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, Reinsurance, Clauses, widely used Formulas used 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- Marine policy is a ___________ policy.
- assignable
- chargeable
- profit making
- not assignable
Option-1 Marine policy is a assignable policy.
Q-2- Incoterms provide a set of ___________ rules for the interpretation of the most commonly used trade terms in domestic/foreign trade.
- marine
- national
- standard
- international
Option-4 Incoterms provide a set of international rules for the interpretation of the most commonly used trade terms in domestic/foreign trade.
Q-3- Many companies choose to self-insure in the form of ________reserves.
- general
- insurance
- bad-debt
- retained earnings
Option-3 Many companies choose to self-insure in the form of bad-debt reserves. This fund is available to offset the deficit should any of their customers become unable to pay.
Q-4- Incoterms _________ deal with or transfer of ownership/title to the goods.
- do not
- covers
- always
- sometimes
Option-1 Incoterms do not deal with or transfer of ownership/title to the goods.
Q-5- Credit insurance is a business insurance product that protects a seller against ________ from nonpayment of a commercial trade debt.
- losses
- indemnity
- market fluctuation
- currency rate fluctuation
Option-1 Credit insurance is a business insurance product that protects a seller against losses from nonpayment of a commercial trade debt.
Q-6- The role of Trade Credit insurance policy is
- to help policyholders avoid foreseeable losses
- to help policyholders in arranging immediate funds on credit
- to help policyholders in aproviding credit facility in discounted rate of interest
- to help policyholders in approaching world class institution for credit facilities
Option-1 The role of Trade Credit insurance policy is to help policyholders avoid foreseeable losses.
Q-7- Which of the following is the Document of title issued by the shipping line to evidence shipment of the consignment.
- Airway Bill
- Bill of Lading
- Insurance Policy
- Commercial Invoice
Option-2 Bill of Lading is the Document of title issued by the shipping line to evidence shipment of the consignment..
Q-8- What is Limit per bottom in Marine Insurance?
- total value of consignment
- value of a single shipment declared
- limit of coverage decided by insurer
- limit of no. of containers can load on ship bottom
Option-2 Per bottom limit refers to the value of a single shipment declared.
Q-9- In Risk Management, Pure premium method is based on
- Exposure
- Premium paid
- Applicable rates
- Premium earned
Option-1 In Risk Management, Pure premium method is based on exposure.
Q-10- Under Loss ratio method, it ________________
- is based on premium
- requires exisisting rates
- doesn’t requires exisisting rates
- produces indicated rate changes
Option-2 Under Loss ratio method, it requires existing rates.