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Insurance Awareness Quiz 18

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Insurance Awareness Quiz 18

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 Quiz 18 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 18 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

Q1. Limit of FDI in Insurance sector :

    A. 47%
    B. 50%
    C. 49%
    D. 51%
    E. None of These

Answer: Option C

Q2. Largest Life Insurance Company in India is:

    A. The New India Assurance Company Limited
    B. Life Insurance Corporation of India (LIC)
    C. United India Insurance Company Limited
    D. National Insurance Company Limited
    E. None of These

Answer: Option B

Q3. Which was oldest insurance company, found in 1906:

    A. LIC
    B. National Insurance Company
    C. Agriculture Insurance Company of India
    D. United India Insurance Comp
    E. None of These

Answer: Option B

Q4. Life Insurance Corporation was found on:

    A. 1 April, 1955
    B. 6 Decemberr, 1960
    C. 4 September, 1956
    D. 1 September, 1956
    E. None of These

Answer: Option C

Q5. Headquarter of LIC is situated at:

    A. Kolkata
    B. Delhi
    C. Mumbai
    D. Hyderabad
    E. None of These

Answer: Option C

Q1. Which of the following is not the principal of insurance:

    A. Utmost Good Faith
    B. Principle of Contribution
    C. Maximization of Profit
    D. Causa Proxima
    E. None of These

Answer: Option C

Q2. “Stepping into shoes of other” related with:

    A. Principle of CAUSA PROXIMA
    B. Principle of Subrogation
    C. Principle of Contribution
    D. Principle of Indemnity
    E. None of These

Answer: Option B

Q3. A person must be benefited by that thing which he wants to be insured is called:

    A. Interest
    B. Insurable Interest
    C. Causa Proxima
    D. Contribution of That person
    E. None of These

Answer: Option B

Q4. Supervision and Development of Insurance in India is in the hands of:

    A. SEBI
    B. Insurance Regulatory Development Authority
    C. Life Insurance Corporation of India
    D. Central Government
    E. None of These

Answer: Option B

Q5. IRDA was constituted by which of the following committee’s recommendations:

    A. Kumarmangalam Committee
    B. Malhotra Committee
    C. Singh Committee
    D. Sahota Committee
    E. None of These

Answer: Option B

Q1. Oldest (1818) life insurance company is:

    A. Postal Life Insurance Company
    B. Max Life Insurance Company
    C. Oriental Life Insurance Company
    D. Bharat Life Insurance Company
    E. None of These

Answer: Option C

Q2. Insurance is listed in the constitution of India in ______scheduled as Union List subject:

    A. Eighth
    B. Ninth
    C. Seventh
    D. Tenth
    E. None of These

Answer: Option C

Q3. Insurance is legislated by:

    A. Insurance Company
    B. State Government
    C. Central Government
    D. Government of India
    E. None of These

Answer: Option C

Q4. Chairman of Life Insurance Corporation of India is:

    A. Arundhati Bhattacharya
    B. U K Sinha
    C. S K Roy
    D. Vimal Khanna
    E. None of These

Answer: Option C

Q5. The insurance industry of India consists of:

    A. 52 Insurance Companies
    B. 62 Insurance Companies
    C. 35 Insurance Companies
    D. 45 Insurance Companies
    E. None of These

Answer: Option A

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