Q-11- ____________ is an arrangement established by employers to provide pension and related benefit to their employees.
- Bonus
- Gratuity
- Occupational pension
- Employee stock options
Option-3 Occupational pension is an arrangement established by employers to provide pension and related benefit to their employees.
Q-12- Group Insurance policies offer life insurance protection to all groups EXCEPT
- Creditor-Debtor
- Seller-Customer
- Employer-Employee
- Members of registered Club
Option-2 Group insurance policies offer life insurance protection to all groups EXCEPT Seller-Customer group.
Q-13- ‘Key Man Insurance’ the policy holder may be
- Key Person(s) of any block
- Key Person(s) of any Family
- Key Person(s) of any Institution
- Key Person(s) of any Community
Option-3 ‘Key Man Insurance’ the policy holder may be Key Person(s) of any Institution.
Q-14- Reinstatement value policies doesn’t apply for
- Stock
- Building
- Furniture Fittings
- Plant & Machinery
Option-1 Reinstatement value policies doesn’t apply for Stocks.
Q-15- The basis on which assets are replacing on Reinstatement value policy is
- utility value
- market value
- insured Book value
- cost of replacement
Option-4 The amount payable under the policy is to be calculated on cost of replacing or reinstating on the same site.
Q-16- In case of loss or damage insurance claim,Depreciation applies on
- stocks
- building
- furniture & fittings
- plant & machinery
Option-1 Depreciation not applied on stocks.
Q-17- Insurable standing charge is
- Interest on loans
- Rent,rate & taxes
- Duties, licence & Patent fee
- All above
Option-4 All above are the examples of Insurable charges.
Q-18- All below are Insurable charges EXCEPT
- Pension
- Electricity charges
- Insurance Premium
- Directors fees & remuneration
Option-2 All below are Insurable charges EXCEPT Electricity Charges.
Q-19- Under Spoilage clause, the cover is granted for
- Spoilage of sold Stock
- Spoilage of Stock-in-Process
- Spoilage of normal in nature
- none of above
Option-2 Under Spoilage clause, the cover is granted for Spoilage of Stock-in-Process.
Q-20- The group dynamic plays an important role in underwriting purpose.
- False, only the group bhaviour is main factor for premium determination
- True, group dynamic like size, cover required etc. are main factors
- different insurers having their own underwriting guidelines
- none of above
Option-2 The group dynamic plays an important role in underwriting purpose.Group size, cover required etc. are main factors for group underwriting.
These Insurance GK questions are based on Group underwriting, nature of different policies in form of Insurance quiz and answers.