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Insurance Awareness Quiz 27

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Insurance Awareness Quiz 27

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 27 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 27 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

Q1. An extra charge added to premium by an insurance company is called:
    A. Penalty B. File and Surcharges C. Fine D. None of These

Answer: Option B
Q2. We will call it _____if continuation of a policy before it lapse.
    A. Open Policy B. Renewal C. Inward Policy D. None of These

Answer: Option B
Q3. HMO stands for:
    A. Health Measurement Organization B. Health Maintenance Organization C. Health Measurement Office D. None of These

Answer: Option B
Q4. ALE stands for:
    A. Arranged Living Expenses B. Additional Living Expenses C. Annual Live Expenses D. None of These

Answer: Option B
Q5. RBI has a site named_________launched in 2012:
    A. Power of Money B. Paisa Bolta Hai C. Paise Jod D. None of These

Answer: Option B
Q1. RBI's logo/emblem/seal is consisted of a _____tree and a tiger:
    A. Palm B. Black Birch C. Guava D. None of These

Answer: Option A
Q2. The Governor of RBI was ________when it was nationalized in 1949, 2 years after INDEPENDENCE:
    A. C.D. Deshmukh B. S. Swaminathan C. A.K. Malhotra D. None of These

Answer: Option A
Q3. RBI celebrated 50 years of its existence in:
    A. 1986 B. 1985 C. 1988 D. None of These

Answer: Option B
Q4. In 2010, RBI celebrated its:
    A. 73 Years B. 75 Years C. 80 Years D. None of These

Answer: Option B
Q5. How many acts to be amended as per the New Insurance Bill (2015) are:
    A. 3 B. 5 C. 4 D. None of These

Answer: Option A
Q1. Insurance Amendment Bill 2015 will amend which of the following acts:
    A. The General Insurance Business (Nationalization) Act, 1972 B. The Insurance Act, 1938 C. The Insurance Regulatory and Development Authority Act, 1999 D. All of Above E. None of These

Answer: Option D
Q2. On__________the Malhotra Committee submitted its recommendations to the finance ministry:
    A. 7 January, 1944 B. 11 January, 1945 C. 15 March, 1944 D. None of These

Answer: Option A
Q3. Insurance Institute of India was established in_______in Mumbai:
    A. 1945 B. 1955 C. 1954 D. None of These

Answer: Option B
Q4. Insurance Institute of India was formerly known as:
    A. Indian Insurance Institute B. Federation of Insurance Institute C. Insurance in India Institute D. None of These

Answer: Option B
Q5. An insured can claim the compensation only up to the extent of actual loss either from any one insurer or all the insurers, this line is linked with:
    A. Principle of Subrogation B. Principle of Indemnity C. Principle of Contribution D. None of These

Answer: Option C

Insurance Awareness - Related Information
Insurance Awareness Practice Set 3
Insurance Awareness Practice Set 4
Insurance Awareness Practice Set 5
Book for Insurance Awareness
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