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LIC ADO Insurance Awareness Quiz

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LIC ADO Insurance Awareness Quiz

shape Introduction

What is meant by Insurance Awareness ?
Insurance awareness has been linked to such prudent behavior. Conceptually, its foundation is Insurance literacy, which is defined as: The ability to use knowledge and skills to effectively manage Insurance resources efficiently at a personal level and through the life cycle.


Aspirants of LIC Apprentice Development Officer (ADO) 2019, who are willing to enhance their career with insurance sector can check all the details in LIC ADO’s 2019 – Official Notification issued by LIC. The online Mains exam is scheduled to be conducted in 10\(^{th}\) August, 2019.


Click Here – For Official Website


Insurance Awareness is a section that is present in most of the banking competitive exams. Candidates planning to take up employment in the Insurance sector must be aware of many of the terms policies and other such important information related to Insurance awareness. The article LIC ADO Insurance Awareness Quiz provides quiz sets useful to the candidates while preparing Various Banking & Government Exams like LIC ADO, LIC AAO, NIACL, NICL, GIC, OCIL, etc.,.


shape Quiz

1.The Life Insurance Companies Act was passed in which year?

    A. 1919
    B. 1912
    C. 1900
    D. 1902
    E. None of these


2. The Life Insurance Companies Act was passed in which year?


    A. 1962
    B. 1949
    C. 1956
    D. 1947
    E. None of these


3. The Life Insurance Business in India was nationalized in which year?


    A. 1956
    B. 1949
    C. 1938
    D. 1962
    E. None of these


4. How many insurance companies were merged to form the Life Insurance Corporation of India?


    A. 200
    B. 176
    C. 24
    D. 125
    E. None of these


5. The central office of the Life Insurance Corporation of India (LIC) is located at?


    A. Kolkata
    B. New Delhi
    C. Chennai
    D. Pune
    E. Mumbai


6. In which year, the Indian Life Assurance Companies Act came into force ?


    A. 1910
    B. 1932
    C. 1920
    D. 1912
    E. None of these


7. In which year New India Assurance Co Ltd was found?


    A. 1918
    B. 1818
    C. 1919
    D. 1945
    E. None of these


8. What percent shares of New India Assurance Co Ltd is owned by Government of India?


    A. 50%
    B. 85%
    C. 99.4%
    D. 100%
    E. None of these


9. In which year New India Assurance Co Ltd nationalized?


    A. 1945
    B. 1947
    C. 1973
    D. 1969
    E. None of these


10. The life insurance business in India was first started in which year?


    A. 1827
    B. 1845
    C. 1818
    D. 1832
    E. None of these


11. Name the first life insurance company to function in India?


    A. United India Insurance Company
    B. Bombay Mutual Life Assurance Society
    C. Agriculture Insurance Company of India
    D. Oriental Life Insurance Company
    E. None of these


12. Which among the following is the first Indian life insurance company to begin operations in India?


    A. Bombay Mutual Life Assurance Society
    B. Empire of India Life Assurance Company
    C. Albert Life Assurance
    D. Royal Insurance
    E. None of these


13. Which among the following is the oldest existing insurance company in India?


    A. National Insurance Company
    B. Life Insurance Corporation of India
    C. New India Assurance Company
    D. United India Insurance Company
    E. None of these


14. Name the first General Insurance Company in India?


    A. ECGC Ltd
    B. United India Insurance Company Limited
    C. Indian Mercantile Insurance Ltd
    D. Triton Insurance Company Ltd
    E. None of these


15. The Insurance Act to govern both life insurance and non-life insurance was passed in which year?


    A. 1929
    B. 1938
    C. 1949
    D. 1934
    E. None of these


16. The General Insurance Business in India was nationalized in which year?


    A. 1951
    B. 1962
    C. 1973
    D. 1949
    E. None of these


17. IRDAI Act was passed in which year by the Government of India?


    A. 1992
    B. 2002
    C. 2000
    D. 1999
    E. None of these


18. The IRDAI was incorporated as a statutory body on?


    A. 30\(^{th}\) April 2001
    B. 01\(^{st}\) July 2002
    C. 31\(^{st}\) December 1999
    D. 19\(^{th}\) April 2000
    E. None of these


