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Insurance Awareness Practice Set 11

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Insurance Awareness Practice Set 11

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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 the 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 11 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 Practice Set 11 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. Section 39 of Insurance Act related with which of the following ?
    A. Nomination by Policyholder B. Sufficiency of assets C. Duration of insurance D. All of these E. None of these

Answer: Option A
2. Life Insurance Companies cannot reject insurance claim after how many years ?
    A. One B. Two C. Three D. Four E. None of these

Answer: Option C
3. A reinsurance company providing services to another by insuring the activities of another reinsurance company is known as
    A. Resession B. Subrogation C. Reorganization D. Retrocession E. None of these

Answer: Option D
4. In IBNR, R represent which term ?
    A. Rate B. Reported C. Ratio D. Recession E. None of these

Answer: Option B
5. Which type of insurance can covers two or more items or location ?
    A. Life Insurance B. General Insurance C. Blanklet Insurance D. All of these E. None of these

Answer: Option C
1. __________________ is /are the monopoly of General Insurance Company
    A. Life Insurance B. Crop Insurance C. Health Insurance D. All of these E. None of these

Answer: Option B
2. Which of the following is true ?
    A. Insurance is the business carried on by an organisation B. Insurance is the sum of money that is borrowed C. Insurance is the business that can provide some services D. Insurance is a collective bearing of risk E. None of these

Answer: Option D
3. 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 E. None of these

Answer: Option B
4. ________________ is some amount of money will paid before insurance will pay 100% for an individual’s health-care expenses.
    A. Out-of-Pocket Limit B. Surplus C. Point-of-Service Plan D. Personal Injury Protection E. None of these

Answer: Option A
5. Which of the following require IRDA licence to start its functioning in India ?
    A. Insurance Brokers B. Surveyors C. Insurance Agents D. Third party administrators E. All of these

Answer: Option E
1. Which insurance company has formed a specialist subsidiary Agricultural Insurance Corporation (AIC) ?
    A. New India Assurance B. Oriental Insurance Company C. Life Insurance Corporation D. General Insurance Corporation E. None of these

Answer: Option D
2. Which is the provision of insurance products by a bank. ?
    A. Credit B. Loan C. Bank assurance D. Mortgages E. None of these

Answer: Option C
3. Which of the following is the biggest non-life insurer in the entire Afro-Asia region ?
    A. Life Insurance Corporation of India B. General Insurance Company C. United India Insurance Company D. New India Assurance E. None of these

Answer: Option D
4. The headquarters of General Insurers Public Sector Association of India (GIPSA) is situated in
    A. New Delhi B. Bengaluru C. Mumbai D. Kolkata E. None of these

Answer: Option A
5. IFRS stands for
    A. Initial Financial Reporting Standards B. International Financial Reporting Standards C. International Finance Reporting System D. Indian Financial Regulation Section E. None of these

Answer: Option B

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