Introduction MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Introduction, a fundamental topic in the field of IC85 Reinsurance Management. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Introduction MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of Introduction mcq questions that explore various aspects of Introduction problems. Each MCQ is crafted to challenge your understanding of Introduction principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC85 Reinsurance Management tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our Introduction MCQs are your pathway to success in mastering this essential IC85 Reinsurance Management topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of Introduction. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

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Introduction MCQs | Page 8 of 13

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Q71.
Who is responsible for regulating and controlling the conduct of insurance business in India?

a.

IRDA

b.

GIC Re

c.

Standard and Poor

d.

None of the above

Discuss
Answer: (a).IRDA Explanation:As a part of the process of liberalisation of the insurance industry in India, the Insurance Regulatory & Development Authority (IRDA) is vested with the authority of regulating and controlling the conduct of insurance business in India.
Q72.
What is the role of GIC Re in the Indian market?

a.

Sole statutory reinsurer for the Indian market

b.

A traditional regional reinsurer

c.

A global reinsurer

d.

Both a and c

Discuss
Answer: (d).Both a and c Explanation:GIC Re became the sole statutory reinsurer for the Indian market. An important outcome following liberalisation and demerger is the reorientation of GIC Re from being a traditional regional reinsurer to a global reinsurer.
Q73.
What is the rating of GIC Re by A.M.Best?

a.

A-

b.

B-

c.

C-

d.

D-

Discuss
Answer: (a).A- Explanation:GIC Re is ranked within the top 20 reinsurers and rated A- by A.M.Best.
Q74.
What is the responsibility of GIC Re in managing Pools for the Indian market?

a.

Manage and administer Indian Motor Third Party Declined Pool

b.

Manage and administer Indian Terrorism Insurance Pool

c.

Manage and administer Indian Marine Hull Insurance Pool

d.

All of the above

Discuss
Answer: (d).All of the above Explanation:GIC Re is entrusted to manage and administer Indian Motor Third Party Declined Pool, Indian Terrorism Insurance Pool, and Indian Marine Hull Insurance Pool.
Q75.
What is the target of GIC Re in terms of balancing domestic and overseas business?

a.

Increase inward reinsurance from overseas markets

b.

Expand its overseas branch operations

c.

Balance the share of domestic and overseas business

d.

None of the above

Discuss
Answer: (c).Balance the share of domestic and overseas business Explanation:GIC Re is expanding its overseas branch operations and sourcing inward reinsurance in London and Dubai and other offices being set up to expand business. The target is to balance the share of domestic and overseas business.
Q76.
What is GIC Re?

a.

A government agency

b.

A non-profit organization

c.

A reinsurer

d.

A commercial bank

Discuss
Answer: (c).A reinsurer Explanation:GIC Re became the sole statutory reinsurer for the Indian market.
Q77.
What regulations govern GIC Re?

a.

RBI regulations

b.

IRDA regulations

c.

SEBI regulations

d.

NABARD regulations

Discuss
Answer: (b).IRDA regulations Explanation:As a reinsurance insurer GIC Re is governed by IRDA regulations.
Q78.
What is the outcome of liberalization and demerger on GIC Re?

a.

GIC Re has become a regional reinsurer

b.

GIC Re has become a global reinsurer

c.

GIC Re has ceased operations

d.

GIC Re has become a government agency

Discuss
Answer: (b).GIC Re has become a global reinsurer Explanation:An important outcome following liberalisation and demerger is the reorientation of GIC Re from being a traditional regional reinsurer to a global reinsurer.
Q79.
What is GIC Re's rating by A.M.Best?

a.

A+

b.

A

c.

A-

d.

B

Discuss
Answer: (c).A- Explanation:GIC Re is rated A- by A.M.Best.
Q80.
What is the Indian market pursuing to establish under the direction of the Government of India?

a.

Natural Catastrophe Pool

b.

Nuclear Risks Liability Pool

c.

Both a and b

d.

None of the above

Discuss
Answer: (c).Both a and b Explanation:Under the direction of the Government of India, the Indian market is pursuing to establish: Natural Catastrophe Pool, Nuclear Risks Liability Pool.
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