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Insurance Awareness Practice Set 14

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Insurance Awareness Practice Set 14

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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 14 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 14 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. Which among the following is not considered as a national debt?
    A. Life Insurance Policies B. Long term Government Bonds C. National Savings Certificates D. Provident Funds

Answer: Option A
2. Identify the wrong option with respect to the joint venture between Indian and foreign companies in insurance sector
    A. ICICI Bank – Prudential Life Insurance B. HDFC – MetLife India Insurance C. Bajaj – Allianz Life Insurance D. Bharti – AXA Life Insurance

Answer: Option B
3. Which Indian leader is behind the foundation of the Employment State Insurance (ESI) Act?
    A. Rajiv Gandhi B. Vallabhbhai Patel C. Swami Vivekananda D. Dr.B R Ambedkar

Answer: Option D
4. How many state owned general insurance companies are there in India?
    A. 6 B. 3 C. 4 D. 2

Answer: Option C
5. In insurance, ___________ determines the size of a company’s capital relative to all risks it has taken
    A. Solvency Ratio B. Profit Margin C. Quick Margin D. Current Ratio

Answer: Option A
1. ZestMoney has collaborated with which insurance company to launch first ever insurance against EMI for its customers?
    A. ICICI Lombard B. Digit Insurance C. SBI General Insurance D. Bharti AXA General Insurance

Answer: Option B
2. Who is the Secretary General of the General Insurance Council?
    A. R Chandrasekaran B. Varun Dua C. Mayank Bathwal D. T.L. Alamelu

Answer: Option A
3. All insurance companies are required to maintain a solvency ratio of ___________ percent at all times
    A. 50% B. 100% C. 200% D. 150%

Answer: Option D
4. The insurance tool MyPQ has been launched by which company?
    A. Aditya Birla Sun Life Insurance B. Aviva Life Insurance Company C. Max Life Insurance Company D. PNB MetLife India Insurance

Answer: Option C
5. The total rate of contribution towards the Employees’ State Insurance scheme has been reduced to 4% from the earlier 6.5%. This new rate will be effective from _____________
    A. September 1 B. July 1 C. December 1 D. August 1

Answer: Option B
1. Who is the head of the committee formed by IRDAI to review the regulatory framework on microinsurance?
    A. Suresh Mathur B. Pankaj Tiwari C. Ajit D Warakari D. Subhasis Ghosh

Answer: Option A
2. Webassurance is a new insurance product launched by which bank for its customers?
    A. HDFC Bank B. Punjab National Bank C. State Bank of India D. Canara Bank

Answer: Option D
3. Name the Health Insurance company that has launched the ‘AnyTimeHealth (ATH)’ machines in partnership with HDFC Bank.
    A. Oriental Insurance B. Max Bupa Health Insurance C. Aditya Birla Health Insurance D. Religare Health Insurance

Answer: Option B
4. The Star Union Dai-ichi Life Insurance is a joint venture between which Indian banks apart from Japan’s Dai-ichi Life Insurance Company?
    A. Allahabad Bank and Bank of India B. Bank of Baroda and United Bank of India C. Bank of India and Union Bank of India D. Punjab National Bank and Union Bank of India

Answer: Option C
5. Who among the following has become the first female to be appointed as the Zonal Manager of Life Insurance Corporation of India for South Central Zone
    A. Mini Ipe B. Rajni Patwardhan C. Sarojini Dikhale D. Usha Sangwan

Answer: Option A

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