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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.
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Q-1- In 1961, the Indian Government made it compulsory for every insurer to cede the ______in Marine Hull and Miscellanous Insurance business.
- 5%
- 10%
- 15%
- 20%
Option-2 In 1961, the Indian Government made it compulsory for every insurer to cede the 10% in Marine Hull and Miscellanous Insurance business.
Q-2- In 1966, the Indian Insurance Companies Association initiated the formation of Reinsurance Pools in _______ to increase the retained premiums in the country.
- Health
- Marine
- Vehicle
- Fire and Hull
Option-4 In 1966, the Indian Insurance Companies Association initiated the formation of Reinsurance Pools in Fire and Hull to increase the retained premiums in the country.
Q-3- An Occurence is
- an occurence of any major event in past
- an occurence of any major event in present
- an occurence of any major event predicted in future
- a series of incidents happening over a specified period of time, resultant in Loss.
Option-4 An Occurence is a series of incidents happening over a specified period of time, resultant in Loss.
Q-4- All are the allocated loss adjustment expenses(ALAE) EXCEPT
- experts’ fee
- attorneys’ fee
- investigative fee
- electricity cost
Option-4 All are the allocated loss adjustment expenses(ALAE) EXCEPT Electricity cost.
Q-5- Section 80CCC of The Income Tax Act related to
- concession in respect of Superannuation fund
- deduction in respect of contribution to certain Pension funds
- deduction in respect of contribution to certain Pension schemes of central Govt.
- None of above
Option-2 Section 80CCC of The Income Tax Act related to deduction in respect of contribution to certain Pension funds.
Q-6- Section 80CCD of The Income Tax Act related to
- concession in respect of Superannuation fund
- deduction in respect of contribution to certain Pension funds
- deduction in respect of contribution to certain Pension schemes of central Govt.
- None of above
Option-3 Section 80CCD of The Income Tax Act related to deduction in respect of contribution to certain Pension schemes of central Govt.
Q-7- Which of the following is a type of Reinsurance Contract?
- Enquota share
- Treated reinsurance
- Facilitative reinsurance
- Facultative reinsurance
Option-4 Facultative reinsurance is a form of reinsurance.
Q-8- Where the Insurer has no obligation to cede a risk is called
- Treaty reinsurance
- Quota Share treaty
- Facultative reinsurance
- Proportional reinsurance
Option-3 Where the Insurer has no obligation to cede a risk is called Facultative reinsurance.
Q-9- Average Loss per claim is called
- Severity
- Exposure
- Frequency
- Probability
Option-1 The Average loss per claim is called as Severity.
Q-10- The Formula to calculate ‘Pure Premium’ is
- P=LxE
- P=L+E
- P=L/E
- P=L-E
Option-3 Pure Premium is calculated as Losses divided by exposure units.