Insurance Questions Daily-43

Insurance Questions daily proved very useful to all Insurance aspirants or insurance savvy who regularly seek insurance knowledge.   

These 20 Insurance GK MCQs are all about Life and about the general insurance sector.

Questions related e-IA, accounting standards and practices followed by General Insurance companies, insurance, Clauses, widely used Formulas used etc. on Insurance GK.

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Q-1- What is ‘Parametric Insurance’?

  1. insurance that offers variable payouts based upon a events
  2. insurance that offers fixed payouts based upon a trigger event
  3. insurance that offers fixed payouts based upon a uninsured event
  4. 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

  1. crop insurance
  2. weather insurance
  3. index-based insurance
  4. 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.

  1. 10 minutes
  2. 15 minutes
  3. 20 minutes
  4. 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?

  1. Helicopter
  2. Fixed wing
  3. Rotor wing
  4. 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

  1. Skill errors
  2. Decision errors
  3. Procedure errors
  4. 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

  1. Skill errors
  2. Decision errors
  3. Procedure errors
  4. 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

  1. True
  2. False
  3. Can be consider
  4. 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

  1. take average value of each month and divide it by 365
  2. approx. fleet value on each day of year and divide it by 365
  3. sum up fleet value on each day of year and divide it by 365
  4. 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’

  1. False, both are different terms
  2. True, both are same and can be used as interchangeable
  3. Indemnity period is used in Life Insurance and Period of Insurance is used in General Insurance
  4. None of above

Option-1 Both are different terms.

Q-10- Black box is also known as

  1. Flight Data Recorder
  2. Flight Details Recorder
  3. Flight Information Recorder
  4. Flight Passenger Information Recorder

Option-1 Black box is also known as Flight Data Recorders(FDRs).

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