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 .

What percent of shares of National Insurance Company Ltd. is held by Government of India?

60%

70%

85%

100%

Correct Answer : 100%

Published On : June 2, 2021

2 .

______is the time which must pass after filing a claim before policyholder can collect insurance benefits

Waiting period

Benefit period

Off period

Elimination period

Correct Answer : Waiting period

Waiting period : This is the period of time that must pass before your cover comes into effect. During this time you are unable to claim. For example, if you have a waiting period applied for spinal injuries, you would be unable to claim for this condition until the waiting period had passed. This is to prevent people applying for cover when they know that they are likely to claim in the near future.

Published On : June 2, 2021

3 .

As per the Insurance Act, every insurer has to prepare at the end of financial year

Balance Sheet

Profit and Loss Account

Revenue Account for each class of Insurance business

All of the above

Correct Answer : All of the above

Published On : June 2, 2021

4 .

A document given to an applicant for life insurance stating that the company’s acceptance is contingent upon determination of the applicant’s insurability is known as

Consequential loss

Conditional Contract

Conditional Receipt

Conditional Renewable

Correct Answer : Conditional Receipt

A receipt involved in life, health and certain property insurance contracts; if the insured is deemed to be covered by the insurer, the coverage begins on the date the insured receives the conditional binding receipt.

Published On : June 2, 2021

5 .

_____is legal contract in which the outcome depends on an uncertain event.

Aggregate Limits

Aleatory contract

Affirmative Warranty

All-Risk Agreement

Correct Answer : Aleatory contract

Published On : June 2, 2021

6 .

Percentage of each premium rupee a property/casualty insurer spends on claims and expenses is called____

Actual Loss Ratio

Acts of God

Combined Ratio

Actuarial Cost Assumptions

Correct Answer : Combined Ratio

The combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium.

Published On : June 2, 2021

7 .

Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations is known as_____

Blanket Value

Blanket Bond

Blanket Assign

Blanket Coverage

Correct Answer : Blanket Coverage

Blanket coverage refers to a category of business insurance policies covering multiple properties that are similar in nature but not at the same location.

Published On : June 2, 2021

8 .

If you might want to discontinue the policy, and take whatever money is due to you. The amount the insurance company then pays is known as_______

Surrender Value

Maturity Value

Paid-up value

Sum Assured

Correct Answer : Surrender Value

Published On : June 2, 2021

9 .

_________refers to the insurance company that offers the policy.

Insured or Policyholder

Agent

Insurer

Nominee or Beneficiary

Correct Answer : Insurer

Published On : June 2, 2021

10 .

Which principle specifies an insured should not collect more than the actual cash value of a loss?

Liquidity

Indemnity

Premium

Annuity

Correct Answer : Indemnity

The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured’s economic loss.

Published On : June 2, 2021