Q-11- Which type of Claims are related with Outstanding Claim Reserve?
- Open Claims
- Paid-up claims
- IBNR Claims
- Claims under investigation
- Claims on written down business
Option-3 IBNR Claims
Q-12- The Professional person who calculates the premium as per Mortality & Morbidity tables is known as
- Agent
- Actuary
- Underwriter
- Development Officer
Option-2 Actuary
Q-13- The process of full transfer of rights of the policyholder to someone else is called
- Surrender
- Assignment
- Absolute assignment
- Conditional assignment
Option-3 Absolute assignment
Q-14- The form in which the proposer gives his details in writing, asks for the type of cover and is also the basis of an insurance contract is known as ________.
- Proposal Form
- Mandate Form
- Application Form
- Underwriting Form
Option-1 Proposal Form
Q-15- In Insurance, a person who applies for Insurance is known as __________
- Proposer
- Prospect
- Applicant
- Customer
Option-1 Proposer
Q-16- Which of the Insurance policies are entitled for Bonuses ?
- With Profit plans
- Participating policies
- Non-participating policies
- Both 1 and 2
- Both 2 and 3
Option-4 Both Participating and with Profit plans are entitled for Bonuses.
Q-17- Boiler & Pressure plant insurance policies cover damages caused by
- Fire
- Explosions
- Terrorist activities
- Leakage of Pressures
- All of the above
Option-2 Boiler and Pressure Plant Insurance covers damage to boilers & pressure plant with damage to surrounding property and Third Party legal liability arising due to explosion and collapse of the boiler/ pressure plant during its normal course of working.
Q-18- From below which is not a Liability policy?
- Public Liability
- Product Liability
- Errors & Omission Policy
- Personal Accident Policy
- Professional Indemnity Policy
Option-4 Personal Accident Policy is not a Liability Policy.
Q-19- Which coverage is provided under Accidental policies?
- Death Only
- Disablement only
- Both of above
- None of above
Option-3 Both of above i.e Death and Disablement are covered under Accidental policies.
Q-20- War and strikes are covered under the voluntary War & Risks Scheme for the ship owners introduced by :
- Govt of India
- Port Trust of India
- Ministry of Shipping
- Marine Hull insurance
Option-4 Marine Hull insurance
These Insurance GK questions are important for students, those preparation for Licentiate or any other exams require exposures of General insurance. Awareness of Fire insurance and accounting practices followed in managing and maintaining various accounting standards.