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Insurance Awareness - Reinsurance and International Terms — Insurance Awareness Questions & Practice

60 Insurance Awareness - Reinsurance and International Terms questions from Insurance Awareness for competitive exams such as UPSC, Banking, SSC and Railway. Read the worked questions below, check every answer with an explanation, and track what you get wrong. का अभ्यास करें

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Insurance Awareness - Reinsurance and International Terms पर अभ्यास प्रश्न — उत्तर सहित

Try each question first, then open the answer. Explanations are included.

1. Which of the following describes Reinsurance?

  1. AA well-known insurance and reinsurance marketplace based in London
  2. BA form of reinsurance in which the reinsurer agrees to accept a defined category of risks automatically
  3. CA form of reinsurance that provides coverage against large-scale losses from catastrophic events
  4. DThe practice of an insurance company transferring part of its risk to another insurer to reduce exposure to large losses
उत्तर दिखाएँ

उत्तर: D

'Reinsurance' relates to: The practice of an insurance company transferring part of its risk to another insurer to reduce exposure to large losses

2. What does 'Reinsurance' refer to?

  1. AThe practice of an insurance company transferring part of its risk to another insurer to reduce exposure to large losses
  2. BA global body that develops standards for the supervision of the insurance industry
  3. CAn insurance company that transfers risk to a reinsurer
  4. DIRDAI regulations designed to make insurance products accessible and affordable to low-income groups
उत्तर दिखाएँ

उत्तर: A

'Reinsurance' relates to: The practice of an insurance company transferring part of its risk to another insurer to reduce exposure to large losses

3. Which term is described as: 'The practice of an insurance company transferring part of its risk to another insurer to reduce exposure to large losses'?

  1. ACedant
  2. BReinsurance
  3. CCatastrophe Reinsurance
  4. DInternational Association of Insurance Supervisors (IAIS)
उत्तर दिखाएँ

उत्तर: B

This corresponds to 'Reinsurance'.

4. Identify the term: 'The practice of an insurance company transferring part of its risk to another insurer to reduce exposure to large losses'.

  1. ABancassurance
  2. BMicro-insurance Regulations
  3. CReinsurance
  4. DTreaty Reinsurance
उत्तर दिखाएँ

उत्तर: C

This corresponds to 'Reinsurance'.

5. Which of the following describes Facultative Reinsurance?

  1. AA form of reinsurance in which the reinsurer shares premiums and losses in an agreed proportion with the insurer
  2. BA form of reinsurance in which the reinsurer evaluates and accepts risks on a case-by-case basis
  3. CA periodic assessment of an insurer's liabilities and assets to determine its financial soundness
  4. DA global body that develops standards for the supervision of the insurance industry
उत्तर दिखाएँ

उत्तर: B

'Facultative Reinsurance' relates to: A form of reinsurance in which the reinsurer evaluates and accepts risks on a case-by-case basis

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