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Insurance Awareness Quiz 20

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Insurance Awareness Quiz 20

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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 Quiz 20 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 20 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

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Q1. "Yogakshemam Vahamyaham" is tagline of which of the following insurance companies:
    A. Tata AIA Life Insurance Company Limited B. SBI Life Insurance Company Limited C. Life Insurance Corporation of India D. None of These

Answer: Option C
Q2. 'Insurance Ombudsmen' were introduced in:
    A. 1996 B. 1998 C. 2000 D. None of These

Answer: Option B
Q3. Insurance Ombudsmen were introduced for:
    A. Protection of Insurer interests and grievance redressal B. Protection of consumer interests and grievance redressal C. Both of Above D. None of These

Answer: Option B
Q4. In 1818, ______was started:
    A. United India Insurance Company B. Oriental Life Insurance Company C. National Insurance Company D. None of These

Answer: Option B
Q5. FDI limit in insurance sector is:
    A. 43% B. 49% C. 50% D. None of These

Answer: Option B
Q1. FII stands for:
    A. Fixed Investment in Insurance B. Foreign Institutional Investors C. Foreing Investment Institutions D. None of These

Answer: Option B
Q2. FDI was introduced in India way back in _____:
    A. 1991 B. 1995 C. 1992 D. None of These

Answer: Option A
Q3. In 1991, FDI was introduced, that time Finance Minister was:
    A. Manmohan Singh B. Amar Dharamlingam Anathpliam C. U.K. Sinha D. None of These

Answer: Option A
Q4. The policy assigning creditor as beneficiary for insurance on a debtor thereby remitting balance of payment to creditor upon death of debtor is known as:
    A. Creditor Claim Life Insurance B. Outstanding Life Insurance C. Credit Life Insurance D. None of These

Answer: Option C
Q5. A refund of a portion of the premium paid by the insured from insurer surplus is called:
    A. Interest B. Dividend C. Bonus D. None of These

Answer: Option B
Q1. ERISA stands for:
    A. Employee Retirement Income Security Act B. Employee Re-Insurance Security Act C. Employee Retrenchment Income Security Act D. None of These

Answer: Option A
Q2. Employee Retirement Income Security Act was launched in:
    A. 1975 B. 1974 C. 1976 D. None of These

Answer: Option B
Q3. GAAP refers to:
    A. Generally All Accepted Principles B. Generally Accepted Accounting Principles C. Generally Acquired Accounting Principls D. None of These

Answer: Option B
Q4. HMO stands for:
    A. Health Making Organization B. Health Maintenance Organization C. Heavy Maintenance Organization D. None of These

Answer: Option B
Q5. A medical group plan that provides physician, hospital and clinical services to participating members in exchange for periodic flat fee is linked with:
    A. MMO B. HMO C. BMO D. None of These

Answer: Option B

Insurance Awareness - Related Information
Insurance Awareness Practice Set 1
Insurance Awareness Practice Set 2
Insurance Awareness Practice Set 3
Book for Insurance Awareness
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