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Insurance Awareness Quiz 4

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Insurance Awareness Quiz 4

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 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 4 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 4 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Q1

What does A stand for eIA?
    A. Applicant B. Approve C. Agent D. Account

eIA stands for e-Insurance Account or “Electronic Insurance Account” which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. IRDA has granted the Certificate of Registration to the following five entities to act as ‘Insurance repositories’ that are authorized to open e-Insurance Accounts.

shape Q2

Insurance Repository is a company formed and registered under which act?
    A. Insurance Act, 1938 B. Companies Act, 1956 C. The IRDA Act 1999 D. None of these

“Insurance Repository” means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in Electronic form on behalf of Insurers. The Insurance Repositories provide the ease of holding insurance policies issued in an electronic form.

shape Q3

An AP is a Point of Sale (PoS) appointed by Insurance Repository and will be working on behalf of Insurance Repository to extend the IR services. What is A in AP?
    A. Authorized B. Approved C. Accountant D. Addressed

AP – Approved Person

shape Q4

How many days does it take to open an e-Insurance account after all the necessary formalities are completed?
    A. 14 B. 7 C. 10 D. 15

An e-Insurance account will be opened within 7 days from the date of submission of application complete in all respects.

shape Q5

Where is the headquarters of General Insurance Corporation of India located?
    A. Mumbai B. New Delhi C. Kolkata D. Lucknow

There are 2 Re-insurer Companies in India –
1) General Insurance Corporation of India – Headquarters: Mumbai
2) ITI Reinsurance Limited – Headquarters: Mumbai

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