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Insurance Awareness Practice Set 10

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Insurance Awareness Practice Set 10

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 Practice Set 10 includes Q & A 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 Practice Set 10 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. What is the FDI limit of Insurance Sector ?
    A. 100% B. 26% C. 35% D. 49% E. None of these

Answer: Option D
2. _____________ is the only public sector company in the field of life insurance in India
    A. NIACL B. NICL C. LIC D. GIC E. None of these

Answer: Option C
3. ULIP is a product offered by
    A. Government B. Public Sector Banks C. Financial Institutions D. Insurance companies E. None of these

Answer: Option D
4. Which of the following organization provides export credit insurance support to Indian exporters ?
    A. ECGC B. IRDA C. LIC D. GIC E. None of these

Answer: Option A
5. The minimum paid up capital for any insurance business- Life or General is
    A. Rs.50 Cr B. Rs.100 Cr C. Rs.150 Cr D. Rs.200 Cr E. None of these

Answer: Option B
1. The Insurance Regulatory and Development Authority (IRDA) was constituted in
    A. 2000 B. 2001 C. 2004 D. 1999 E. None of these

Answer: Option A
2. _____________ is the sum paid on the policy’s maturity date
    A. Final Cost B. Face Value C. Final Payment D. Face Amount E. None of these

Answer: Option D
3. The free-look period is of how many days ?
    A. 10 B. 15 C. 20 D. 30 E. None of these

Answer: Option B
4. The temporary assignment of the monetary value of a life insurance policy is known as
    A. Cash Value B. Decedent C. Cash Surrender value D. Collateral E. None of these

Answer: Option D
5. Which bank become the first bank to set up a wholly-owned non-life insurance company ?
    A. Kotak Mahindra Bank B. ICICI C. HDFC D. SBI E. None of these

Answer: Option A
1. CMO Stands for
    A. Collaboration Money obligation B. Collateralized mortgage Observation C. Collateralized Market Obligation D. Collateralized Mortgage Obligation E. None of these

Answer: Option D
2. Who will sells both casualty insurance and life insurance ?
    A. Composite insurer B. Combined insurer C. General insurer D. Life insurer E. None of these

Answer: Option A
3. The Insurance Act has __________sections and ______ schedules.
    A. 10, 100 B. 8, 120 C. 120, 8 D. 17, 110 E. None of these

Answer: Option C
4. The insurance act was borrowed from which country ?
    A. Britain B. America C. France D. Japan E. None of these

Answer: Option A
5. _____________ is a legal right reserved by most insurance carriers.
    A. Substitution B. Subrogation C. Nomination D. Insurers E. None of these

Answer: Option B

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