Q-11- Which of these losses or physical damages caused to the property insured by direct contact is not covered under the “Impact Damage” peril of Fire Insurance?
- Losses by any Rail vehicles
- Physical damages by any Road vehicles
- Losses or physical damages by any animals
- Losses or physical damages by any third party
- Losses or physical damages to Rail/Road vehicles or animals of the insured
Option-5 Losses or physical damages to Rail/ROad vehicles or animals of the insured
Q-12- Under which laws the premium investment guidelines for Insurer’s are clearly laid down In India ?
- GAAP Standards Risk
- IRDA (Investment) Regulations, 2001
- IRDA (Investment) Regulations, 2000
- Accounting Standards (AS) issued by the ICAI
Option-3 IRDA (Investment) Regulations, 2000
Q-13- Which type of Claims are related with the Outstanding Claims Reserve ?
- IBNR Claims
- Open Claims
- Paid-up Claims
- Claims under investigation
- Claims on written down business
Option-5 Claims on written down business
Q-14- In General Insurance accounting, the Catastrophe Reserves are to be compulsory created as prescribed by the IRDA and they are mainly for ___________.
- Natural Perils
- Group business
- Re-insurance business
- Accounting of Foreign operations
Option-3 Re-insurance business
Q-15- General Accounting must be in line with which of the following ?
- GAAP Standards Risk
- International Accounting Standards
- IRDA (Investment) Regulations, 2000
- Accounting Standards issued by the ICAI
Option-4 Accounting Standards issued by the ICAI
Q-16- In case of Insurance accounting of general insurance business, which of the below exception is true?
- Segment Reporting applies to all insurers
- Accounting for Investments is not applicable
- Cash Flow Statement to be prepared only under Direct Method
- All of the above
Option-4 All of the above
Q-17- As per IRDA (Investment) Regulations 2000, the insurance company can make an investment of __________ in Housing and Loans to State Government for housing and fire fighting equipments.
- Not more than 5%
- Not less than 30%
- Not less than 10%
- Not less than 5%
Option-4 Not less than 5%
Q-18- What is the other name for Triangulation method of projecting the claims pattern?
- Rate Ladder
- Chain Ladder
- Claims Ladder
- Triangle Ladder
Option-2 Chain Ladder
Q-19- On which strategy the Modern Portfolio Theory of investment of Premium by insurance companies is based upon ?
- Diversification
- Risk Modelling
- Risk Derivatives
- Financial Modelling
Option-1 Diversification
Q-20-Which are the guiding principles, followed by insurance companies globally, for drafting their investment strategies?
- GAAP Standards
- Modern Portfolio Theory
- Asset Liability Management
- Both 1 and 2
- Both 2 and 3
Option-5 Both 2 and 3
These Insurance GK questions are based on Risk Management and Practices followed in the industry. Awareness of Fire insurance and accounting practices followed in managing and maintaining various accounting standards.
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