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Insurance Awareness Quiz 24

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Insurance Awareness Quiz 24

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 24 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 24 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. General Insurance Corporation of India (GIC Re) was approved as "Indian Reinsurer" on:
    A. 1 November, 2000 B. 3 November, 2000 C. 9 November, 2000 D. None of These

Answer: Option B
2. Oriental Insurance Company was established on:
    A. 15 August 1947 B. 12 September 1947 C. 18 November 1947 D. None of These

Answer: Option B
3. Insurable Interest can be created:
    A. By Common Law B. By Statute C. By Contract D. All of Above

Answer: Option D
4. Which of the following principles of law prevents an insured from making a profit out of his loss:
    A. Insurable Interest B. Caveat Emptor C. Indemnity D. None of These

Answer: Option C
5. "Stepping into shoes of another" is concerned with:
    A. Principle of Contribution B. Principle of Subrogation C. Principle of Causa-Proxima D. None of These

Answer: Option B
1. The first Life Insurance Company was:
    A. Oriental Life Insurance Company B. Life Insurance Corporation C. Indian Insurance Corporation D. None of These

Answer: Option A
2. To regulate the insurance business, The Indian Life Assurance Companies Act was enacted in:
    A. 1915 B. 1912 C. 1919 D. None of These

Answer: Option B
3. 245 Indian and foreign insurers and provident societies are taken over by the central government and were nationalized in:
    A. 1947 B. 1956 C. 1958 D. None of These

Answer: Option B
4. Insurance Act, 1938 was constituted on:
    A. 15 January 1938 B. 26 February 1938 C. 17 February 1938 D. None of These

Answer: Option B
5. A premium is:
    A. Extra Charges B. An insurance payment C. Both of Above D. None of These

Answer: Option B
1. A Co pay is:
    A. Paid by your insurer B. A flat fee for a covered service C. An extra charges by insured D. None of These

Answer: Option B
2. An out of pocket maximum is:
    A. A limit on your doctor's charges B. The most you will pay each year C. The most of your insurance will pay D. None of these

Answer: Option B
3. Your insurer may not cover certain tests or procedures unless you first get:
    A. Pre-Certification B. Pre - Authorization C. Prioritization D. None of These

Answer: Option B
4. EOB means:
    A. Explanation of Benefits B. Early Option Billing C. Extra Oversight Board D. None of These

Answer: Option A
5. A Health insurance market place is a:
    A. Place to buy insurance stock B. Web site to buy a health plan C. Company to regulate insurance D. None of These

Answer: Option B

Insurance Awareness - Related Information
Insurance Awareness Practice Set 7
Insurance Awareness Practice Set 8
Insurance Awareness Practice Set 9
Book for Insurance Awareness
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