19. How many public sector life insurance companies are functional in India?


    A. 1
    B. 2
    C. 3
    D. 4
    E. None of these


20. The Indian Insurance Companies Act was enacted in which year?


    A. 1912
    B. 1928
    C. 1936
    D. 1949
    E. None of these


Answer:


1. Answer– Option B

2. Answer– Option C

3. Answer– Option A

4. Answer– Option C

5. Answer– Option E

6. Answer– Option D

7. Answer– Option C

8. Answer– Option D

9. Answer– Option C

10. Answer– Option C

11. Answer– Option D

12. Answer– Option A

13. Answer– Option A

14. Answer– Option D

15. Answer– Option B

16. Answer– Option C

17. Answer– Option D

18. Answer– Option D

19. Answer– Option A

20. Answer– Option B

1. The General Insurance Corporation of India (GIC) was notified as the Indian Reinsurer in which year?

    A. 2014
    B. 1987
    C. 1999
    D. 2000
    E. None of these


2. Which of the following is the first life insurance company in India?

    A. United India Insurance
    B. Oriental Insurance
    C. LIC
    D. New India Assurance
    E. None of these


3. In 1818, India’s first insurance company Oriental Life Insurance Company has established in which city?

    A. New Delhi
    B. Mumbai
    C. Kolkata
    D. Pune
    E. None of these


4. Which insurance company is the first general insurance company in India ?

    A. The Oriental Insurance Company
    B. GIC Re
    C. New India Assurance
    D. Triton Insurance Company Ltd
    E. None of these


5. In which year the General Insurance Business Nationalization Act was passed in India?

    A. 1972
    B. 1980
    C. 1991
    D. 1985
    E. None of these


6. The Insurance Act has____________ sections and_____________ schedules.

    A. 10, 100
    B. 8, 120
    C. 120, 8
    D. 17, 110
    E. None of these


7. 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


8. 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


9. 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


10. In which year, the Actuaries Act was passed by Indian government?

    A. 2000
    B. 2006
    C. 1999
    D. 1985
    E. None of these


11. 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 (Nationalization) Act, 1972
    D. Insurance Act, 1978
    E. All of these


12. The Oriental Insurance Company Ltd was founded in which year?

    A. 1929
    B. 1952
    C. 1938
    D. 1947
    E. None of these


13. The General Insurance Corporation of India (GIC. was converted into a national re-insurer in which year?

    A. 1995
    B. 2000
    C. 2014
    D. 1999
    E. None of these


14. How many companies were merged to form the United India Insurance Company (UIIC)?

    A. 12
    B. 19
    C. 22
    D. 20
    E. None of these


15. The General Insurance Business (Nationalization) Amendment Act was passed in which year?

    A. 2000
    B. 2002
    C. 1999
    D. 1998
    E. None of these


16. GIC was founded on?

    A. 1\(^{st}\) July 1938
    B. 31\(^{st}\) January 1994
    C. 25\(^{th}\) April 1959
    D. 22\(^{nd}\) November 1972
    E. None of these


17. The General Insurance Corporation of India (GIC) was incorporated as a private company under which act?

    A. Insurance Act 1938
    B. General Insurance Business (Nationalization) Act, 1972
    C. Companies Act, 1956
    D. Insurance Regulatory and Development Authority Act, 1999
    E. None of these


18. Where is the headquarters of Religare Health Insurance Company Limited located?

    A. New Delhi
    B. Chennai
    C. Gurgaon
    D. Mumbai
    E. None of these


19. The New India Assurance Company Ltd is what type of company?

    A. General Insurance Company
    B. Life Insurance Company
    C. Pension Regulator
    D. Asset Reconstruction Company
    E. None of these


20. The United India Insurance Company (UIIC) Limited was incorporated on?

    A. 31\(^{st}\) December 1919
    B. 25\(^{th}\) January 1946
    C. 18\(^{th}\) February 1938
    D. 09\(^{th}\) March 1952
    E. None of these


Answer:

1. Answer– Option D

2. Answer– Option B

3. Answer– Option C

4. Answer– Option D

5. Answer– Option A

6. Answer– Option C

7. Answer– Option D

8. Answer– Option C

9. Answer– Option A

10. Answer– Option B

11. Answer– Option E

12. Answer– Option D

13. Answer– Option B

14. Answer– Option C

15. Answer– Option B

16. Answer– Option D

17. Answer– Option C

18. Answer– Option A

19. Answer– Option C

20. Answer– Option C

1. UIIC was nationalized in which year?

    A. 1956
    B. 1972
    C. 1999
    D. 2000
    E. None of these


2. The Oriental Insurance Company Limited was incorporated in which year?

    A. 15\(^{th}\) July 1938
    B. 30\(^{th}\) April 1942
    C. 21\(^{st}\) January 1954
    D. 12\(^{th}\) September 1947
    E. None of these


