Step 1: Analyze the statement.
This statement is False. A Picaro Novel is a type of picaresque novel, which typically features a roguish protagonist of low social class, who survives through various adventures. It is not directly based on the life of the author.
Step 2: Correct the statement.
'Picaro Novel' refers to a novel about a roguish, often lower-class protagonist, engaging in episodic adventures.
Answer:
{'Picaro Novel' refers to a novel about a roguish, often lower-class protagonist, engaging in episodic adventures.}