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Insurance Awareness Practice Set 9

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Insurance Awareness Practice Set 9

shape Introduction

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 9 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 9 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. A demand made by the insured, or the insured’s beneficiary, for payment of the benefits is known as
    A. Claim B. Reward C. Premium D. Coverage E. None of these

Answer: Option A
2. A risk or damage covered by an insurance policy is called as ______________
    A. Coverage B. Annuity C. Lapse D. Peril E. None of these

Answer: Option D
3. The maturity age of a whole life policy is ____________
    A. 100 B. 65 C. 70 D. 80 E. None of these

Answer: Option A
4. Which committee is associated with insurance sector ?
    A. Malhotra Committee B. Adhyarjuna Committee C. A C Shah Committee D. A Ghosh Committee E. None of these

Answer: Option A
5. The first ULIP was launched by which of the following ?
    A. United India Insurance Company B. Unit Trust of India C. Aviva India D. National Insurance Company E. None of these

Answer: Option B
1. Which type of risks are not insurable ?
    A. Static risk B. Liability Pure Risk C. Dynamic risk D. Diversifiable risk E. None of these

Answer: Option C
2. GIVE stands for _______________
    A. Gross Insurance Value Element B. General Individual Value Execution C. Gross Incident Validity Element D. General Insurance Value Evaluation E. None of these

Answer: Option A
3. Gratuity is paid when an employee
    A. Retirement B. Resigns C. Death D. Illness or disable due to accident E. All of these

Answer: Option E
4. When a contract ceases to be enforceable at law, then it is called as
    A. Legal Contract B. Void contract C. Life contract D. Voidable contract E. None of these

Answer: Option B
5. A professional dealing with the assessment and management of risk for insurance policies is known as
    A. Assignor B. Insurer C. Actuary D. Administrators E. None of these

Answer: Option C
1. In which year, the General Insurance Business Nationalization Act was passed in India?
    A. 1972 B. 1980 C. 1991 D. 1985 E. None of these

Answer: Option A
2. An Insurance company has been in business for how many years to launch IPO?
    A. 12 B. 8 C. 5 D. 10 E. None of these

Answer: Option D
3. In 2016 , First IPO launched by which insurance company ?
    A. Oriental Insurance Company Ltd B. ICICI Prudential Life Insurance C. LIC D. GIC Re E. None of these

Answer: Option B
4. Which of the following is the only Reinsurer Company in India?
    A. NIACL B. GIC Re C. LIC D. IRDA E. None of these

Answer: Option B
5. Government holds ____________% stake in LIC.
    A. 51% B. 75% C. 100% D. 65% E. None of these

Answer: Option C

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