IAI SA3 Practice Questions - IAI SA3 General Insurance Specialist Advanced Exam - IAI SA3 Practice Questions - IAI SA3 General Insurance Specialist Advanced Exam

Question 1

Under IRDAI regulations, every general insurer in India must at all times maintain a control level of solvency expressed as a minimum solvency ratio of:

100% 120% 150% 200%

Correct Answer:

150%

Question 2

In the Indian general insurance solvency framework, the Required Solvency Margin (RSM) for a class of business is determined as:

The premium-based RSM1 only The claim-based RSM2 only The higher of the premium-based RSM1 and the claim-based RSM2 The lower of RSM1 and RSM2

Correct Answer:

The higher of the premium-based RSM1 and the claim-based RSM2

Question 3

An Indian general insurer reports Available Solvency Margin of Rs 750 crore against a Required Solvency Margin of Rs 500 crore. Its solvency ratio is:

67% 133% 150% 250%

Correct Answer:

150%

Question 4

The Indian Motor Third Party Declined Risk Pool (DR Pool) for commercial vehicle 'Act only' insurance was dismantled with effect from:

1 April 2007 1 April 2012 1 April 2016 1 April 2020

Correct Answer:

1 April 2016

Question 5

In India, the premium rates for motor third-party (Act only) liability insurance are:

Set freely by each insurer through filed rates Determined entirely by the GIC Re reinsurance treaty Notified/regulated by IRDAI rather than freely priced Fixed by the Motor Vehicles Act schedule with no actuarial input

Correct Answer:

Notified/regulated by IRDAI rather than freely priced

Question 1

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About this Exam

Prepare with the IAI SA3 Practice Questions - IAI SA3 General Insurance Specialist Advanced Exam practice quiz. This question bank includes 100 questions covering general, insurance, risk, crore, and insurer. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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IAI SA3 Practice Questions - IAI SA3 General Insurance Specialist Advanced Exam

This practice set contains 100 questions from the matching question bank and focuses on general, insurance, risk, crore, and insurer. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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IAI SA3 Practice Questions - IAI SA3 General Insurance Specialist Advanced Exam

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