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Insurance Awareness Quiz 9

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Insurance Awareness Quiz 9

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 9 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 9 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Q1

Which type of insurance policy provides additional coverage to easily movable property?
    A. General Insurance B. Floater Insurance C. Life Insurance D. General Liability Insurance

SPLessons

Floater Insurance is a type of insurance policy that covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewelry to expensive stereo equipment.

shape Q2

________ is the sole reinsurance company in the Indian Insurance market with over four decades of experience.
    A. NICL B. LIC C. Oriental Insurance D. GIC Re

SPLessons

GIC Re is a wholly owned company of Government of India.As a sole re-insurer in the domestic reinsurance market, GIC Re provides reinsurance to the direct general insurance companies in the Indian market.As of 2012 GIC Re ranked 14th largest Re insurer and 5th largest Aviation Re insurer in the world.

shape Q3

The headquarters of United India Insurance Ltd is located in _______
    A. Mumbai B. Chennai C. Pune D. Hyderabad

SPLessons

United India Insurance Company Limited (UIICL) headquartered in Chennai was founded on 18th February 1938. The company has more than seven decades of experience in Non-life Insurance business.

shape Q4

Which government body regulates Insurance Industry?
    A. NFCG B. IRDAI C. CII D. FICCI

SPLessons

Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999. In 2014, IRDA has been renamed as “Insurance Regulatory and Development Authority of India”.

shape Q5

The headquarters of Export Credit Guarantee Corporation of India is located in _______
    A. Mumbai B. New-Delhi C. Pune D. Hyderabad

SPLessons

ECGC Limited is a company wholly owned by the Government of India based in Mumbai. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

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