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These 20 Insurance GK MCQs are all about Life and about the general insurance sector.
Questions related Risk Management and its applicability in present industry, accounting terminology etc. on Insurance GK.
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Q-1- Economic capital, in relation to a firm is______________
- the amount of working capital
- the amount of capital stipulated in the law to commence business
- the amount of capital needed to ensure the solvency for a given risk profile
- All of above
Option-3 Economic capital, in relation to a firm is the amount of capital needed to ensure the solvency for a given risk profile.
Q-2- Which is not a drawback of Scenario Analysis?
- Implausible losses might be considered
- Subjective in deciding how serious the risks are
- Assumes that the scenarios are equally probable
- Considers the correlations between the risk factors
Option-4 Scenarion Analysis considers the correlations between the risk factors
Q-3- Risk culture requires____________
- building corporate memory
- shaping the right risk actions
- continuous efforts of communication
- All of above
Option-4 All of above.
Q-4- Which one of the following helps to related characteristics of an event to the pobability and severity of the operational losses?
- EWMA Model
- Statistical Analysis
- Monte Carlo Simulation
- Factor or Casual Analysis
Option-4 Factor or Casual Analysis helps to related characteristics of an event to the pobability and severity of the operational losses.
Q-5- Risk Management framework must _______________
- includes appointment of Risk Management Committee
- cover the entire bank and branches through it enabled reporting system
- enable the Bank to map the risk profile of customers and operation of the accounts on real time basis to enable detection of risk on timely basis
- All of above
Option-4 Risk management framework includes all of the above.
Q-6- Standard Operating Procedure(SOP’s) are a set of ___________
- procedures listing dos and dont’s
- documents that guides operation of the hotel
- documents that lay down controls to be instituted
- documents laying down policies and procedures to b followed in the operation of the any organization
Option-4 SOP’s are the documents laying down policies and procedures to b followed in the operation of the any organization
Q-7- From below which is not the essential for the purpose of risk evaluation
- Get consensus from all concerned
- Identify probabilities of failures and threats
- Calculate the exposure i.e possible damage or loss
- Make control recommendations keeping cost-benefit analysis in mind
Option-1 Get consensus from all concerned.
Q-8- More risk in a project can be incorporated by decreasing___________
- initial investment in the project
- internal rate of return of the project
- required rate of return of the project
- estimated future cash inflows from the project
Option-4 More risk in a project can be incorporated by decreasing estimated future cash inflows from the project.
Q-9- The earliest transaction of _______ insurance can be traced to the starting of 14th century in Northern Italy when the Indian merchants traded via Constantinople.
- Life
- Fire
- Ship
- Marine
Option-1 Life.
Q-10- The GIBNA was passed in which year?
- 1956
- 1962
- 1971
- 1972
Option-1 The GIBNA was passed in 1972.