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MCQ Re-Insurance

The document discusses reinsurance concepts. It defines reinsurance as the process where one insurer transfers risk to another insurer. An insurance company can reinsure fully or partially. The risks generally covered are large or catastrophic in nature. The amount of risk an insurance company retains is called the retention limit. The national reinsurer of India until 2016 was GIC of India Ltd. As per IRDAI regulations, all non-life insurers must cede 10% of their premium to the national reinsurer. When a reinsurer transfers risk to another insurer or reinsurer, it is called retrocession. Agreements outlining retention limits between insurers and reinsurers are called treaties.

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4K views1 page

MCQ Re-Insurance

The document discusses reinsurance concepts. It defines reinsurance as the process where one insurer transfers risk to another insurer. An insurance company can reinsure fully or partially. The risks generally covered are large or catastrophic in nature. The amount of risk an insurance company retains is called the retention limit. The national reinsurer of India until 2016 was GIC of India Ltd. As per IRDAI regulations, all non-life insurers must cede 10% of their premium to the national reinsurer. When a reinsurer transfers risk to another insurer or reinsurer, it is called retrocession. Agreements outlining retention limits between insurers and reinsurers are called treaties.

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AMIT BHATIA
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MCQ : REINSURANCE :

1. The process of transfer of risk from one insurer to another insurer is termed
as :
A) Transfer insurance B) Risk transfer C) Reinsurance.
D) Double insurance E) Joint insurance

2. Reinsurance can be exercised by an insurance company in :


A) Full B) Part C) Both Full & Part.
D) Excess E) Surplus

3. In general the risks which are covered under Reinsurance are _________
in nature.
A) Large B) Catastrophic. C) Speculative
D) Dynamic E) Fundamental

4. The amount / limit of risk which the insurance company decides to keep
with itself is called:
A) Self Limit B) Ceding limit C) Quoting limit
D) Retention limit. E) Retro limit

5. Who was the national Reinsurer in India until the year 2016 :
A) L.I.C of India Ltd.
B) G.I.C of India.
C) G.I.C of India Ltd.
D) Swiss Re
E) Munich Re

6. As per latest IRDAI regulations all the non-life insurers have to compulsory
cede _____ of their premium to the national re-insurer.
A) 15 % B) 5 % C) 20 %
D) 5 % E) 10 %

7. When a re-insurer transfers its risk with another insurance company or re-
insurer, its called :
A) Retrocession.
B) Treaties
C) Quota Share
D) Re-insurance Treaties
E) Pool Arrangement

8. The agreements which denotes the retention limits for various risks
between the insurance company and the reinsurer are called as :
A) Reinsurance agreements
B) Reinsurance quotas
C) Treaties.
D) Pool arrangements
E) Second agreements

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