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These 20 Insurance GK MCQs are all about Life and about the general insurance sector.
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Q-1- What is ‘Parametric Insurance’?
- insurance that offers variable payouts based upon a events
- insurance that offers fixed payouts based upon a trigger event
- insurance that offers fixed payouts based upon a uninsured event
- insurance that offers variable payouts based upon a trigger event
Option-2 Parametric insurance is a non-traditional insurance product that offers pre-specified payouts based upon a trigger event.
Q-2- Parametric Insurance is also known as
- crop insurance
- weather insurance
- index-based insurance
- None of the above
Option-3 Parametric Insurance is also known as Index-based insurance, index-linked insurance or, simply, index insurance,which is primarily used in agriculture.
Q-3- How many minutes Eyes need to adapt darkness while flash of light.
- 10 minutes
- 15 minutes
- 20 minutes
- 30 minutes
Option-4 Eyes need up to 30 minutes to adapt to darkness while a flash of light will reverse that adaptation.
Q-4- Which type of aircraft is more hazardous in night flying in the event of engine failure?
- Helicopter
- Fixed wing
- Rotor wing
- Single engine
Option-4 Single engine aircraft is more hazardous in night flying in the event of engine failure since the terrain below is not identifiable.
Q-5- Errors due to lack of discipline and concentration in following a defined steps are known as
- Skill errors
- Decision errors
- Procedure errors
- None of above
Option-3 Errors due to lack of discipline and concentration in following a defined steps are known as ‘Procedure errors’.
Q-6- Errors due to lack of pilot competence on account of inadequate or absence of skill training to handle a particular set of circumtances is known as
- Skill errors
- Decision errors
- Procedure errors
- None of above
Option-1 Errors due to lack of pilot competence on account of inadequate or absence of skill training to handle a particular set of circumtances are known as ‘Skill errors’.
Q-7- Fleet information is one of the underwriting consideration for Aviation underwriters
- True
- False
- Can be consider
- Not required
Option-1 Fleet information is one of the underwriting consideration by Aviation underwriters.
Q-8- Average fleet value for premium computation is derived by
- take average value of each month and divide it by 365
- approx. fleet value on each day of year and divide it by 365
- sum up fleet value on each day of year and divide it by 365
- multiply fleet value on each day of year and divide it by 365
Option-3 Average fleet value can be derived by adding sum up fleet value on each day of year and divide it by 365.
Q-9- ‘Indemnity period’ is can also be referred as ‘Period of Insurance’
- False, both are different terms
- True, both are same and can be used as interchangeable
- Indemnity period is used in Life Insurance and Period of Insurance is used in General Insurance
- None of above
Option-1 Both are different terms.
Q-10- Black box is also known as
- Flight Data Recorder
- Flight Details Recorder
- Flight Information Recorder
- Flight Passenger Information Recorder
Option-1 Black box is also known as Flight Data Recorders(FDRs).