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Insurance Awareness Quiz 10

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Insurance Awareness Quiz 10

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 Quiz 10 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 10 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Q1

IRDAI has hiked third party insurance premium for Small-Medium Cars from June 16, 2019 . Which section of IRDAI Act, 1999 provides these powers to IRDAI?
    A. Section 5A B. Section 8 (1) C. Section 14 (2) (i) D. Section 22A (i)

SPLessons

The Insurance Regulatory and Development Authority of India (IRDAI) has hiked the Third Party (TP) motor insurance premium for small and medium private cars by 12 – 12.5% for 2019-20. These powers which are provided to IRDAI are mentioned under Section 14 (2) (i) of the IRDA Act, 1999.

shape Q2

Who is the present chairman of Agriculture Insurance Company of India?
    A. Alice G. Vaidyan B. Naina Lal Kidwai C. T. L. Alamelu D. MR Kumar

SPLessons

Mrs. T. L. Alamelu is the chairman-cum Managing director of Agriculture Insurance Company of India).
Agriculture Insurance Company of India Limited (AIC), a public sector insurance company offers yield-based and weather-based crop insurance programs.
It’s headquarter is in New Delhi.

shape Q3

Which of the following company has launched a unique proprietary tool named ‘My Protection Quotient’ (MyPQ) to ensure financial protection in the country?
    A. Metropolitan LIC B. Aviva LIC C. Max LIC D. Allianz LIC

SPLessons

Max Life Insurance Company launched a unique proprietary tool named ‘My Protection Quotient’ (MyPQ) to ensure financial protection in the country. It is headquartered in New Delhi.

shape Q4

‘Bima Bemisaal’ is the brand name for which of the following organization’s insurance awareness campaign?
    A. LIC B. IRDAI C. GIC D. EPFO

SPLessons

‘Bima Bemisaal’ is the brand name for the Insurance Regulatory and Development Authority of India’s (IRDAI) insurance awareness campaign.
It is a consumer education initiative.
The tagline of the campaign ‘Promoting Insurance, Protecting Insured’
Bima Bemisaal educates policyholders about their rights and obligations and informs them about the complaints resolution methods available to them.
It also creates awareness about insurance among the general public.

shape Q5

The one who will get the insured amount if you die, is referred to as ______
    A. Insured or Policyholder B. Nominee or Beneficiary C. Insurer D. Agent

SPLessons

A person who receives the benefit in case of death of the insured person is a nominee.

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