1. Which of the following is not a Public Sector Non-Life Insurance Companies in India?

A. Future Generali India Insurance B. Agriculture Insurance Company of India C. Export Credit Guarantee Corporation of India D. B & C both E. The Oriental Insurance Company

2. Which among the following is used to estimate the insurance risks and the premium of the policy?

A. Underwriting B. Endorsement C. Appraisal D. Precertification E. Waiving

3. In which of the following year, the Insurance Act of 1938 was amended to set minimum solvency margins & regulate investments?

A. 1955 B. 1968 C. 1875 D. 1993 E. 1959

4. Which among the following organizations was set up to provide credit risk insurance and services for exports?

A. General Insurance Corporation of India – B. Export Credit Guarantee Corporation of India C. Export-Import Bank of India D. Clearing Corporation of India E. Confederation of Indian Industry

5. The person whose life is insured by an individual life policy is called _________.

A. Life Assured B. Named Insured C. Guaranteed Life D. Life Annuity E. Assured Sum

Answers and Explanations
1. Answer - Option A
Explanation -
Future Generali India Insurance is not a Public Sector Non-Life Insurance Companies in India. It is a joint venture between Future Group, India and Generali, a 187 years old global insurance group featuring among the world’s 60 largest companies. It was incorporated in September 2007 with the objective of providing retail, commercial, personal and rural insurance solutions to individuals and corporates to help them manage and mitigate risks.
2. Answer - Option A
Explanation -
Underwriting is the methodology applied by life insurers to examine or assess the insurance risks before accepting or rejecting coverage and determining the appropriate premiums for them.
3. Answer - Option B
Explanation -
In the year 1968, the Insurance Act of 1938 was amended to set minimum solvency margins & regulate investments. The Tariff Advisory Committee was also set up then. It is a body incorporated to control and regulate the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business.
4. Answer - Option B
Explanation -
ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by Government of India, was set up with the objective of promoting exports from the country by providing credit risk insurance and related services for exports. The Corporation has introduced various export credit insurance schemes to meet the requirements of commercial banks extending export credit. The insurance covers enable the banks to extend timely and adequate export credit facilities to the exporters.
5. Answer - Option A
Explanation -
The person whose life is insured by an individual life policy is called Life Assured. The insured can claim the amount or in the event of the death of the assured, the nominee will receive the insurance amount.

1. Who among the following is the Managing Director and Chief Executive Officer of SBI Life Insurance?

A. N.S Kannan B. K.B.Vijay Srinivas C. Sanjeev Nautiyal D. Arijit Basu E. PP Malhotra

2. _______ is a process for the settlement of disputes between insurance companies and insurers by accepting a third party’s decision.

A. Intercession B. Exclusion C. Intestate D. Mediation E. Arbitration

3. The period offered by the insurer to restore the insurance policy and benefits relating to it is called ________

A. Accumulation period B. Deferment period C. Grace period D. Revival period E. Elapsed period

4. The concept of TPA is introduced by IRDAI. In TPA, ‘P’ denotes

A. Policy B. Party C. Promotion D. Pension E. Plan

5. The Indian Life Assurance Companies Act was enacted in which of the following years to collect information about insurance companies?

A. 1912 B. 1950 C. 1956 D. 1928 E. 1907

Answers and Explanations
1. Answer - Option C
Explanation -
Sanjeev Nautiyal is the Managing Director and Chief Executive Officer of SBI Life Insurance Company Limited. He replaced Arijit Basu, who took over a key role in the State Bank of India Group.
2. Answer - Option E
Explanation -
Arbitration is a procedure in which an insurance company and the insured or a vendor agrees to settle a claim dispute by accepting a decision made by a third party. In this process, a third party negotiates with both the parties to reach a voluntary settlement and decisions.
3. Answer - Option D
Explanation -
After the grace period, the insurance companies provide an option of reactivating the lapsed policy to the insured defaults within a specific time period. The period offered by the insurer to revive the insurance policy and benefits pertaining to it is termed as revival period.
4. Answer - Option B
Explanation -
The concept of TPA or the Third Party Administrator has been introduced by IRDAI (Insurance Regulatory and Development Authority of India) for the benefit of both the insured and the insurer.
5. Answer - Option D
Explanation -
In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies.

1. What is the tagline of the SBI Life Insurance Company Limited?

A. With Us, You’re Sure B. Life is sure with us. C. You know us, we know insurance. D. We are your best dealers of insurance. E. None of the above

2. Who among the following is the present MD-CEO of the Bajaj Allianz Life Insurance Company Limited?

A. Arun Singh Guhathakurata B. Padmaja Mysore C. Anand Phadke D. Tarun Chugh E. None of the above

3. Which among the following is a life insurance policy in which the amount is payable only at the death of the policy holder?

A. Whole Life Policy B. Endowment Policy C. Unit Linked Insurance Plan D. Personal Accident Insurance E. Both 1 and 3

4. What is the meaning of Deferment Period?

A. Periods are equivalent to a deductible; they consist of the time which must always pass after a case of claim before a benefit is paid out B. The number of days for which benefits are paid to the named insured and his or her dependents C. The time – usually 31 days – during which a policy remains in force after the premium is due but not paid. D. The time which must pass after filing a claim before policyholder can collect insurance benefits E. Period between the subscription date of an insurance-cum-pension policy and the time at which the first installment of pension is received.

5. What is meaning of Blanket Insurance?

A. Provides an annuity for a certain number of years B. A broad commercial policy that covers all liability exposures of a business C. Insurance that covers liability for errors and omissions D. A policy designed to provide coverage under a single limit for two or more items E. None of these

Answers and Explanations
1. Answer - Option A
Explanation -
The SBI Life Insurance Company is a joint venture between SBI and BNP Paribas.
It was founded in March, 2001.
It is based in Mumbai, Maharashtra.
The tagline of the company is: ‘With Us, You’re Sure’
2. Answer - Option D
Explanation -
The present MD-CEO of the Bajaj Allianz Life Insurance Company Limited is Tarun Chugh.
The company is a joint venture between Bajaj Finserv Limited and Allianz SE, Europe.
Bajaj Allianz Life Insurance Company was founded in the year 2001.
The company is headquartered in Pune, Maharashtra.
3. Answer - Option A
Explanation -
Whole Life Policy is issued for the entire lifetime of the insured and the claim is payable only after the death of the insured, to the nominee of the policy.
The endowment policy is limited for a certain period and the sum is payable to the insured at the expiry of such period.
Unit Linked Insurance Plan is issued for the purpose of both investment and insurance.
Personal Accident Insurance is issued in order to cover for any loss due to an accident.
4. Answer - Option E
Explanation -
Period between the date of subscription to an insurance-cum-pension policy and the time at which the first installment of pension is received. Such policies generally prescribe a minimum and maximum limit on the deferment period.
5. Answer - Option D
Explanation -
Blanket Insurance’ A single policy on an insured property that covers more than one type of property at the same location, the same kind of property at more than one location, or two or more kinds or property at two or more locations.