an indemnity loss
Correct Answer: B. Contribution The correct answer is Contribution. Principle by which multiple insurers sharing the same risk contribute to an indemnity loss
QID #26078UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Subrogation?
Correct Answer: C. Insurer's right, after paying a loss, to pursue recovery from a responsible third party Subrogation: Insurer's right, after paying a loss, to pursue recovery from a responsible third party
QID #26077UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which of the following is best described as: Insurer's right, after paying a loss, to pursue recovery from a responsible third party
Correct Answer: B. Subrogation The correct answer is Subrogation. Insurer's right, after paying a loss, to pursue recovery from a responsible third party
QID #26076UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Insurable interest?
Correct Answer: A. Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter Insurable interest: Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter
QID #26075UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which of the following is best described as: Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter
Correct Answer: C. Insurable interest The correct answer is Insurable interest. Financial or legal relationship giving a person a legitimate interest in preservation of insured subject matter
QID #26074UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Utmost good faith?
Correct Answer: B. Duty of parties to disclose material facts relevant to insurance contract Utmost good faith: Duty of parties to disclose material facts relevant to insurance contract
QID #26073UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which of the following is best described as: Duty of parties to disclose material facts relevant to insurance contract
Correct Answer: D. Utmost good faith The correct answer is Utmost good faith. Duty of parties to disclose material facts relevant to insurance contract
QID #26072UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Indemnity?
Correct Answer: D. Principle of restoring insured to approximately the financial position before loss, subject to policy terms Indemnity: Principle of restoring insured to approximately the financial position before loss, subject to policy terms
QID #26071UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which of the following is best described as: Principle of restoring insured to approximately the financial position before loss, subject to policy terms
Correct Answer: B. Indemnity The correct answer is Indemnity. Principle of restoring insured to approximately the financial position before loss, subject to policy terms
QID #26070UPSCUPSC EPFO APFC 2026 Mock Test SeriesUPSC EPFO APFC Insurance Sectional Test 2026Medium
Which statement best explains Sum assured?
Correct Answer: A. Pre-agreed amount payable under specified life-insurance conditions Sum assured: Pre-agreed amount payable under specified life-insurance conditions
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