Que. 1 : Q1) ____________is a device to transfer a pat of business by an insurer to another insurer or reinsurer for a specified period and to appropriate the found obtained by a transfer of business for policy reserves to strengthen its financial position
1. a) Finite risk
2. b) Contingent capital
3. c) Financial reinsurance
4. d) Multi-trigger cover
Que. 2 : Q2) In case of treaty reinsurance, What is the signing rule for a reinsurance contract?
1. a) Policy has to be signed by ceding insurer
2. b) Policy has to be signed by the reinsured
3. c) Policy has to be signed by or on behalf of each party
4. d) Policy has to be signed by insurance broker
Que. 3 : Q3) Which of the following is designed to protect the ceding insurer against any inadvertent delays, errors or omissions?
1. a) Operative clause
2. b) Errors and omission
3. c) Access to records
4. d) Alterations
Que. 4 : Q4) What is the reinsurance of a single insurance policy, which may cover a schedule of risk in different locations?
1. a) Treaty Reinsurance
2. b) Facultative Reinsurance
3. c) Proportional Reinsurance
4. d) Non-Proportional Reinsurance
Que. 5 : Q5) What does the term facultative reinsurance mean?
1. a) A single risk is reinsured
2. b) A portfolio of risks is reinsured
3. c) Only catastrophe events are reinsured
4. d) Only non-catastrophe events are reinsured