1. ICICI Lombard General Insurance Company has partnered with _________ to provide cyber insurance cover of Rs 50000.

A. Free Charge B. Mobikwik C. Paytm D. Phonepe E. Google Pay

2. IndianMoneyInsurance.com,received IRDAI’s insurance broking licence to enter the insurance business. It is a subsidiary of _______- based IndianMoney.com Group.

A. Mumbai B. Bengaluru C. Lucknow D. Hyderabad E. None of the above

3. IRDAI has constituted a panel under ________ to review the microinsurance framework.

A. Subhash Chandra Khuntia B. HR Khan C. Bimal Jalan D. Suresh Mathur E. Hemant Bhargava

4. IRDAI has increased the mandatory third-party motor insurance premium up to ___________.

A. 14% B. 25% C. 27% D. 21% E. 11%

5. Rahul, a software engineer is 30 years old with a salary of Rs.70000 per month. He is married with a single child. His entire income goes into investment plans after the monthly deductibles. What are the other best avenues where he can look for to safeguard his family?

A. Mutual Funds B. Insurance plans C. Provident Funds D. Pension Funds E. Chit funds

Answers and Explanations
1. Answer - Option B
Explanation -
ICICI Lombard & Mobikwik announced a partnership to offer cyber-insurance against unauthorized & fraudulent transactions online across bank accounts, debit/credit cards & mobile wallets. It can be availed via the app at Rs 99/month & with sum insured of Rs 50000
2. Answer - Option B
Explanation -
IndianMoneyInsurance.com, a subsidiary of the Bengaluru-based IndianMoney.com Group, has received the Insurance Regulatory and Development Authority of India’s insurance broking licence to enter the insurance business.
3. Answer - Option D
Explanation -
Insurance Regulatory & Development Authority of India (IRDAI) has set up a 13 member committee under IRDAI Executive Director Suresh Mathur to review the regulatory framework on microinsurance & recommend measures to increase the demand for such products.
IRDAI Chairman- Subhash Chandra Khuntia HQ- Hyderabad
4. Answer - Option D
Explanation -
IRDAI has increased the mandatory third-party motor insurance premium by up to 21% for certain categories. It will be applicable from June 16. The new TP insurance for smaller cars (less than 1000 cc) will cost Rs 2072 or 12% from the existing Rs 1850.
5. Answer - Option B
Explanation -
As per his current plan making investments alone won’t take care of his family in case of his untimely and unfortunate death. Sudden death with no insurance plan and missing income would mean his family would be in for a huge trouble. Therefore, insurance plans are suitable to go with as they provide risk cover to the family in case of an unforeseen event.

1. ‘Your Health First’ is the famous tagline of which of the following insurance companies?

A. Apollo Munich Health Insurance Company B. Max Bupa Health Insurance Company C. PNB Metlife Insurance Company D. Star Health and Allied Insurance Company E. Religare Health Insurance Company

2. ___________ launched “Webassurance” with its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance.

A. Canara Bank B. HSBC Bank C. Oriental Bank of Commerce D. Both (A) & (B) E. All (A), (B) & (C)

3. IndianMoneyInsurance.com subsidiary of _______based IndianMoney.com Group recently received IRDAI’s insurance broking licence to enter the insurance business.

