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Insurance Awareness Quiz 29

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Insurance Awareness Quiz 29

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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 29 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 29 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

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1. The Insurance Regulatory and Development Authority (IRDA) was formed on the recommendation of which committee?
    A. Banarji Committee B. Kutumbe Committee C. Malhotra Committee D. Gupte Committee

Answer: Option C
Explanation: In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry.
2. IRDA Act was passed in which year by the Government of India?
    A. 1992 B. 2002 C. 2000 D. 1999

Answer: Option D
3. The IRDA was incorporated as a statutory body on______________?
    A. 30 April 2001 B. 01 July 2002 C. 31 December 1999 D. 19 April 2000

Answer: Option D
4. What is the FDI limit in the Insurance sector?
    A. 26% B. 49% C. 100% D. 74%

Answer: Option B
Explanation: At present the FDI limit in Insurance Sector is 49%- Automatic Route
5. Which section of Insurance Act, 1938 grants power to IRDA to frame regulations?
    A. Section 114A B. Section 111B C. Section 110A D. Section 112B

Answer: Option A
Explanation: The IRDA has been granted the power to frame regulations under Section 114A of the Insurance Act, 1938.
1. The headquarter of Insurance Regulatory and Development Authority of India (IRDAI) is in which city?
    A. Mumbai B. New Delhi C. Hyderabad D. Kolkata

Answer: Option C
2. The board of IRDAI consists of how many members?
    A. 10 B. 5 C. 4 D. 8

Answer: Option A
Explanation: IRDAI is a 10 member body consisting of Chairman ; 5 whole time member and 4 part time member
3. Who is the Chairman of the IRDAI?
    A. Sujay Banarji B. P. J. Joseph C. Praveen Kutumbe D. Subhash C. Khuntia

Answer: Option D
4. Which of the following is a reinsurance company in India?
    A The Oriental Insurance Company B General Insurance Corporation of India C Agriculture Insurance Company of India D SBI General Insurance

Answer: Option B
5. How many insurance companies were merged to form the Life Insurance Corporation of India?
    A. 200 B. 176 C. 245 D. 125

Answer: Option C
Explanation: 245 insurance companies operating in the country were merged into one entity, the Life Insurance Corporation of India.
1. What does U stands for in ULIP with respect to insurance sector?
    A. Unique B. Unit C. Umbrella D. Ultimate

Answer: Option B
Explanation: Unit Linked Insurance Plans
2. How many public sector life insurance companies are functional in India?
    A. 1 B. 2 C. 3 D. 4

Answer: Option A
Explanation: Only LIC is the single public sector life insurance company in India
3. Bombay Mutual Life Assurance Society was the first life insurance company in India to insure Indian lives. It was set up in which year?
    A. 1890 B. 1832 C. 1818 D. 1870

Answer: Option D
Explanation: Bombay Mutual Life Assurance Society was the first Indian life insurance company in the year 1870
4. The Indian Life Assurance Companies Act was passed in which year to regulate life insurance business in India?
    A. 1930 B. 1919 C. 1912 D. 1925

Answer: Option C
Explanation: In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed.
5. The Indian Insurance Companies Act was enacted in which year?
    A. 1912 B. 1928 C. 1936 D. 1949

Answer: Option B
Explanation: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

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