1404. An opposite of perfect positive correlation + 1.0 is called

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negative correlation
multiple correlation
divisor correlation
none of above
✅ The correct answer is A.
An opposite of perfect positive correlation + 1.0 is called negative correlation. Negative correlation is a relationship between two variables in which one variable increases as the other decreases, and vice versa.

1402. Which is incorrect statement out of the following ones?

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Risk is not an essential element of insurance
Asset is not an essential element of insurance
Principle of mutuality is not an essential element of insurance
Subsidy is an essential element of insurance
✅ The correct answer is D.
Subsidy is not an essential element of insurance. The elements of an insurance contract can be called many things, but in the end, you need an offer, an agreement, the objects being insured, the requirements that both parties must meet, and the requirement that each party is legally responsible. These components create a legally binding contract.

1383. Which of the following methods of stock control aims at concentrating efforts on selected items of material?

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Perpetual inventory system
Material turnover ratio
Level setting
ABC analysis
✅ The correct answer is D.
ABC analysis methods of stock control aims at concentrating efforts on selected items of material. ABC method of inventory control involves a system that controls inventory and is used for materials and throughout the distribution management.

1381. In the co-operative organization, the voting rights of members are __________.

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in proportion to the capital paid by each member
equal, irrespective of amount of capital contribution
in proportion to the nominal value of capital held by each member
in proportion to the total finance supplied including the amount of loan by each member
✅ The correct answer is B.
In the co-operative organization, the voting rights of members are equal, irrespective of amount of capital contribution.

1396. A retirement plans funded for workers by corporations, administered and commercial banks are classified as

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retirement funds
pension funds
future funds
workers funds
✅ The correct answer is B.
A retirement plans funded for workers by corporations, administered and commercial banks are classified as pension funds. Pension funds are pooled monetary contributions from pension plans set up by employers, unions, or other organizations to provide for their employees’ or members’ retirement benefits.

1395. Life insurance companies may offer rebate to the buyer on the premium that is payable on the basis of _________.

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Sum assured chosen by the buyer
Type of policy chosen by the buyer
Term of the plan chosen by the buyer
Mode of payment (cash, cheque, card) chosen by the buyer
✅ The correct answer is A.
Life insurance companies may offer rebate to the buyer on the premium that is payable on the basis of sum assured chosen by the buyer. They are in most cases the same throughout the term and are expressed as an annual rate. The rebate for sum assured is offered to those who buy policies with higher amounts of sum assured. Rebate for mode of premium: Premiums can be on annual, half yearly, quarterly or monthly basis.