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These 20 Insurance GK MCQs are all about Life and about the general insurance sector.
Questions related to Group policies, Life policies, Risk theory and many new terms under insurance.
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Q-1- Under Group Gratuity scheme benefit of
- on death
- on retirement
- on both above
- none of above
Option-3 Under Group Gratuity scheme benefit of both on death and on retirement.
Q-2- The premium rates of a Group Scheme are adjusted periodically on the basis of experience. This is also known as
- Free cover limit
- Experience rating
- Incidental pricing
- Master cover limit
Option-2 The premium rates of a Group Scheme are adjusted periodically on the basis of experience. This is also known as ‘Experience rating’.
Q-3- Which information is contained by the ‘Certificate of Insurance’?
- Schedule of Benefits
- Premium to be paid
- Information on Insurance contract
- All of the above
Option-4 The certificate of insurance contained all above information.
Q-4- What is the frequency of surprise inspection by Insurer to books of Insured in case of non-employee-employer group?
- once in a quarter
- once in a 6 months
- once in a 12 months
- not required of any inspection
Option-3 The insurr shall conduct a surprise inspection of the books an records of the non-employee-employer group policyhilder at least once in a year to ensure total compliance with the Regulation or require a certificate of such compliance from the auditors of the group policyholders, at lease once a year.
Q-5- For non-linked pension products, in case of single premium plan, the maximum commission that can be paid will be _________of single premium.
Option-2 for non-linked pension products, in case of single premium plan, the maximum commission that can be paid will be 2% of single premium.
Q-6- The Grace period for payment of the premium for all types of linked Insurance policies, except single premium policies shall be
- 15 days, in case of monthly premium schedule
- 30 days, in all other case
- Above 1 is correct 2 is not
- Both 1 & 2 are correct
Option-4 Both above 1 & 2 are correct.
Q-7- The minimum guarantee interest rate applicable to the discontinued fund/policy shall be at an interest rate of _______ per annum.
Option-3 Th minimum guarantee interest rate applicable to the discontinued fund/policy shall be at an interest rate of 4% per annum.
Q-8- The Grace period for payment of the Premium for all types of linked insurance policies, except single premium policies shall be __________.
- 7 days
- 15 days
- 21 days
- 30 days
Option-4 The Grace period for payment of the premium for all types of linked insurance policies, except single premium policies shall be 30 days.
Q-9- Subjective risk is _____________
- same for all person’s/entity’s
- different for each person’s/entity’s
- sometime same or different as the case
- none of above
Option-2 ‘Subjective risk’ is each person’s or entity’s estimate of the risk.
Q-10- The resultant of which Risk can be estimate?
- Objective risk
- Subjective risk
- both above risks resultant can be estimated
- both above risks resultant can not be estimated
Option-2 In certain cases, the resultant of Subjective risk could be estimated. The estimate of risk using the probability distribution could be assume for this.