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General Knowledge(GK) (or) General Awareness

Welcome to the General Knowledge Section of Free Time Learning. As we are aware General Knowledge (GK) is a very important area in all the competitive exams held in the country. Nowadays, a good knowledge of general awareness is very important in clearing any competitive and government recruitment examinations.

These General Knowledge Question are very important and usefull to UPSC, IAS/PCS, UPPSC, IBPS, SBI, RBI, SSC, CGL, Railway, APPSC, TSPSC, KPSC, TNPSC, TPSC, UPPSC, MPSC, RPSC, BPSC, MPPSC, UKPSC, MPSC, and other competitive exams.

1 .
A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as____
A)
Conditional Receipt
B)
Conditional Renewable
C)
Consequential loss
D)
Conditional Contract

Correct Answer :   Conditional Contract

A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain.

Published On : June 2, 2021
2 .
Once an insurance company has paid up to the limit, it will pay no more during that year is known as____
A)
All-Risk Agreement
B)
Affirmative Warranty
C)
Aggregate Limits
D)
Aleatory contract

Correct Answer :   Aggregate Limits

An aggregate limit is the maximum dollar amount your insurer will pay to settle your claims.

Published On : June 2, 2021
3 .
The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called_____
A)
Actual Loss Ratio
B)
Actuarial Cost Assumptions
C)
Combined Ratio
D)
Acts Of God

Correct Answer :   Actuarial Cost Assumptions

Loss Ratio in insurance is the ratio of total amount paid out in claims plus adjustment expenses divided by the total earned premiums.

Published On : June 2, 2021
4 .
To use life insurance policy benefits as collateral for a loan is called_____
A)
Maturity Claim
B)
Paid-up value
C)
Surrender Value
D)
Collateral Assignment

Correct Answer :   Collateral Assignment

A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan.

Published On : June 2, 2021
5 .
If you stop paying the premium, but do not withdraw the money from your policy, then the policy is referred to as_____
A)
Paid-up value
B)
Surrender Value
C)
Sum Assured
D)
Maturity Value

Correct Answer :   Paid-up value

Paid up value is the reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums.

Published On : June 2, 2021
6 .
The one who will get the insured amount if you die, is referred to as
A)
Insured or Policyholder
B)
Nominee or Beneficiary
C)
Insurer
D)
Agent

Correct Answer :   Nominee or Beneficiary

A person who receives the benefit in case of death of the insured person is a nominee.

Published On : June 2, 2021
7 .
______is a type of reinsurance in which the re-insurer can accept or reject any risk presented by an insurance company seeking reinsurance.
A)
Health Insurance
B)
Treaty Insurance
C)
Facultative Insurance
D)
None of the Above

Correct Answer :   Facultative Insurance

Facultative insurance is reinsurance for a single risk or a defined package of risks.

Published On : June 2, 2021
8 .
______is an actual ownership interest in a specific asset or group of assets.
A)
Equity
B)
Liquidity
C)
Fund
D)
Cover

Correct Answer :   Equity

An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation’s assets and profits.

Published On : June 2, 2021
9 .
Who among the following can take Fire policy?
A)
Educational/ Research Institutions.
B)
Godown Keepers.
C)
Shop Keepers.
D)
All of the Above

Correct Answer :   All of the Above

Fire insurance is insurance that is used to cover damage to a property caused by fire. It is a specialized form of insurance beyond the property insurance. It is designed to cover the cost of replacement, reconstruction or repair which all are not covered by the property insurance policy.

Published On : June 2, 2021
10 .
______is the insurance of commercial property that protects the property from such perils as fire, theft and natural disaster.
A)
Personal Insurance
B)
Commercial Insurance
C)
Liability Insurance
D)
Industrial Insurance

Correct Answer :   Industrial Insurance

It is used to cover any type of commercial property.

Published On : June 2, 2021