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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 .
Direct marketing involves which of the below?
A)
Telemarketing
B)
Bancassurance
C)
Insurance agents
D)
All of the above

Correct Answer :   All of the above

Published On : June 1, 2021
2 .
What does inter-temporal allocation of resources refer to?
A)
Diversification of resource allocation
B)
Temporary allocation of resources
C)
Allocation of resources over time
D)
Postponing allocation of resources until the time is right

Correct Answer :   Allocation of resources over time

Inter-temporal allocation of resources refer to Allocation of resources over time. One of the principal purposes of saving and investing is to achieve inter-temporal allocation of resources, which is both efficient and effective.

Published On : June 1, 2021
3 .
Which among the following is a limitation of traditional life insurance products?
A)
Well defined cash and savings value component
B)
Rate of return is not easy to ascertain
C)
Yields on these policies is high
D)
Clear and visible method of arriving at surrender value

Correct Answer :   Rate of return is not easy to ascertain

Rate of return is not easy to ascertain in traditional life insurance products. A traditional whole life policy is a type of life insurance contract that provides for insurance coverage of the contract holder for his/her entire life.

Published On : June 1, 2021
4 .
Which of the below statement is true regarding ULIP’s?
A)
ULIP’s are opaque with regards to their term, expenses and savings components
B)
Value of the units is determined by a formula fixed in advance
C)
Investment risk is borne by the insurer
D)
ULIP’s are bundled products

Correct Answer :   ULIP’s are opaque with regards to their term, expenses and savings components

ULIP's are transparent with regards to their term, expenses and savings components. The value of each unit of a fund is determined by dividing the total value of the fund's investments by the total number of units.

Published On : June 1, 2021
5 .
The reason for charging level premiums is
A)
Risk increases as age increases
B)
The reason for charging level premiums is
C)
It is convenient to the insurer
D)
All of the above

Correct Answer :   All of the above

The reason for charging level premiums is Risk increases as age increases, it is convenient to the policyholder and it is convenient to the insurer.

Published On : June 1, 2021
6 .
What does a premium depend upon?
A)
The report of the agent
B)
The decision of the underwriter
C)
The state of health of the policyholder
D)
The place of worship visited by the person to be insured

Correct Answer :   The decision of the underwriter

Insurance premiums depend on a variety of factors including the type of coverage being purchased by the policyholder, the age of the policyholder, where the policyholder lives, the claim history of the policyholder, and moral hazard and adverse selection. Insurance premiums may increase after the policy period ends.

Published On : June 1, 2021
7 .
Which one of the following statements is correct?
A)
The underwriter determines the premium to be charged
B)
The underwriter is an employee of the insurer
C)
Both (a) and (b)
D)
None of the above

Correct Answer :   Both (a) and (b)

Published On : June 1, 2021
8 .
An insurance contract has to fulfill the requirements of the
A)
LIC Act, 1956
B)
IRDA Act, 1999
C)
Insurance Act, 1938
D)
Indian Contract Act, 1872

Correct Answer :   Indian Contract Act, 1872

An insurance contract has to fulfill the requirements of the Indian Contract Act, 1872. It determines the circumstances in which promises made by the parties to a contract shall be legally binding. Under Section 2(h), the Indian Contract Act defines a contract as an agreement which is enforceable by law.

Published On : June 1, 2021
9 .
Term insurance is mainly suitable for which of the following needs?
A)
Income replacement
B)
Tax planning
C)
Savings
D)
Disease

Correct Answer :   Income replacement

Income replacement ratio is a thumb rule to help you estimate this income. Simply, it is the percentage of the pre-retirement income that you are likely to need to maintain a similar standard of life in retirement. ... By this rule of thumb you will need 70% to 80% of pre-retirement income to meet your expenses.

Published On : June 1, 2021
10 .
In case of ULIPs, which of the following statements is correct?
A)
Entire premium is invested in units
B)
Premium less risk charges are invested
C)
Premium less charges are invested
D)
Premium less bonuses are invested in units

Correct Answer :   Premium less charges are invested

In a Ulip, the entire amount paid as premium is not used to purchase units. The insurers deduct certain charges and fees before allotting units. The remaining premium amount is invested in various asset classes such as debt, equity or both (called fund options) depending on policyholder's choice.

Published On : June 1, 2021