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Insurance Awareness Quiz 34

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Insurance Awareness Quiz 34

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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 34 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 34 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

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1. Cyber Defence Insurance is a new insurance product launched by which firm?
    A. Reliance General Insurance B. United India Insurance Company C. Max Bupa Health Insurance D. SBI General Insurance

Answer: Option D
2. Who among the following has been felicitated with the ‘Freedom of the City of London’ to promote insurance ties between India and UK?
    A. M Sashikala B. Usha Ramaswamy C. Alice G. Vaidyan D. Reena Bhatnagar

Answer: Option C
Explanation: Alice G. Vaidyan, the Chairman and Managing Director of the General Insurance Corporation (GIC) of India (GIC Re), has been awarded with the ‘Freedom of
3. the City of London’ in recognition of her work to promote insurance ties between India and the UK. IRDAI has mandated all the insurance companies to devise a mechanism for sharing status of claims with policyholders with effect from________
    A. 1 June 2019 B. 1 July 2019 C. 1 May 2019 D. 1 August 2019

Answer: Option B
4. Which among the following banks has recently announced to sell its 25.05% equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life)?
    A. Bank of India B. Union Bank of India C. Bank of Baroda D. United Bank of India

Answer: Option A
Explanation: Bank of India (BoI) has announced that it will sell 25.05% equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life) at a floor price of Rs. 170.50 per share.
5. What is the Share of Canara Bank in Canara HSBC OBC Life Insurance?
    A. 15% B. 23% C. 26% D. 51%

Answer: Option D
Explanation: Canara HSBC OBC Life is jointly owned by two public sector banks Canara Bank (51 percent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent).
1. Under the Motor Vehicle Act, the victims of fatal injuries are paid compensation on the basis of:
    A. Income and Size of Family B. Age and Gender C. Income and Number of Dependents D. Age and Income

Answer: Option B
2. The Insurance Act mandates every insurer to prepare which of the following at the end of financial year?
    A. Balance Sheet B. Profit and Loss Account C. Revenue Account for each class of Insurance business D. All the above

Answer: Option D
3. What is the role of the Third Party Administrator?
    A. Process insurance claims B. Canvassing business for the insurer C. Issue documents on behalf of the insurer D. Arranging for reinsurance

Answer: Option A
4. FPA is an insurance contract clause that eliminates an insurer’s liability for partial losses. Expand FPA.
    A. Freight Payable Assured B. Free of Particular Average C. Fire Perils Added D. Fixed Peripherals Added

Answer: Option B
5. The Board of Trustees of the Unit Trust of India (UTI) consists of how many members?
    A. 15 B. 5 C. 11 D. 8

Answer: Option C
Explanation: The management of the affairs and business of the trust are vested in the Board of trustees, which consists of 11 trustees including a full-time chairman 6. appointed by the Government of India, in consultation with The Industrial Development Bank of India
1. The Corporate Office of the UTI is situated in Mumbai. The headquarter of its Eastern Zone is in which city?
    A. Kolkata B. Patna C. Asansol D. Bhubaneshwar

Answer: Option A
Explanation: West Zone – Mumbai, East Zone – Kolkata, North Zone – New Delhi and South Zone – Chennai
2. Which among the following types of insurance policies are much cheaper as compared to others?
    A. Term insurance with guaranteed renewal B. Decreasing term insurance C. Term insurance with riders D. E-term insurance

Answer: Option D
Explanation: Policies sold online are cheaper because agent commissions get cut out.
3. IRDA Regulations allow Brokers and Corporate Agents licensed by IRDA to become ‘AP’ of Insurance Repositories for better service their customers. What does AP stands for?
    A. Agents Permitted B. Assured Professional C. Approved Persons D. Authorized Party

Answer: Option C
Explanation: In order to discharge its services and obligations, an Insurance Repository may appoint Approved Persons (APs) to represent it before policy holders, 9. subject to prior permission of IRDA.
4. A Company having paid up capital of above Rs ________ lakh are eligible to be appointed as an Approved Person of an insurance repository
    A. Rs 3 lakh B. Rs 5 lakh C. Rs 2 lakh D. Rs 4 lakh

Answer: Option B
Explanation: Only a company registered under the Companies Act, 1956 and having a paid up capital of more than Rs. 5 lakhs is eligible to be appointed as an Approved 10. Person of an insurance repository. A Corporate Agent or an Insurance Broker licensed by the Authority can become an AP provided his license is valid.
5. The ‘NEW CHILDREN’S MONEY BACK PLAN’ has been launched by which among the following insurance companies?
    A. LIC B. New India Assurance C. National Insurance Company D. United India Insurance

Answer: Option A

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