Insurance & Maritime Trade MCQ — 2 Practice Questions with Answers

Practice 2 Insurance & Maritime Trade multiple-choice questions with detailed answers and explanations. Ideal for RAS/RPSC exam preparation.

2 Questions Indian Economy

Q1. Consider the following statements regarding the underwriting and funding architecture of the Bharat Maritime Insurance Pool: 1. The combined underwriting capacity of the Pool is approximately ₹4,500 crore. 2. GIC Re contributes ₹400 crore and public sector insurers contribute ₹280 crore to the Pool. Which of the statements given above is/are correct?

A 1 only

B 2 only Correct

C Both 1 and 2

D Neither 1 nor 2

Explanation

Statement 1 is incorrect — the combined underwriting capacity of the Pool is approximately ₹950 crore, not ₹4,500 crore. Statement 2 is correct — GIC Re contributes ₹400 crore as Pool administrator and public sector insurers contribute ₹280 crore, with the remainder coming from private insurers and oil marketing companies.

Q2. With reference to the Bharat Maritime Insurance Pool (BMI Pool) approved by the Union Cabinet on April 18, 2026, consider the following statements: 1. The Pool is backed by a sovereign guarantee of ₹12,980 crore. 2. It covers Hull and Machinery, Cargo, Protection and Indemnity (P&I), and War Risk for Indian-flagged or Indian-controlled vessels. 3. GIC Re has been designated as the Pool administrator. Which of the statements given above are correct?

A 1, 2 and 3 Correct

B 1 and 2 only

C 2 and 3 only

D 1 and 3 only

Explanation

All three statements are correct. The Bharat Maritime Insurance Pool approved on April 18, 2026 is backed by a ₹12,980 crore sovereign guarantee, covers Hull and Machinery, Cargo, P&I and War Risk for Indian-flagged vessels, and GIC Re has been designated as the Pool administrator with a contribution of ₹400 crore.

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How many Insurance & Maritime Trade MCQ questions are available?

There are 2 Insurance & Maritime Trade practice MCQs available on Aspirant Academy, with detailed answers and explanations for each question.

Are answers and explanations provided for Insurance & Maritime Trade MCQs?

Yes, every Insurance & Maritime Trade question comes with the correct answer and a detailed explanation to help you understand the underlying concept.

How is Insurance & Maritime Trade relevant to the RAS/RPSC exam?

Insurance & Maritime Trade falls under the Indian Economy section of the RAS/RPSC syllabus. It is a frequently tested area and regular practice with these MCQs will strengthen your preparation.

Can I practice Insurance & Maritime Trade questions in Hindi?

Yes, Aspirant Academy offers bilingual support. You can practice Insurance & Maritime Trade MCQs in both English and Hindi, including questions, options, and explanations.

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Insurance & Maritime Trade MCQ — 2 Practice Questions with Answers

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