Which of the following companies became Indian reinsurer after nationalisation?
Anonymous Quiz
16%
LIC
79%
GIC
5%
NICL
0%
UIIC
Which of the following is incorrect with respect to advantages of reinsurance?
Anonymous Quiz
17%
The net premiums and losses are stabilised over a shorter period of time
27%
An insurer cannot accept new and untested risk exposures with reinsurance
38%
The incidence of loss gets widely distributed
19%
The problem of accumulation within each line of business and between different lines is controlled
Reinsurance is a contract between ______________and ___________________.
I. Insurer and insured
II. Insured and Underwriter III. Underwriter and reinsurer IV. Insurer and reinsurer
I. Insurer and insured
II. Insured and Underwriter III. Underwriter and reinsurer IV. Insurer and reinsurer
Anonymous Quiz
16%
I
2%
II
2%
III
81%
IV
SWIFT is an acronym for _______________
I. Single Window International Facultative and Treaty
II. Single Window Indian Facultative and Treaty III. Single Window International Facility and Treaty IV. Single Window Indian Facility and Treaty
I. Single Window International Facultative and Treaty
II. Single Window Indian Facultative and Treaty III. Single Window International Facility and Treaty IV. Single Window Indian Facility and Treaty
Anonymous Quiz
42%
I
12%
II
28%
III
18%
IV
In the surplus method, who decides the limit of liability which can be retained
on any one risk or class of risk?
I. Policyholder II. Intermediary III. Ceding insurer IV. Reinsurer
on any one risk or class of risk?
I. Policyholder II. Intermediary III. Ceding insurer IV. Reinsurer
Anonymous Quiz
9%
I
9%
II
64%
III
18%
IV
In surplus reinsurance, a ceding insurer’s retention is known as ___________.
I. Surplus limit
II. Line III. PML IV. Quota share
I. Surplus limit
II. Line III. PML IV. Quota share
Anonymous Quiz
38%
I
20%
II
18%
III
25%
IV
In which of the following methods does the percentage of retained sum insured
vary for different limits of sums insured and reduce with increase in the limit of
sum insured?
vary for different limits of sums insured and reduce with increase in the limit of
sum insured?
Anonymous Quiz
30%
Proportional Reinsurance
26%
Surplus Reinsurance
15%
Quota share reinsurance
30%
Variable quota share reinsurance
In the Treaty, as a ‘document of agreement’, which of the following countries
are normally excluded while listing territorial scope?
I. UK II. Canada III. Australia IV. South Africa
are normally excluded while listing territorial scope?
I. UK II. Canada III. Australia IV. South Africa
Anonymous Quiz
23%
A
31%
B
8%
C
38%
D
Which of the following details are not included in a list of bordereaux?
I. Name of insured
II. Territorial scope III. Class of risk IV. Ceding insurer’s retention
I. Name of insured
II. Territorial scope III. Class of risk IV. Ceding insurer’s retention
Anonymous Quiz
4%
I
29%
II
8%
III
58%
IV
ABC insurer wants to protect his whole book of business. Hence he enters into
an arrangement where a single composite cover is installed for protection of its
whole business, incorporating all classes of business. This arrangement is known as ____
an arrangement where a single composite cover is installed for protection of its
whole business, incorporating all classes of business. This arrangement is known as ____
Anonymous Quiz
7%
Excess of loss
21%
Aggregate excess of loss
32%
Whole account excess of loss
39%
Umbrella excess of loss
Which of the following is correct with regards to catastrophe cover?
Anonymous Quiz
33%
It protects the insurer against known accumulations arising out of one event.
17%
At least one risk has to be involved in a single loss before the excess of loss is affected.
38%
The retention is normally more than the amount retained under each individual risk.
13%
The retention is normally less than the amount retained under each individual risk.
Which of the following is a normal method of reinsurance in miscellaneous
accident business?
I. Per risk basis II. Per event basis III. Excess of loss basis IV. Surplus basis
accident business?
I. Per risk basis II. Per event basis III. Excess of loss basis IV. Surplus basis
Anonymous Quiz
24%
A
20%
B
32%
C
24%
D
Which of the following is an example of a ‘high risk’ area due to frequent occurrence of bush fires?
A.The USA
B.Europe C Japan D. Australia
A.The USA
B.Europe C Japan D. Australia
Anonymous Quiz
19%
A
13%
B
28%
C
41%
D
The magnitude of an earthquake is measured on the
______________.
I. Richter scale II. Beufort scale III. Moment magnitude scale IV. Modified magnitude scale
______________.
I. Richter scale II. Beufort scale III. Moment magnitude scale IV. Modified magnitude scale
Anonymous Quiz
73%
I
12%
II
9%
III
6%
IV
In a year of catastrophe, the reinsurance programme
should be designed in such
a manner that ________________
should be designed in such
a manner that ________________
Anonymous Quiz
24%
I. The strain on the resources of the insurer must be maximum
50%
II. The strain on the resources of the insurer must be minimum
15%
III. The invested funds have a cash loss estimation facility
12%
IV. The invested funds manage a good cash flow
The primary objective of reinsurance is that it should reduce the insurer’s probability of ‘ruin’ at a price acceptable to it . In what context is the word ‘ruin’ used by an actuary?
Anonymous Quiz
45%
I. Loss
39%
II. Bankruptcy
11%
III. Deficit
5%
IV. Debit