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Insurance Awareness Quiz 37

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Insurance Awareness Quiz 37

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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 37 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 37 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

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1. Which among the given is not a key component of insurance?
    A. Interest B. Deductible C. Premium D. Policy Limit

Answer: Option A
2. The IRDAI has instructed insurance companies to make available a tracking mechanism latest by ________ for policyholders to enable them to know the status of their claims.
    A. 1 June 2019 B. 1 May 2019 C. 1 August 2019 D. 1 July 2019

Answer: Option D
3. As per IRDAI data, the cumulative new business premium of all the 24 life insurance firms during April-February 2018-19 rose by ____________ percent
    A. 9.10% B. 8.20% C. 7.60% D. 6.60%

Answer: Option C
Explanation: The cumulative new business premium of all the 24 life insurance firms during April-February 2018-19 rose by 7.60 per cent to Rs 1,77,213.57 crore.
4. Which among the following represents a provision or modification to terms of an existing insurance policy to provide additional coverage to the policy
    A. Jackets B. Riders C. Protocol D. Fence

Answer: Option B
5. How many Zonal office of LIC is operational in India?
    A. 10 B. 4 C. 5 D. 8

Answer: Option D
1. Which among the given insurance company is not the promoter of Agriculture Insurance Company of India Limited (AIC)?
    A. Life Insurance Corporation of India B. NABARD C. General Insurance Corporation of India D. United India Insurance Company Limited

Answer: Option A
Explanation: LIC is not the promoter of AIC. NABARD hold 30% stake in it.
2. Which among the given best represents Micro Finance?
    A. Life Insurance Policy B. Self Help Group C. Investment in Mutual Fund D. ULIP

Answer: Option B
3. Identify which of the listed policies is not launched by the LIC?
    A. Jeevan Akshay B. Jeevan Saral C. Jeevan Swarna D. Jeevan Anand

Answer: Option C
4. Passengers would be able to avail free-of-cost travel insurance of Rs 50 lakh if they book their tickets through the IRCTC. The railway catering and tourism arm has partnered with which insurance company for the service?
    A. Bharti AXA General Insurance B. Life Insurance Corporation of India C. HDFC Life Insurance D. ICICI Prudential Life Insurance

Answer: Option A
5. “Insuring Lives, Ensuring future” is the punch line of which insurance provider?
    A. SBI Life Insurance B. HDFC Life Insurance C. Kotak Mahindra Life Insurance D. Postal Life Insurance

Answer: Option D
1. LIC’s Executive Board consists of how many Managing Directors?
    A. One B. Two C. Three D. Four

Answer: Option D
Explanation: The LIC’s executive board comprises of one Chairman, currently M.R. Kumar, and four Managing Directors, V. Venugopal, Hemant Bhargava, Vipin Anand and TC Suseel Kumar
2. CAGR is a measure to determine the rate of increase or decrease of investment over multiple time period in business. What does it stand for?
    A. Compound Annual Growth Rate B. Cost Accounting Growth Ratio C. Credit Analysis Gross Return D. Calculative Annual Gross Rate

Answer: Option A
Explanation: CAGR stands for Compound Annual Growth Rate and is a financial investment calculation that measures the percentage an investment increases or decreases year over year
3. The IRDAI (Re-insurance) Regulations, 2018 (“Regulations”), which came into force on January 1, 2019, repeal which of the following regulations?
    A. IRDAI (General Insurance – Reinsurance) Regulations, 2016 B. IRDAI (Life Insurance – Reinsurance) Regulations, 2013 C. Both A & B D. None of the above

Answer: Option C
Explanation: The IRDAI has notified the IRDAI (Re-insurance) Regulations, 2018 (“Regulations”), which came into force on January 1, 2019 and repeal the previous regulations applicable to reinsurance (i.e. the IRDAI (General Insurance – Reinsurance) Regulations, 2016 (“GIR Regulations”) and the IRDAI (Life Insurance – Reinsurance) Regulations, 2013).
4. Which among the following is the First Private Sector Reinsurance Company in India to be wholly promoted by Indian Entrepreneurs?
    A. Munich Re B. ITI Re C. Gen Re D. SCOR SE

Answer: Option B
Explanation: ITI Reinsurance Limited (ITI Re) is ‘First Private Sector Reinsurance Company in India’, and the first one to be wholly promoted by Indian Entrepreneurs. ITI Re is aiming to service the Direct Insurance Markets in India and Overseas Territories.
5. Which of the given insurance covers are compulsory by law in India?
    A. Motor Vehicle Insurance B. DICGC Insurance C. Employees’ State Insurance D. All of the above

Answer: Option D

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