Processing Information for Reinsurance Decisions MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Processing Information for Reinsurance Decisions, 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 Processing Information for Reinsurance Decisions 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 Processing Information for Reinsurance Decisions mcq questions that explore various aspects of Processing Information for Reinsurance Decisions problems. Each MCQ is crafted to challenge your understanding of Processing Information for Reinsurance Decisions 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 Processing Information for Reinsurance Decisions 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 Processing Information for Reinsurance Decisions. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your Processing Information for Reinsurance Decisions knowledge to the test? Let's get started with our carefully curated MCQs!

Processing Information for Reinsurance Decisions MCQs | Page 5 of 7

Discover more Topics under IC85 Reinsurance Management

Q41.
The process of implementing an EDP system in reinsurance involves:

a.

Feasibility studies, tendering, and user acceptance

b.

Programming, testing, and system design

c.

Corporate decision and outline system design

d.

Programming, user acceptance, and system design

Discuss
Answer: (a).Feasibility studies, tendering, and user acceptance Explanation:The procedures involved in implementing an EDP system is, starting from an initial corporate decision to investigate the need for a new system and going through feasibility studies, tendering, outline and detail systems design, programming, testing, and user acceptance.
Q42.
The Reinsurance Manager is concerned with:

a.

Programming and system design

b.

User acceptance and feasibility studies

c.

Service provided by the EDP system and its timing

d.

Corporate decisions and tendering

Discuss
Answer: (c).Service provided by the EDP system and its timing Explanation:The Reinsurance Manager is concerned with the service that the EDP system provides, the assistance it offers in functioning more efficiently, and the timing of the service.
Q43.
The use of PC and email in data processing enables:

a.

Slower communication and data storage

b.

Faster communication and data sharing

c.

Higher reinsurance costs

d.

Decreased efficiency in the reinsurance process

Discuss
Answer: (b).Faster communication and data sharing Explanation:Using a PC to turn out files and sending them via email facilitates efficient communication, data sharing, and data storage. Complex data on risk proposals can be transmitted within seconds anywhere in the world and complete transactions with overseas contacts within the space of hours.
Q44.
What does networking with a mainframe and hardware arrangements like hubs and routers enable?

a.

Instantaneous data processing

b.

Access to process data and data transfers

c.

Secure storage of electronic files and emails

d.

Face-to-face meetings across the world

Discuss
Answer: (b).Access to process data and data transfers Explanation:Networking with a mainframe and hardware arrangements like hubs and routers enable access to process data and data transfers in reinsurance.
Q45.
What is the term used to describe an internal network connecting all executives and offices within an organization?

a.

Internet

b.

Intranet

c.

Extranet

d.

Telecommunication

Discuss
Answer: (b).Intranet Explanation:An organization can internally connect all its executives and offices through a private internet arrangement called an "intranet."
Q46.
How is access to an intranet typically restricted?

a.

By using complex hardware arrangements

b.

Through password-restricted access

c.

By requiring physical identification cards

d.

Through biometric authentication

Discuss
Answer: (b).Through password-restricted access Explanation:Access to an intranet facility is typically restricted through password-restricted access.
Q47.
What is an extranet?

a.

A public internet facility

b.

A restricted intranet access

c.

A commercial opportunity for service providers

d.

A database for storing certificates of insurance

Discuss
Answer: (c).A commercial opportunity for service providers Explanation:An extranet is an access provided by service providers as an extension of the intranet, allowing customers to download and use certificates of insurance or ascertain their account balance status. It is referred to as a commercial opportunity for service providers.
Q48.
How do web-based portals and online reinsurance exchanges benefit insurers and reinsurers?

a.

They allow for video/teleconferencing to confirm information.

b.

They generate electronic records that streamline processes.

c.

They provide real-time connectivity with customers.

d.

All of the above.

Discuss
Answer: (d).All of the above. Explanation:Web-based portals and online reinsurance exchanges allow for video/teleconferencing to confirm information, generate electronic records that streamline processes, and provide real-time connectivity with customers.
Q49.
What is the term used to describe the process of electronically settling statements and making online payments?

a.

Web-based integration

b.

Electronic funds transfer

c.

Digital transactions

d.

EDI settlements

Discuss
Answer: (d).EDI settlements Explanation:Statements rendered for confirmation to settle are followed up by EDI settlements and through online payments.
Q50.
According to Bill Gates, what term is used to describe a system where everyone has access to data that enriches their job and performance?

a.

Digital connectivity

b.

Real-time availability

c.

Digital Nervous System

d.

Communication network

Discuss
Answer: (c).Digital Nervous System Explanation:Bill Gates called the system where everyone has access to data that enriches their job and performance the "Digital Nervous System."
Page 5 of 7