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Insurance Awareness Quiz 30

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Insurance Awareness Quiz 30

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 30 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 30 is extremely important for aspirants of Insurance related recruitment's such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. The National Insurance Academy is located in which city?
    A. Kolkata B. New Delhi C. Pune D. Hyderabad

Answer: Option C
Explanation: The National Insurance Academy is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.
2. The National Insurance Company Limited is a type of __________ insurance company
    A. General Insurance B. Life Insurance C. Re-Insurance D. Both A & B

Answer: Option A
3. An insurance product that pays out income to the holder at specified intervals usually after retirement is known as ___________
    A. Paid Up B. Annuity C. Premium D. Claim

Answer: Option B
4. The General Insurance Corporation of India (GIC) was notified as the Indian Reinsurer in which year?
    A. 2014 B. 1987 C. 1999 D. 2000

Answer: Option D
5. Who is the present CMD of National Insurance Company Limited (NICL)?
    A. K. Sanath Kumar B. G. Srinivasan C. Tajinder Mukherjee D. SS Mallikarajuna Rao

Answer: Option C
1. How many public sector non life insurance companies are there in India?
    A. 1 B. 3 C. 5 D. 6

Answer: Option D
Explanation: The New India Assurance Company Limited; United India Insurance Company Limited; The Oriental Insurance Company Limited; National Insurance Company Limited; Agriculture insurance company of India limited and ECGC Ltd. (Formerly Export Credit Guarantee Corporation of India Ltd.)
2. The sole national re-insurer of India, General Insurance Corporation of India (GIC Re) has its headquarter at__________
    A. New Delhi B. Mumbai C. Kolkata D. Chennai

Answer: Option B
3. ‘E@Secure’ is a cyber insurance policy for individuals launched by which company?
    A. Bajaj Allianz General Insurance B. ICICI Lombard C. HDFC Ergo D. TATA AIG

Answer: Option C
4. Who is the Chairman and MD of ECGC Ltd.
    A. Alamelu T. Lakshmanachari B. Geetha Muralidhar C. K Sanath Kumar D. A V Girija Kumar

Answer: Option B
5. The Oriental Insurance Company Ltd was founded in which year?
    A. 1929 B. 1952 C. 1938 D. 1947

Answer: Option D
Explanation: September 12, 1947 in Mumbai
1. What should be the minimum paid up capital of an entity to start re-insurance business in India?
    A. Rs 200 crore B. Rs 100 crore C. Rs 500 crore D. Rs 300 crore

Answer: Option A
Explanation: The minimum equity capital requirement is Rs 100 crore for life insurance or general insurance and Rs 200 crore for a person exclusively in the business of re-insurance
2. The Insurance Laws (Amendment) Bill, 2008 has amended which among the following acts?
    A. Insurance Act, 1938 B. General Insurance Business (Nationalisation) Act, 1972 C. Insurance Regulatory and Development Authority Act, 1999 D. All the above

Answer: Option D
3. How many Insurance Ombudsmen are functional in India?
    A. 21 B. 17 C. 9 D. 15

Answer: Option B
Explanation: There are at present 17 Insurance Ombudsman in different locations
4. A person with expertise in measurement and management of risk and uncertainty in the insurance business is known as ________
    A. Actuary B. Insurer C. Agent D. Claimant

Answer: Option A
Explanation: A person with expertise in the field of economics, statistics and mathematics, who helps in risk assessment and estimation of premium rates for insurance business
5. The Oriental Insurance Company Ltd does not have its branch in which of the following countries?
    A. Nepal B. Kuwait C. UAE D. France

Answer: Option D
Explanation: The company also has branches in Nepal, Kuwait, and Dubai.

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