InsuranceMCQ_daily_insuranceGK.com

Insurance Questions Daily-35

by

Insurance Questions daily proved very useful to all Insurance aspirants or insurance savvy who regularly seek insurance knowledge.   

These 20 Insurance GK MCQs are all about Life and about the general insurance sector.

Questions related to various terms used in insurance, Reinusrance etc. on Insurance GK.

InsuranceGK team also wishes to all Insurance aspirants for their daily learning with us. Keep learning with us !!

Don’t hesitate to reach us through our contact us page if you have any concerns about information available on the InsuranceGK portal.

Your valuable comments are our strengths.

Q-1- What is Recorded date?

  1. the date on which loss occured
  2. the date on which claim recorded in books
  3. the date on which claim recorded by the Insurer
  4. the date on which claim recorded by the Insured

Option-3 Recorded date is the date on which claim recorded by the Insurer’s statistical information.

Q-2- What is Accounting date?

  1. the date on which claims accounting entires made
  2. the date on which claims reserve included in Balance sheet
  3. the date on which claims included in insurer’s liability estimate
  4. the date on which claims included in insured’s liability estimate

Option-3 Accounting date is the date on which claims included in insurer’s liability estimate.

Q-3- Indicated loss reserve is

  1. the result of the acturial analysis of reserve inventory of a given accounting date conducted as of valuation date.
  2. the result of the acturial analysis of reserve inventory of a given valuation date conducted as of accounting date.
  3. the result of the acturial analysis of reserve inventory of a given valuation date conducted as of recorded date.
  4. the result of the acturial analysis of reserve inventory of a given recorded date conducted as of valuation date.

Option-3 Indicated loss reserve is the result of the acturial analysis of reserve inventory of a given accounting date conducted as of valuation date.

Q-4- Settlement option means

  1. a facility to policyholder to receive advance maturity proceeds
  2. a facility to policyholder to settle future premium payment in EMI’s
  3. a facility to policyholder to receive maturity proceeds in installments
  4. a facility to policyholder to receive maturity proceeds before policy maturity period

Option-3 Settlment option means a facility made available to the policyholder to receive the maturity proceeds in installments in accordance with the terms & conditions are specified in advance at the inception of the contract.

Q-5- Who devised ‘Law of large numbers’?

  1. Jakob Bernoulli
  2. Sir Isaac Newton
  3. Grigori Perelman
  4. Girolamo Cardano

Option-1 The law of large numbers was first proved by the Swiss mathematician Jakob Bernoulli in 1713.

Q-6- Reinsurance is a contract of ____________

  1. indemnity
  2. Subrogation
  3. utmost good faith
  4. mututal understanding between insurer and insured

Option-1 Reinsurance is a contract of Indemnity, even in Life and personal accident insurance.

Q-7- ‘Follow the Fortunes Clause’ in policies means

  1. refer to follow the operating guidelines of Insurer
  2. refer to follow the marketing guidelines of Insurer
  3. refer to follow the underwriting guidelines of Insurer
  4. refer to follow the claim settlement guidelines of Insurer

Option-3 ‘Follow the Fortunes Clause’ in policies means refer to follow the underwriting guidelines of Insurer.

Q-8- What is the Investment budget?

  1. a cartel to take care of exchange rate fluctuations
  2. a cartel for make regular investment to earn extra income
  3. a cartel to take care of any emergency funds requirement
  4. a cartel to make investment in stocks apart from regular investment

Option-1 Investment Budget takes into account exchange rate fluctuations.

Q-9- What is the carried loss reserve?

  1. amount of unpaid claim reserve
  2. amount of unpaid claim liabilities
  3. amount of to be paid claim reserve
  4. amount of to be paid claim liabilities

Option-2 Carried loss reserve means amount of unpaid claim liabilities shown on external or internal finacial statements.

Q-10- What is Loss reserve margin?

  1. addition of carried loss reserve and required loss reserve
  2. difference between carried loss reserve and required loss reserve
  3. difference between indicated loss reserve and carried loss reserve
  4. difference between indicated loss reserve and required loss reserve

Option-2 Loss reserve margin is the difference between carried loss reserve and required loss reserve.

Pages: 1 2

Know more about General Insurance with Avendra Singh

Visit now!
X