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 Group term products, superannuation scheme and Casualty actuarial functions under Insurance are helpful to all insurance aspirants to know insurance in related areas too.
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Q-1- What is Free cover limit in Group Insurance?
- No limit for age group coverage
- Limit of sum insured available without any premium
- Limit of sum insured without any exception of coverage
- Limit of sum insured upto which not any health requirement
Option-4 Free cover limit in Group Insurance is the Limit of sum insured upto which not any health requirement.
Q-2- An Actuary task is to
- present MIS for public use
- formulate the best solution
- prove validity of particular method
- devise a concrete method for calculation
Option-2 An Actuary task is to formulate the best solution to the business problem.
Q-3- The term OYRGTA means
- One Year Regular Group Term Assurance
- One Year Renewable Group Term Assurance
- Only Yearly Regulated Group Time Assurance
- Only Yearly Renewal of Group Term Assurance
Option-2 OYRGTA means One Year Renewable Group Term Assurance.
Q-4- _________ are specialists of Risk.
- Agents
- Brokers
- Actuaries
- Surveyours
Option-3 Actuaries are specialists of Risk.
Q-5- In terms of coverage, Group insurance is more wider than an Individual insurance.
- Yes, as group policies are tailor made policies.
- No, it all depends on each Insurance company.
- No, under an individual policy individual can himself decide cover and premium.
- Yes, but premium is on higher for more cover, in compare to an individual policy.
Option-1 In terms of coverage, Group insurance is more wider than an Individual insurance. The premium is also lower in comparision to an individual policies. That is why Group policies are also called as Tailor made policies.
Q-6- The Fundamental task of casualty actuary is
- determine the optimal price of insurance product
- determine the expected cost of insurance product
- determine to risk associated with insurance product
- both 1 and 2 above
Option-4 The Fundamental task of casualty actuary is determine the optimal price of insurance product and determine the expected cost of insurance product.
Q-7- What is aim of NPS- Swavalamban intitative?
- target youth to train and help in setup their own startups
- to encourage marginal investors for investing in NPS fund
- to raise funds for investment in startup at low interest rate
- building up a corpus sufficient enough to buy an annuity for old age
Option-4 The aim of NPS- Swavalamban intitative is building up a corpus sufficient enough to buy an annuity for their old age.
Q-8- Pricing coverage for Catastrophic losses requires
- modeling expertise
- meteorological knowledge
- both above
- none of above
Option-3 Pricing coverage for Catastrophic losses requires both modeling expertise and meteorological knowledge.
Q-9- Under Group Life insurance policies, the benefit is payable
- only in event of death of employee while in service
- only in event of death of employee while in service or after service
- only in event of death of employee while in service and in institution premise
- only in event of death of employee while in service and irrespective of institution premise
Option-4 Under Group Life insurance policies, the benefit is payable only in event of death of employee while in service and irrespective of institution premise.
Q-10- Superannuation schemes provides retirement pensions by means of
- lump sum payment
- deferred and immediate annuities
- regular monthly payment through post office
- none of above
Option-2 Superannuation schemes provides retirement pensions by means of deferred and immediate annuities.