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Insurance Awareness Practice Set 13

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Insurance Awareness Practice Set 13

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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 the 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 13 includes Questions and Answers 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 13 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. Which of the following is an example of Broad Form Insurance ?
    A. Mortgage insurance B. Automobile insurance C. Liability insurance D. Property insurance E. None of these

Answer: Option B
2. Which policy referring to policies that provide coverage only for loss caused by the perils ?
    A. Specifies perils B. Named Perils C. All Risk D. All perils E. None of these

Answer: Option B
3. Which type of insurance usually requires higher premium ?
    A. Broad Form insurance B. Whole life insurance C. Health insurance D. Term insurance E. None of these

Answer: Option A
4. What is PAC ?
    A. Post-Authorized Cheque B. Pre-Authorized Chequing C. Process-Authorized Chequing D. Pre-Authorized Checking E. None of these

Answer: Option B
5. Which of the following form is designed to be used by many different insurers and has exactly the same provisions ?
    A. Guaranteed Replacement Form B. Standard insurance Form C. Standard Endorsement Form D. Standard Policy Form E. None of these

Answer: Option D
1. Name the bill passed by parliament, that allowed trusts to establish units in Special Economic Zone (SEZs) .
    A. Special Economic Zones Bill, 2019 B. Special Economic Zones for Trusts Bill, 2019 C. Special Economic Zones (Amendment) Bill, 2019 D. Special Economic Zones (Updated) Bill, 2019 E. None of these

Answer: Option C
2. What is the name of the scheme launched by central government, that allow beneficiaries to buy subsidized foodgrains from any ration shop in the country ?
    A. One Nation One Ration Card B. One Ration One Nation C. One Ration Card through Nation D. One Nation and One Ration E. None of these.

Answer: Option A
3. By which year the scheme, “One Nation One Ration Card” will be available to users in India ?
    A. 1 June 2020 B. 1 July 2020 C. 1 December 2019 D. 1 April 2020 E. None of these

Answer: Option B
4. Who will head the committee formed by Telecom Minister Ravi Shankar Prasad to look into the revival plans for Telecom sector which is under financial stress ?
    A. Rajiv Gupta B. Kamendra Kumar C. Seshagiri Rao D. Aruna Sundararajan E. None of these

Answer: Option D
5. Where was the G20 (Group of 20) Summit 2019 held ?
    A. Riyadh, Saudi Arabia B. Buenos Aires, Argentina C. Osaka, Japan D. Beijing, China E. None of these

Answer: Option C
1. Which Indian state has exchanged a Letter of Intent (LoI) with Japanese city of Kobe for a sister city partnership to enhance economic relationships between the two vibrant cities ?
    A. Chennai, Tamil Nadu B. Ahmedabad, Gujarat C. Mumbai, Maharashtra D. Hyderabad, Telangana E. None of these

Answer: Option B
2. _________ edition of Japan-America-India (JAI) trilateral talks held in Osaka, Japan ?
    A. [latex]2^{nd}[/latex] B. [latex]3^{rd}[/latex] C. [latex]4^{th}[/latex] D. [latex]5^{th}[/latex] E. None of these

Answer: Option A
3. Which country has boycotted the “Osaka Track” on the “digital economy” along with South Africa and Indonesia during G20 meet?
    A. China B. Russia C. U.S. D. India E. None of these

Answer: Option D
4. Which two countries set an ambitious $50 billion target for bilateral trade by 2025 during G20 meet?
    A. India and China B. India and Japan C. India and Indonesia D. India and Russia E. None of these

Answer: Option C
5. At which position India was placed in terms of money parked by its citizens with Swiss banks by the end of 2018 ?
    A. [latex]73^{rd}[/latex] B. [latex]74^{th}[/latex] C. [latex]75^{th}[/latex] D. [latex]76^{th}[/latex] E. None of these

Answer: Option B

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