3. The Agriculture Insurance Company Of India Limited was incorporated on?

    A. 6\(^{th}\) August 1999
    B. 29\(^{th}\) October 1997
    C. 12\(^{th}\) February 2000
    D. 20\(^{th}\) December 2002
    E. None of these


4. The insurance law in India has its origin from which country?

    A. France
    B. United Kingdom
    C. United States
    D. Russia
    E. None of these


5. The Life Insurance Business is defined in which section of the Insurance Act, 1938?

    A. Section 2(11)
    B. Section 3C(11)
    C. Section 1(11)
    D. Section 4A(11)
    E. None of these


6. The Agriculture Insurance Company of India Limited (AIC) was set up in which year?

    A. 1982
    B. 1999
    C. 2002
    D. 2014
    E. None of these


7. Which country is the first in the world to introduce the concept of Insurance Repository services?

    A. India
    B. United States
    C. United Kingdom
    D. France
    E. None of these


8. Which of the following is the first Indian Life Insurance Company established in India?

    A. Oriental Life Insurance Company
    B. Bombay Mutual Life Assurance Company
    C. Life Insurance Corporation
    D. Empire of India
    E. None of these


9. The headquarters of LIC is located in?

    A. Mumbai
    B. Chennai
    C. Pune
    D. Hyderabad
    E. None of these


10. Which government body regulates Insurance Industry?

    A. NFCG
    B. IRDAI
    C. CII
    D. FICCI
    E. None of these


11. The headquarters of IRDAI is located in?

    A. Mumbai
    B. Chennai
    C. Pune
    D. Hyderabad
    E. None of these


12. The headquarters of National Insurance Company Ltd (NIC)is located in?

    A. Mumbai
    B. Chennai
    C. Pune
    D. Kolkata
    E. None of these


13. The headquarters of New India Assurance is located in?

    A. Mumbai
    B. Chennai
    C. Pune
    D. Hyderabad
    E. None of these


14. The headquarters of United India Insurance Ltd is located in?

    A. Mumbai
    B. Chennai
    C. Pune
    D. Hyderabad
    E. None of these


15. The headquarters of Oriental Insurance Company is located in?

    A. Mumbai
    B. New Delhi
    C. Pune
    D. Hyderabad
    E. None of these


16. The headquarters of Agriculture Insurance Company is located in?

    A. Mumbai
    B. New-Delhi
    C. Pune
    D. Hyderabad
    E. None of these


17. The headquarters of Export Credit Guarantee Corporation of India is located in?

    A. Mumbai
    B. New-Delhi
    C. Pune
    D. Hyderabad
    E. None of these


18. 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


19. The head office of Insurance Institute of India is in ?

    A. Mumbai
    B. Bengaluru
    C. Chennai
    D. New Delhi
    E. None of these


20. National Insurance Academy is located in which city of India?

    A. Pune
    B. Ahmedabad
    C. Bengaluru
    D. Kolkata
    E. None of these


Answer:

