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

1 .

Actuarial science is associated to ?

A)

Insurance

B)

Banking

C)

Space Technology

D)

All of the above

Correct Answer : Insurance

Actuarial science is associated to Insurance.

2 .

An actuary is expected to

A)

Calculate the premium required to cover a risk on a long-term basis

B)

Make a reasonable forecast of the future liabilities of policies

C)

Make an exact forecast of the future liabilities of policies

D)

Find the probability of an insured event to happen in non-life policies

Correct Answer : Make a reasonable forecast of the future liabilities of policies

3 .

A clause that allows the transfer of rights under a policy from one person to another, usually by means of a written document is called____

A)

Arbitration

B)

Appraisal

C)

Automatic Treaty

D)

Assignment

Correct Answer : Assignment

Assignment is the means by which a life insurance policy holder can transfer rights of the policy to the assignee, in accordance with some terms and conditions.

4 .

An agreement between an insurance company and an agent, granting the agent authority to write insurance from that company is called

A)

Aleatory contract

B)

Affirmative Warranty

C)

All-Risk Agreement

D)

Aggregate Limits

Correct Answer : Affirmative Warranty

An affirmative warranty is a statement regarding a fact at the time the contract was made.

5 .

_____is the age at which the receipt of pension starts in an insurance-cum-pension plan.

A)

Surrender age

B)

Starting age

C)

Maturity age

D)

Vesting age

Correct Answer : Vesting age

The age at which you start receiving pension in an insurance-cum-pension plan is known as vesting age.

6 .

An individual receiving benefits under an annuity is called_____

A)

Annuitant

B)

Insurer

C)

Nominee or Beneficiary

D)

Insured or Policyholder

Correct Answer : Annuitant

An annuitant is a person who receives the benefits of an annuity or pension.

7 .

Which of the following is an optional feature that can be added to a policy?

A)

Maturity Value

B)

Sum Assured

C)

Rider

D)

Annuity

Correct Answer : Rider

A rider is a provision of an insurance policy that is purchased separately from the basic policy and that provides additional benefits at additional cost.

8 .

The person in whose name the insurance policy is made is referred to as

A)

Agent

B)

Insurer

C)

Nominee or Beneficiary

D)

Insured or Policyholder

Correct Answer : Insured or Policyholder

A person or group in whose name an insurance policy is held is known as Insured or Policyholder.

9 .

_____is the period between the date of subscription to an insurance-cum-pension policy and the time at which the first instalment of pension is received.

A)

Depreciation

B)

Deferment

C)

Appreciation

D)

Recognition

Correct Answer : Deferment

Period between the subscription date of an insurance-cum-pension policy and the time at which the first instalment of pension is received is called as deferment period.

10 .

The person who receives the proceeds or the benefits under the plan when the nominee is less than 18 years of age is called _____

A)

Service Provider

B)

Adjuster

C)

Appointee

D)

Aggregate

Correct Answer : Appointee

Where the nominee is a minor, the policyholder is advised to appoint another elder person as an ‘Appointee’.