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Insurance Awareness Quiz 22

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Insurance Awareness Quiz 22

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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 22 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 22 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

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1. Name the individual in the insurance company that calculates the premium:
    A. Inspector Engaged B. Actuary C. Assessor D. None of These

Answer: Option B
2. Average clause applies when you are under insured and when there is a _____:
    A. Write off B. Net Loss C. Partial Loss D. None of These

Answer: Option C
3. PASS refers to:
    A. Privilege Access for Security Scheme B. Personal Accident Social Security Scheme C. Previous Annual Security Scheme D. None of These

Answer: Option B
4. NAIS stands for:
    A. Non Agriculture Insurance Scheme B. National Agriculture Insurance Scheme C. Net Acquired Investment Scheme D. None of These

Answer: Option B
5. LPG (in insurance term) stands for:
    A. Liquid Petroleum Gas B. Liberalized, Privatized, Globalized C. Loss Prevention Guarantee D. None of These

Answer: Option B
1. CISR stands for:
    A. Center for Insurance Studies and Research B. Center of Insurance and Social Responsibilities C. Commission on Insurance and Social Responsibilities D. None of These

Answer: Option B
2. ________means a company formed and registered under the companies act, 1956 and which has been granted a certificate of registration by IRDA for maintaining data of insurance policies in electronic form on behalf of insurers:
    A. Insurance Brokers B. Insurance Repository C. Insurance Underwriter D. None of These

Answer: Option B
3. e - IA stands for:
    A. Every Insurance Account B. Electronic Insurance Account C. Economical Internal Assessment D. None of These

Answer: Option B
4. Head office of LIC is situated at:
    A. Delhi B. Mumbai C. Kolkata D. None of These

Answer: Option B
5. New India Assurance Company Limited was founded by:
    A. Sir Jamshed Ji Tata B. Sir Dorabji Tata C. Sir Morari Krishanan Tata D. None of These

Answer: Option B
1. Headquarter of National Insurance Company Limited is situated at:
    A. Kolkata B. New Delhi C. Mumbai D. None of These

Answer: Option A
2. The tagline of SBI Life Insurance Company Limited is:
    A. Adding Life to Insurance B. With Us, You are Sure C. Karo Zyada Ka Iraada D. None of These

Answer: Option B
3. NSFE stands for:
    A. National Strategy for Financial Education B. Non Saving Financial Exclusion C. Net Saving Forcing Enterprise D. None of These

Answer: Option A
4. The insured must take all the necessary steps to minimize the losses to insured assets, this line is concerned with which of the following principles:
    A. Principle of Contribution B. Principle of Loss Minimization C. Principle of Insurable Interest D. None of These

Answer: Option B
5. Insurance Amendment Bill was passed in the Rajya Sabha on:
    A. 15 March, 2015 B. 12 March, 2015 C. 19 March, 2015 D. None of These

Answer: Option B

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