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Insurance Awareness Practice Set 12

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Insurance Awareness Practice Set 12

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 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 12 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 12 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. Insurance is listed in which schedule of the Indian constitution ?
    A. Eighth Schedule B. Sixth Schedule C. Seventh Schedule D. Fifth Schedule E. None of these

Answer: Option C
2. Which of the following will provide “insurance repository” services ?
    A. LIC B. EXIM Bank C. RBI D. IRDA E. None of these

Answer: Option D
3. Which act was the first legislation governing all forms of insurance to provide strict state control over insurance business ?
    A. Insurance Act of 1938 B. General Insurance Business Act of 1972 C. Life Insurance Corporation Act D. Insurance Act of 1988 E. None of these

Answer: Option A
4. The Institute of Insurance and Risk Management is located in _________________
    A. Chennai B. Mumbai C. New Delhi D. Hyderabad E. None of these

Answer: Option D
5. In which year, the Actuaries Act was passed by Indian government ?
    A. 2000 B. 2006 C. 1999 D. 1985 E. None of these

Answer: Option B
1. The Indian insurance industry is governed by which of the following act ?
    A. IRDA Act 1999 B. Life Insurance Corporation Act, 1956 C. General Insurance Business(Nationalisation) Act, 1972 D. Insurance Act, 1978 E. All of these

Answer: Option E
2. The head office of Insurance Institute of India is in
    A. Mumbai B. Bengaluru C. Chennai D. New Delhi E. None of these

Answer: Option A
3. In which state, the Institute of Actuaries of India is situated ?
    A. Karnataka B. Maharashtra C. Gujarat D. New Delhi E. None of these

Answer: Option B
4. What is the minimum capital required to set up an insurance business ?
    A. Rs.500 Cr B. Rs.100 Cr C. Rs.200 Cr D. Rs.400 Cr E. None of these

Answer: Option D
5. National Insurance Academy is located in which city of India ?
    A. Pune B. Ahmedabad C. Bengaluru D. Kolkata E. None of these

Answer: Option A
1. A method of valuing insured property, or the value computed by that method is known as
    A. Actual cost validity B. Actual cash value C. Replacement cash value D. Normal cost value E. None of these

Answer: Option B
2. _____________ is the maximum amount an insurance company will pay if an insured asset is deemed a total loss.
    A. Insurance value B. Actual value C. Replacement value D. Guaranteed Replacement Cost E. None of these

Answer: Option A
3. SEF is abbreviated as _____________________
    A. Standard Endorsement Form B. Secure Endorsement Form C. Standard Envelope Form D. Standard Endorsement Fair E. None of these

Answer: Option A
4. Which of the following is a combination of insurance as well as investment ?
    A. Money back policy B. Endowment plan C. Unit Link Insurance Plan D. Mutual Funds E. None of these

Answer: Option C
5. Investment in ULIPs is related to which section of the Income Tax Act ?
    A. 58C B. 65B C. 78A D. 80C E. None of these

Answer: Option D

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