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Insurance Awareness Quiz 19

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Insurance Awareness Quiz 19

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 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 Quiz 19 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 19is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

Q1. what is the maximum time in which the insurer should settle a claim when all documents are submitted.?
    A. 5 days B. 20 days C. 30 days D. None of these

Answer: Option C
Q2. Currently, Number of Life Insurance Companies running in India are:
    A. 26 B. 25 C. 24 D. None of These

Answer: Option C
Q3. How many Non - Life Insurance Companies are running in India:
    A. 26 B. 28 C. 32 D. None of These

Answer: Option B
Q4. Insurance Institute of India (I.I.I.) was established in India in:
    A. 1956 B. 1955 C. 1972 D. None of These

Answer: Option B
Q5. Insurance Institute of India was formerly known as:
    A. Imperial Indian Insurance Institute B. Federation of Insurance Institute C. National Insurance Institute D. None of These

Answer: Option B
Q1. Among the Life Insurance Companies, Which is sole public sector company:
    A. Bharti AXA Life Insurance B. Life Insurance Corporation of India (LIC) C. United Life Insurance of India D. None of These

Answer: Option B
Q2. How many Non - life insurance companies are public sector insurers:
    A. 8 B. 6 C. 12 D. None of These

Answer: Option B
Q3. FIPB stands for:
    A. Financial Investment Promotion Board B. Federation of Investment Promotion Board C. Foreign Investment Promotion Board D. None of These

Answer: Option C
Q4. Out of 49% FDI in Insurance sector, how much % is under Automatic Route:
    A. 29% B. 26% C. 30% D. None of THese

Answer: Option B
Q5. Out of 49% FDI in Insurance sector, how much % need FIPB's approval:
    A. 29% B. 25% C. 23% D. None of These

Answer: Option C
Q1. For mis-selling Insurance Products, Insurance Agents will be fined for:
    A. Rs. 10,000 B. Rs. 100,000 C. Rs. 50,000 D. None of These

Answer: Option A
Q2. An unauthorized agents whose only job is to dupe unsuspecting customers will be fined ________ for their scams:
    A. Rs. 45 Lakh B. Rs. 50 Lakh C. Rs. 10 Lakh D. None of These

Answer: Option C
Q3. Non - Compliance of IRDA's rule and regulations can result in _______in fines for companies:
    A. Rs. 10 Crores B. Rs. 25 Crores C. Rs. 50 Crores D. None of These

Answer: Option B
Q4. Guarantee or assurance to put the insured in the same position in which he was immediately prior to the happening of the uncertain event (Except Life Insurance) is known as:
    A. Principle of Subrogation B. Principle of Indemnity C. Principle of Utmost Good Faith D. None of These

Answer: Option B
Q5. General Insurance Corporation of India was incorporated on:
    A. 24 December, 1975 B. 22 November, 1972 C. 10 April, 1965 D. None of These

Answer: Option B

Insurance Awareness - Related Information
Insurance Awareness Practice Set 15
Insurance Awareness Practice Set 16
Insurance Awareness Practice Quiz
Book for Insurance Awareness
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