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Insurance Awareness Quiz 28

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Insurance Awareness Quiz 28

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 28 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 28 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. The regulator of Insurance sector in India is:
    A. RBI B. SEBI C. IRDA D. None of These

Answer: Option C
2. Institute of Insurance and Risk Management is situated in:
    A. Jodhpur B. Mumbai C. Hyderabad D. None of These

Answer: Option C
3. Which of the following banks recently got RBI's permission to enter Non-Life Insurance Sector:
    A. Kotak Mahindra Bank B. Karur Vysya C. Indusind Bank D. None of These

Answer: Option A
4. Which of the following is correct about Actuary:
    A. A specialist in Insurance Claim settlement B. A specialist in Insurance Calculations C. A specialist in Insurance Marketing D. None of These

Answer: Option B
5. In ____, The Actuaries Act was passed to give the profession statutory status on par with chartered accountants, notaries, cost and works accountants, advocates, architects and company secretaries:
    A. 2006 B. 2004 C. 2008 D. None of These

Answer: Option A
1. The life insurance business in India was first started in which year?
    A. 1827 B. 1845 C. 1818 D. 1832

Answer: Option C
2. Name the first life insurance company to function in India
    A. United India Insurance Company B. Bombay Mutual Life Assurance Society C. Agriculture Insurance Company of India D. Oriental Life Insurance Company

Answer: Option D
3. Which among the following is the first Indian life insurance company to begin operations in India?
    A. Bombay Mutual Life Assurance Society B. Empire of India Life Assurance Company C. Albert Life Assurance D. Royal Insurance

Answer: Option A
4. The Life Insurance Companies Act was passed in which year?
    A. 1919 B. 1912 C. 1900 D. 1902

Answer: Option B
5. Which among the following is the oldest existing insurance company in India?
    A. National Insurance Company B. Life Insurance Corporation of India C. New India Assurance Company D. United India Insurance Company

Answer: Option A
1. The Life Insurance Corporation of India (LIC) came into existence in which year?
    A. 1962 B. 1949 C. 1956 D. 1947

Answer: Option C
2. Name the first General Insurance Company in India?
    A. ECGC Ltd B. United India Insurance Company Limited C. Indian Mercantile Insurance Ltd D. Triton Insurance Company Ltd

Answer: OptionD
3. The Insurance Act to govern both life insurance and non-life insurance was passed in which year?
    A. 1929 B. 1938 C. 1949 D. 1934

Answer: Option B
4. The Life Insurance Business in India was nationalized in which year?
    A. 1956 B. 1949 C. 1938 D. 1962

Answer: Option A
5. The General Insurance Business in India was nationalized in which year?
    A. 1951 B. 1962 C. 1973 D. 1949

Answer: Option C

Insurance Awareness - Related Information
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