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 6 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 6 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

IDBI Bank Ltd and Max Bupa, a SAHI, have signed a Bancassurance corporate agency agreement. ‘H’ in SAHI stands for_____.

A. Housing B. Head C. Harmonized D. Health

The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force is known as _____.

A. Maturity Date B. Elimination Period C. Concurrent Periods D. Grace Period

___________, recently partnered with ICICI Lombard General Insurance for ‘home contents’ insurance product.

A. Paytm B. MobiKwik C. Itzcash D. Grace Period

IRDAI has the power to frame regulations under Section 114A of the Insurance Act, ______

A. 1924 B. 1938 C. 1944 D. 1956

According to IRDAI data, Life insurers’ collective new premium income grew by what percent in the second month of the current fiscal?

A. 24 B. 32 C. 43 D. 55