1. Answer– Option B

2. Answer– Option D

3. Answer– Option D

4. Answer– Option B

5. Answer– Option A

6. Answer– Option C

7. Answer– Option A

8. Answer– Option B

9. Answer– Option A

10. Answer– Option B

11. Answer– Option D

12. Answer– Option D

13. Answer– Option A

14. Answer– Option B

15. Answer– Option B

16. Answer– Option B

17. Answer– Option A

18. Answer– Option A

19. Answer– Option A

20. Answer– Option A

1. The Institute of Insurance and Risk Management is located in?

    A. Chennai
    B. Mumbai
    C. New Delhi
    D. Hyderabad
    E. None of these


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
    E. None of these


3. Where is the headquarters of Bajaj Allianz Life Insurance Co. Ltd. Located?

    A. Mumbai
    B. Gurugram
    C. Pune
    D. Bengaluru
    E. None of these


4. Where is the headquarters of Exide Life Insurance Co. Ltd. located?

    A. Mumbai
    B. New Delhi
    C. Gurgaon
    D. Bengaluru
    E. None of these


5. Where is the headquarters of SBI Life Insurance Co. Ltd located?

    A. Ahmedabad
    B. Jaipur
    C. Mumbai
    D. Pune
    E. None of these


6. Where is the headquarters of Birla Sun Life Insurance Co. Ltd located?v

    A. Mumbai
    B. Chennai
    C. Pune
    D. Bengaluru
    E. None of these


7. Where is the headquarters of PNB Metlife India Insurance Co. Ltd. located?

    A. Pune
    B. Mumbai
    C. Chennai
    D. Bengaluru
    E. None of these


8. Where is the headquarters of HDFC Standard Life Insurance Co. Ltd located?

    A. Mumbai
    B. Pune
    C. Gurgaon
    D. Bengaluru
    E. None of these


9. Where is the headquarters of Tata AIA Life Insurance Co. Ltd. located?

    A. Mumbai
    B. Hyderabad
    C. Pune
    D. Bengaluru
    E. None of these


10. Where is the headquarters of ICICI Prudential Life Insurance Co. Ltd located?

    A. New Delhi
    B. Pune
    C. Mumbai
    D. Gurgaon
    E. None of these


11. Where is the headquarters of Reliance Nippon Life Insurance Co. Ltd. located?

    A. Mumbai
    B. Jaipur
    C. Pune
    D. Bengaluru
    E. None of these


12. Where is the headquarters of Kotak Mahindra Old Mutual Life Insurance Co. Ltd located?

    A. New Delhi
    B. Jaipur
    C. Pune
    D. Mumbai
    E. None of these


13. Where is the headquarters of Aviva Life Insurance Company India Limited located?

    A. Mumbai
    B. Agra
    C. Gurgaon
    D. Lucknow
    E. None of these


14. Where is the headquarters of Shriram Life Insurance Co. Ltd. located?

    A. Lucknow
    B. Hyderabad
    C. Gurgaon
    D. Bengaluru
    E. None of these


15. Where is the headquarters of Max Life Insurance Co. Ltd located?

    A. Mumbai
    B. Chennai
    C. Gurgaon
    D. Bengaluru
    E. None of these


16. Where is the headquarters of IDBI Federal Life Insurance Co. Ltd. located?

    A. Mumbai
    B. Chennai
    C. Jaipur
    D. Bengaluru
    E. None of these


17. Where is the headquarters of Bharti AXA Life Insurance Co. Ltd. located?

    A. Ahmedabad
    B. Jaipur
    C. Mumbai
    D. Hyderabad
    E. None of these


18. Where is the headquarters of Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. located?

    A. New Delhi
    B. Chennai
    C. Hyderabad
    D. Bengaluru
    E. None of these


19. Where is the headquarters of Future Generali India Life Insurance Co. Ltd. located?

    A. New Delhi
    B. Jaipur
    C. Pune
    D. Mumbai
    E. None of these


20. Where is the headquarters of Sahara India Life Insurance Co. Ltd. located?

    A. New Delhi
    B. Lucknow
    C. Mumbai
    D. Gurgaon
    E. None of these


Answer: Option

1. Answer– Option D

2. Answer– Option B

3. Answer– Option C

4. Answer– Option D

5. Answer-Option C

6. Answer– Option A

7. Answer– Option B

8. Answer-Option A

9. Answer– Option A

10. Answer– Option C

11. Answer– Option A

12. Answer– Option D

13. Answer– Option C

14. Answer– Option B

15. Answer-Option C

16. Answer– Option A

17. Answer– Option C

18. Answer– Option A

19. Answer– Option D

20. Answer– Option B

1. Where is the headquarters of AEGON Life Insurance Co. Ltd. located?


    A. Pune
    B. Mumbai
    C. Chennai
    D. Lucknow
    E. None of these


2. Where is Indian Institute of Banking and Finance (IIBF) located?


    A. Pune
    B. Mumbai
    C. Bengaluru
    D. Jaipur
    E. None of these


3. Where is the headquarters of DHFL Pramerica Life Insurance Co. Ltd. located?


    A. Mumbai
    B. Hyderabad
    C. Gurgaon
    D. Bengaluru
    E. None of these


4. Where is the headquarters of IFFCO Tokio General Insurance Co. Ltd. located?