A. Mumbai B. Bengaluru C. Lucknow D. Hyderabad E. None of the above

4. Where are the headquarters of Bharti AXA General Insurance Company Limited?

A. Mumbai B. New Delhi C. Chennai D. Kolkata E. Gurgaon

5. Who among the following is the Managing Director of the Kotak Life Insurance Company?

A. Beena Jadhav B. Vandana Kamath C. Duttatreya Kukudkar D. Deepika Bargal E. G Murlidhar

Answers and Explanations
1. Answer - Option B
Explanation -
Max Bupa Health Insurance Company Ltd. (Max Bupa) is a joint venture between Max India Limited and the UK based healthcare services expert, Bupa.
Tagline – Your Health First
2. Answer - Option A
Explanation -
Canara Bank and its life insurance partner Canara HSBC Oriental Bank of Commerce Life Insurance announced the launch of “Webassurance” under which 4 life insurance products of Canara HSBC OBC Life would be made available to customers of Canara Bank online.
Canara Bank MD & CEO- RA Sankara Narayanan HQ- Bengaluru
3. Answer - Option B
Explanation -
IndianMoneyInsurance.com, a subsidiary of the Bengaluru-based IndianMoney.com Group, has received the Insurance Regulatory and Development Authority of India’s insurance broking licence to enter the insurance business.
4. Answer - Option A
Explanation -
The Bharti AXA General Insurance Company is headquartered in Mumbai, Maharashtra. It is a joint venture between Bharti Group and AXA business group. It was founded in the year 2008.
5. Answer - Option E
Explanation -
The Kotak Life Insurance Company is a private sector life insurance company in India. The Non-Executive Chairman of the company is Uday Kotak whereas the Managing Director is Mr. G Murlidhar. It was founded in the year 2001. The head quarter of the company is situated in Mumbai, Maharashtra.

1. Which basic principle of insurance defines that the insurance company is liable to compensate the insured up to the actual loss amount suffered?

A. Principle of Indemnity B. Principle of Contribution C. Principle of Subrogation D. Principle of Utmost Good Faith E. None of the above

2. Which among the following correctly defines the Principle of Insurable Interest in an insurance contract?

A. It defines that the insurance company should know the extent loss that may occur in case of any event. B. It defines that the insured should understand the contract of insurance properly before signing the papers. C. A person is said to have insurable interest in something when loss or damage to that thing would cause loss to the person. D. It defines that the insurance company and the insured should have a good working relationship during the tenure of the policy. E. It defines that any insurance company has interest in providing insurance cover but the insured should take an informed decision only in this regard.

3. Which among the following is an insurance policy meant mainly for people from low income groups?

A. Micro Insurance Policy B. Economical Insurance Policy C. Joint Life Insurance Policy D. Single Life Insurance Policy E. None of the above

4. The Insurance Council was formed under the section ______ of the Insurance act, 1938.

A. Section 45 B B. Section 41 c C. Section 40 B D. Section 64 C E. Section 38 B

5. If a small quantity of cargo is to be insured, which among the following marine insurance cover should be opted for?

A. Time Policy B. Voyage Policy C. Mixed Policy D. Hull Insurance E. None of the above

Answers and Explanations
1. Answer - Option A
Explanation -
The Principle of Indemnity defines that the insurance contract will put the insured at the same position as before the loss. This is applicable to all the general insurance contracts but in case of life insurance, it is not applicable. This simply defines that the insured is entitled to get the compensation up to the actual amount of loss suffered by the insured.
The principle of contribution is implemented when multiple insurance policies are covering the same property or loss, the total payment for actual loss is proportionally divided among all insurance companies.
In simple words, the Principle of Subrogation means that when the insurer (insurance company) pays full compensation for any insured loss (of insured property), the insurer (insurance company) holds the legal right (claim) of the insured property.
The principle of utmost good faith, uberrimae fidei, states that the insurer and the insured must disclose all material facts before the policy inception.
2. Answer - Option C
Explanation -
The Principle of Insurable Interest is applicable to all the contracts of insurance. It defines that the insured will have insurable interest in something if he suffers loss due to any damage to that thing.
3. Answer - Option A
Explanation -
Micro Insurance is meant for people from the low income groups in the society. The premiums are relatively lower than the normal insurance policies. Other terms and conditions of the policies under micro insurance are similar to the normal insurance policies.
4. Answer - Option D
Explanation -
The Insurance council comprises of members of the Life Insurance council and General Insurance council formed under Section 64 C of the Insurance Act, 1938. The governing body of the insurance council consists of representatives of insurance companies.
5. Answer - Option A
Explanation -
Time Policy is valid for a particular period generally for a year. It is generally used for hull insurance or small quantity of cargo.
Voyage Policy is taken for a particular voyage without any consideration of time.
Mixed Policy is taken for a particular voyage for a specific period of time.
Hull Insurance is opted for any ship that is going on a voyage.