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 Quiz 1 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 Quiz 1 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.
Q1
Which of the following is/are not covered under health insurance?
- A. Cosmetic Surgery
B. Pre-existing disease
C. Mental Illness
D. Accidental abortion
A cosmetic surgery is not covered under health insurance as it is not life-threatening or hamper the health.
IRDAI made provisions to ensure mental illness in 2018. According to Section 21(4) of Mental Healthcare Act 2017, every insurer needs to make provisions for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.
Q2
Which committee recommended Rural Postal Life Insurance (RPLI)?
- A. Bimal Jalan Committee
B. Rangarajan Committee
C. Narsimham Committee
D. Malhotra Committee
Rural Postal Life Insurance (RPLI) started from 24 March 1995 as per the recommendation of the Official Committee for Reforms in the Insurance Sector- Malhotra Committee.
The prime objective of the scheme is to provide insurance cover to the rural public in general and to benefit weaker sections and women workers of rural areas and to spread insurance awareness among the rural population.
Q3
What is the minimum purchase price of LIC’s Jeevan Shanti Plan?
- A. Rs. 25,000
B. Rs. 50,000
C. Rs. 1,00,000
D. Rs 1,50,000
The minimum purchase price of LIC’s Jeevan Shanti is ₹ 1.5 Lakh.
Life Insurance Corporation of India launched a new plan named as the LIC’s Jeevan Shanti. The product is introduced with intent to provide life-long regular income in the form of pension. The minimum purchase price is Rs 1.50 lakh without any restriction on the upper limit. The deferment period is between 1 to 20 years
Q4
In which of the following years, Agriculture Insurance Company of India Limited (AIC) was established?
- A. 1952
B. 1956
C. 1976
D. 2002
Agriculture Insurance Company of India Limited (AIC) was incorporated under the Indian Companies Act 1956 on 20th December 2002 with an authorized share capital of ₹ 15 billion and paid up capital of ₹ 2 billion. AIC has commenced business from 1st April 2003.
Q5
According to recent reports by ASSOCHAM-APAS, Indian insurance industry expected to grow to USD ______ billion by FY 2020
- A. 150
B. 200
C. 280
D. 350
According to an ASSOCHAM-APAS study, The Indian insurance industry is expected to grow to USD 280 billion by FY 2020 with the government’s flagship Ayushman Bharat – the National Health Protection Mission (AB-NHPM) and other growth drivers like rising disposable incomes, presence of global players and easing of the regulatory regime, helping penetration of the insurance culture in the country.
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