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Insurance Awareness Quiz 5

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Insurance Awareness Quiz 5

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 5 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 5 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Q1

PNB MetLife was initially launched as MetLife India Insurance Company Limited. Headquarters of one of the share holders, MetLife International Holdings LLC of PNB MetLife is in
    A. Paris, France B. Rome, Italy C. Geneva, Switzerland D. New York, U.S.

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India. PNB MetLife has as its shareholders MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB) and others.

shape Q2

Where is the catchline of National Insurance Company Limited (NICL)?
    A. Total Insurance Solutions B. Trusted Since 1906 C. Now be double sure D. Your Partner for Prosperity

National Insurance Company Limited (NICL) is a state owned general insurance company in India. Its catchline is “Trusted Since 1906” in italic. The company headquartered at Kolkata was established in 1906 and nationalised in 1972.

shape Q3

Work for merger deal between HDFC Life and which of the following companies is going on?
    A. Aviva Life B. Aegon Life C. Exide Life D. Max Life

The proposed merger was announced in August 2016. They need approvals from regulatory body IRDA, SEBI, CCI and others.

shape Q4

Presently there are how many Insurance Ombudsman’s offices in India?
    A. 12 B. 14 C. 19 D. 17

Insurance Ombudsman’s offices have been established in 17 cities all over India, each with its own jurisdiction

shape Q5

Which of the following principles of Insurance assures about the financial interest that the assured possesses in whatever is being insured?
    A. Insurable Interest B. Utmost Good Faith C. Principle of Contribution D. Principle of Indemnity

The person (the assured) should possess the thing whatever he has opted to get insured. In other words, it is the right of a person to insure something which, when lost or damaged, would mean a financial loss to him. The person cannot insure something that he does not own.

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