Q-11- What is row of a Loss development triangle represents?
- given accident year
- fixed group of claims
- each year claims value
- premium earned per year
Option-2 Row of a Loss development triangle represents a fixed group of claims.
Q-12- The relation between the Insurer and the reinsurer is based on the principle of _____________.
- Subrogation
- Uberrima fides
- Causa proxima
- Insurable Interest
Option-2 The relation between the Insurer and the reinsurer is based on the principle of Uberrima fides.
Q-13- What is Premium re-direction means?
- a option which allows policyholder to make partly future premium payment
- a option which allows policyholder to future premium payment as per his ease
- a option which allows policyholder to premium allocation to various segregated funds
- none of above
Option-3 Premium re-direction means a option which allows policyholder to premium allocation to various segregated funds
Q-14- What is Segregated funds?
- Funds kept apart for normal invested funds
- Funds as referred in Schedule II-A of the IRDA Regulation, 2000
- Funds seggregated as low risky,medium risky and high risky funds
- Funds invested seperatley in stocks rather than regular invested funds
Option-2 Segregated Funds as referred in Schedule II-A of the IRDA Regulation, 2000.
Q-15- The Oldest known Reinsurance company is
- Hannover Rück SE
- Swiss Reinsurance Company
- Munich Reinsurance Company
- The Cologne Reinsurance Company
Option-1 The foundation of the world’s oldest independent reinsurance company Kölner Rück (Cologne Re), which is also associated with the Great Hamburg Fire.
Q-16- Reinsurance in India developed in period of
- 1947
- 1950
- 1951
- 1952
Option-3 Reinsurance in India developed in period of 1951 onwards.
Q-17- Insurers use machine learning to predict ___________ for their policies.
- claims and losses
- damages and losses
- premiums and losses
- clauses and coverages
Option-3 Insurers use machine learning to predict premiums and losses for their policies.
Q-18- ‘Indian Reinsurance Corporation’, a professional reinsurance insurer formed by GICs operating in India in year
- 1955
- 1956
- 1957
- 1958
Option-2 Indian Reinsurance Corporation was formed by General Insurance Companies in 1956.
Q-19- In _______ Indian Insurance Companies association inititated the formation of Reinsurance Pools in Fire and Hull.
- 1965
- 1966
- 1967
- 1968
Option-3 In 1966 Indian Insurance Companies association inititated the formation of Reinsurance Pools in Fire and Hull.
Q-20- What is term ‘SWIFT’?
- Simple Web Interface Toolset
- Southwest Airlines Integrated Flights Tracking
- Single Window International Facultative and Treaty
- Society for Worldwide Interbank Financial Telecommunications
Option-3 SWIFT is an acronym of Single Window International Facultative and Treaty and was exclusive in the entire Indian market.
These Insurance GK questions are based on Reinsurance and insurance development in form of Insurance quiz and answers.