    A. New Delhi
    B. Gurgaon
    C. Pune
    D. Mumbai
    E. None of these


5. Where is the headquarters of Royal Sundaram General Insurance Co. Limited located?


    A. Gurgaon
    B. Agra
    C. Chennai
    D. Lucknow
    E. None of these


6. Where is the headquarters of Cholamandalam MS General Insurance Co. Ltd. located?


    A. Chennai
    B. Pune
    C. Gurgaon
    D. Bengaluru
    E. None of these


7. Where is the headquarters of Apollo Munich Health Insurance Company Limited located?


    A. Gurgaon
    B. New Delhi
    C. Chennai
    D. Lucknow
    E. None of these


8. Where is the headquarters of HDFC ERGO General Insurance Co. Ltd. located?


    A. Ahmedabad
    B. Jaipur
    C. Mumbai
    D. Hyderabad
    E. None of these


9. Where is the headquarters of Max Bupa Health Insurance Company Ltd. located?


    A. New Delhi
    B. Gurgaon
    C. Pune
    D. Mumbai
    E. None of these


10. Where is the headquarters of Star Health and Allied Insurance Company Limited located?


    A. New Delhi
    B. Chennai
    C. Hyderabad
    D. Mumbai
    E. None of these


11. Where is the headquarters of Universal Sompo General Insurance Co. Ltd. located?


    A. Mumbai
    B. Jaipur
    C. Pune
    D. Bengaluru
    E. None of these


12. Where is the headquarters of Star Union Dai- Ichi Life Insurance Co. Ltd. located?


    A. Mumbai
    B. Jaipur
    C. Pune
    D. Bengaluru
    E. None of these


13. Where is the headquarters of Edelweiss Tokio Life Insurance Co. Ltd. located?


    A. New Delhi
    B. Lucknow
    C. Mumbai
    D. Gurgaon
    E. None of these


14. “We know Healthcare” is the tagline of ?


    A. LIC
    B. Apollo Munich
    C. UIICL
    D. Oriental Insurance
    E. None of these


15. “You Focus on Exports. We recover the risks.” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. National Insurance
    D. ECGC
    E. None of these


16. “Zimmedarikahumsafar” is the tagline of which insurance company?


    A. SBI Life
    B. ICICI Prudential Life
    C. National Insurance
    D. ECGC
    E. None of these


17. “Rest Assured with Us” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. UIICL
    D. Oriental Insurance
    E. None of these


18. “SampannBharathkipehchan, BeemithPhasalKhusal Kisan” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. National Insurance
    D. Agricultural Insurance
    E. None of these


19. “With Us, You’re Sure” is the tagline of which insurance company?


    A. SBI Life
    B. New India Assurance
    C. National Insurance
    D. ECGC
    E. None of these


20. “THODA SIMPLE SOCHO” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. National Insurance
    D. Oriental Insurance
    E. None of these


Answers


1. Answer – Option B


2. Answer – Option B


3. Answer – Option C


4. Answer – Option B


5. Answer – Option C


6. Answer – Option A


7. Answer – Option A


8. Answer – Option C


9. Answer – Option A


10. Answer – Option B


11. Answer – Option A


12. Answer – Option A


13. Answer – Option C


14. Answer – Option B


15. Answer – Option D


16. Answer – Option B


17. Answer – Option C


18. Answer – Option D


19. Answer – Option A


20. Answer – Option C

1. “Leadership and Beyond” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. UIICL
    D. Oriental Insurance
    E. None of these


2. “Prithvi, Agni, Jal, Akash, SabkiSurakshaHamarePaas” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. National Insurance
    D. Oriental Insurance
    E. None of these


3. “YogakshemamVahamyaham” is the tagline of which insurance company?


    A. LIC
    B. New India Assurance
    C. UIICl
    D. Oriental Insurance
    E. None of these


4. What is the insurance of human life values against the risks of death, injury, illness or against expenses incidental to the latter?


    A. Personal Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Liability Insurance
    E. None of these


5. What is the insurance of commercial property that protects the property from such perils as fire, theft and natural disaster?


    A. Personal Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Liability Insurance
    E. None of these


6. Coverage for bodily injury and property damage incurred through ownership or operation of a vehicle is called?


    A. Personal Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Automobile Liability Insurance
    E. None of these


7. What is a type of reinsurance in which the reinsurer can accept or reject any risk presented by an insurance company seeking reinsurance ?


