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Insurance Awareness Practice Set 1

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Insurance Awareness Practice Set 1

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What is an Insurance? According to the dictionary and different insurance policies, Insurance is defined as “an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.” Thus, Insurance is a means of protection from financial loss. Insurance in short is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. The insurance provider is known as an insurer, insurance company, insurance carrier or underwriter. Insurance Awareness is an important section in several recruitment exams in India, primarily in the insurance sector.
Insurance Awareness Practice Set 1 includes Q & A related to the following topics: History of Insurance sectors in India, Insurance Organizations in India, Important Insurance Terms, Insurance Abbreviations & Insurance related information. Insurance Awareness Practice Set 1 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc..

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1. Which government body regulates Insurance Industry?
    A. NFCG B. IRDAI C. CII D. FICCI

2. The headquarters of IRDAI is located in _______
    A. Mumbai B. Chennai C. Pune D. Hyderabad

3. ________ is the sole reinsurance company in the Indian Insurance market with over four decades of experience.
    A. NICL B. LIC C. Oriental Insurance D. GIC Re

4. The headquarters of LIC is located in _______
    A. Mumbai B. Chennai C. Pune D. Hyderabad

5. The headquarters of National Insurance Company Ltd (NIC) is located in _______
    A. Mumbai B. Chennai C. Pune D. Kolkata

Answers and Explanation
1. Answer - Option B
Explanation -
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999. In 2014, IRDA has been renamed as “Insurance Regulatory and Development Authority of India”.
2. Answer - Option D
Explanation -
The headquarters of IRDAI is located in Hyderabad, Telangana. The Headquarters was shifted from Delhi in 2001.
3. Answer - Option D
Explanation -
GIC Re is a wholly owned company of Government of India.As a sole re-insurer in the domestic reinsurance market, GIC Re provides reinsurance to the direct general insurance companies in the Indian market.As of 2012 GIC Re ranked 14th largest Re insurer and 5th largest Aviation Re insurer in the world
4. Answer - Option A
Explanation -
Life Insurance Corporation (LIC) is a state-owned insurance group and investment company head quartered in Mumbai. It is the largest insurance company in the country which was formed in 1956.
5. Answer - Option D
Explanation -
National Insurance Company Ltd (NICL) is a state owned general insurance company head quartered in Kolkata was established in 1906 and nationalised in 1972. Apart from India, National Insurance Company also serves in Nepal
1. The headquarters of New India Assurance is located in _______
    A. Mumbai B. Chennai C. Pune D. Hyderabad

2. The headquarters of United India Insurance Ltd is located in _______
    A. Mumbai B. Chennai C. Pune D. Hyderabad

3. The headquarters of Oriental Insurance Company is located in _______
    A. Mumbai B. New-Delhi C. Pune D. Hyderabad

4. The headquarters of Agriculture Insurance Company is located in _______
    A. Mumbai B. New-Delhi C. Pune D. Hyderabad

5. The headquarters of Export Credit Guarantee Corporation of India is located in _______
    A. Mumbai B. New-Delhi C. Pune D. Hyderabad

Answers and Explanation
1. Answer - Option A
Explanation -
Mumbai based General Insurance Provider, New India Assurance is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations.It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
2. Answer - Option B
Explanation -
United India Insurance Company Limited (UIICL) head quartered in Chennai was founded on 18th February 1938. The company has more than seven decades of experience in Non-life Insurance business.
3. Answer - Option B
Explanation -
Oriental Insurance Company Ltd. is one of the public sector non-life insurance company in India. The headquarters of the company is located in New Delhi with 30 regional offices and more than 1800 active branches across the country.
4. Answer - Option B
Explanation -
Agriculture Insurance Company of India Limited is head quartered in New Delhi.It offers yield-based and weather-based crop insurance programs in almost 500 districts of India.
5. Answer - Option A
Explanation -
ECGC Limited is a company wholly owned by the Government of India based in Mumbai. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.
1. We know Healthcare” is the tagline of ______
    A. LIC B. Apollo Munich C. UIICL D. Oriental Insurance

2. “Yogakshemam Vahamyaham” is the tagline of which insurance company?
    A. LIC B. New India Assurance C. UIICl D. Oriental Insurance

3. “Leadership and Beyond” is the tagline of which insurance company?
    A. LIC B. New India Assurance C. UIICL D. Oriental Insurance

4. “Rest Assured with Us” is the tagline of which insurance company?
    A. LIC B. New India Assurance C. UIICL D. Oriental Insurance

5. “THODA SIMPLE SOCHO” is the tagline of which insurance company?
    A. LIC B. New India Assurance C. National Insurance D. Oriental Insurance

Answers and Explanation
1. Answer - Option B
Explanation -
Apollo Munich Insurance is a joint venture between Apollo Hospitals Group and Munich Health, a world leader in the field of health insurance. Apollo Munich Health Insurance offers health insurance and other products.
2. Answer - Option A
Explanation -
Life Insurance Corporation (LIC) is a state-owned insurance group and investment company head quartered in Mumbai. It is the largest insurance company in the country which was formed in 1956.
3. Answer - Option B
Explanation -
Mumbai based General Insurance Provider, New India Assurance is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations.It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
4. Answer - Option C
Explanation -
United India Insurance Company Limited (UIICL) head quartered in Chennai was founded on 18th February 1938. The company has more than seven decades of experience in Non-life Insurance business.
5. Answer - Option C
Explanation -
National Insurance Company Ltd (NICL) is a state owned general insurance company head quartered in Kolkata was established in 1906 and nationalised in 1972. Apart from India, National Insurance Company also serves in Nepal
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