Latest Insurance and Finance General Knowledge(GK) Questions and answers

1 .

_____are assumptions about rates of investment earnings, mortality, turnover and distribution or actual ages at which employees are likely to retire.

A)

Actuarial Cost Assumptions

B)

Acts of God

C)

Combined Ratio

D)

Actual Loss Ratio

Correct Answer : Actuarial Cost Assumptions

2 .

The payment of sum assured to the insured person which has become due by instalments under a money back policy is known as____

A)

Surrender Value

B)

Survival Benefit

C)

Paid-up value

D)

Paid-up value

Correct Answer : Survival Benefit

Survival benefits are benefit given to the policy holder during or upon completion of the policy tenure.

3 .

Which is used to determine the actual cash value of property at time of loss?

A)

Appreciation

B)

Realization

C)

Depreciation

D)

Recognition

Correct Answer : Depreciation

Depreciation is a measure of age and condition, with a given lifetime. It may be referred to as a value (in dollars), or a percentage, or a number of years.

4 .

A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held is called

A)

Service Provider

B)

Agent

C)

Aggregate

D)

Adjuster

Correct Answer : Adjuster

The person who investigates insurance claims to determine the extent of the insuring company’s liability. That particular person also known as Claim Adjuster

5 .

Who developed the concept of Human Life Value?

A)

Prof.Nanajing

B)

Prof. Hubener

C)

Prof. Loreto

D)

Prof. Abneto

Correct Answer : Prof. Hubener

6 .

Consider the following example- Rashmi does not venture outside the house for fear of meeting with an accident.

A)

Risk avoidance

B)

Risk detection

C)

Risk retention

D)

Risk Control

Correct Answer : Risk avoidance

7 .

Which of the following was the first non-life insurer to be established in India?

A)

National Insurance

B)

Oriental Insurance

C)

Bombay Mutual Assurance

D)

Triton Insurance

Correct Answer : Triton Insurance

8 .

Government has issued an ordinance announcing LJLIP as 'Insurance Product'. Who is now the regulator of ULIPs?

A)

SEBI

B)

SEBI

C)

IRDAI

D)

Both (a) and (b)

Correct Answer : IRDAI

9 .

Which committee was formed in 1993 to propose recommendation for initiation and implementation of reforms in the Indian Insurance Sector?

A)

AK Bhuchar Committee

B)

R.N. Malhotra Committee

C)

CE Kamath Committee

D)

A.C. Shah Commitee

Correct Answer : R.N. Malhotra Committee

10 .

If a policy holder stops paying the premium after three years, but does not withdraw the money from his policy, then the policy is said to be_____

A)

Terminated

B)

Paid UP

C)

Annuity

D)

AD&D

Correct Answer : Paid UP

In such a case the policy is said to be paid up