    A. Treaty Insurance
    B. Health Insurance
    C. Facultative Insurance
    D. All the Above
    E. None of these


8. ____________ in insurance is the splitting or spreading of risk among multiple parties.


    A. Reinsurance
    B. Coinsurance
    C. Blanket Assign
    D. Blanket Bond
    E. None of these


9. Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency is termed as?


    A. Credit Insurance
    B. Contingent Liability
    C. Contractual Liability
    D. Convertible
    E. None of these


10. Coverage that protects businesses engaged in electronic commerce from losses caused by hackers is termed as?


    A. Hospital Insurance
    B. Hull Insurance
    C. Hacker Insurance
    D. Identity theft Insurance
    E. None of these


11. A single policy covering a group of individuals, usual employees of the same company or members of the same association and their dependents is called?


    A. Hospital Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Identity theft Insurance
    E. None of these


12. Coverage against loss through stealing by individuals, not in a position of trust is called?


    A. Hospital Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Theft Insurance
    E. None of these


13. The result of the policyholder’s failure to buy sufficient insurance is termed as?


    A. Hospital Insurance
    B. Hull Insurance
    C. Under Insurance
    D. Title Insurance
    E. None of these


14. Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title is called?


    A. Hospital Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Title Insurance
    E. None of these


15. A standing agreement between insurers and reinsurers. Under a treaty, each party automatically accepts a specific percentage of the insurer’s business is termed as?


    A. Catastrophe Reinsurance
    B. Excess of Loss Reinsurance
    C. Facultative Reinsurance
    D. Treaty Reinsurance
    E. None of these


16. A form of reinsurance that indemnifies the ceding company for the accumulation of losses in excess of a stipulated sum arising from a single catastrophic event or series of events is termed as?


    A. Catastrophe Reinsurance
    B. Excess of Loss Reinsurance
    C. Facultative Reinsurance
    D. Treaty Reinsurance
    E. None of these


17. A type of reinsurance in which the reinsurer indemnifies the ceding company for losses that exceed a specified limit is called?


    A. Catastrophe Reinsurance
    B. Excess of Loss Reinsurance
    C. Facultative Reinsurance
    D. Treaty Reinsurance
    E. None of these


18. What is a form of non-proportional reinsurance?


    A. Catastrophe Reinsurance
    B. Excess of Loss Reinsurance
    C. Facultative Reinsurance
    D. Treaty Reinsurance
    E. None of these


19. What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?


    A. Catastrophe Reinsurance
    B. Excess of Loss Reinsurance
    C. Facultative Reinsurance
    D. Term Insurance
    E. None of these


20. ___________ is reinsurance for a single risk or a defined package of risks.


    A. Catastrophe Reinsurance
    B. Excess of Loss Reinsurance
    C. Facultative Reinsurance
    D. Treaty Reinsurance
    E. None of these


Answers


1. Answer – Option B


2. Answer – Option D


3. Answer – Option A


4. Answer – Option A


5. Answer – Option B


6. Answer – Option D


7. Answer – Option C


8. Answer – Option B


9. Answer – Option A


10. Answer – Option C


11. Answer – Option C


12. Answer – Option D


13. Answer – Option C


14. Answer – Option D


15. Answer – Option D


16. Answer – Option A


17. Answer – Option B


18. Answer – Option B


19. Answer – Option D


20. Answer – Option C

1. A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally is known as?


    A. Hospital Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Self-Insurance
    E. None of these


2. A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as?


    A. Hospital Insurance
    B. Renewable Term Insurance
    C. Mortgage Insurance
    D. Multi-Peril Insurance
    E. None of these


3. Which Insurance is a compulsory insurance plan administered by a government agency with the primary emphasis on social adequacy?


    A. Hospital Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Social Insurance
    E. None of these


4. A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses is called?


    A. Health Insurance
    B. Renewable Term Insurance
    C. Key-Person Insurance
    D. Multi-Peril Insurance
    E. None of these


5. Which is liability coverage for contents within a renter’s residence?


    A. Renters Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Social Insurance
    E. None of these


6. Which of the following insurance is coverage for damage to a vessel or aircraft and affixed items?


    A. Renters Insurance
    B. Hull Insurance
    C. Group Insurance
    D. Social Insurance
    E. None of these


7. Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called?


    A. Hospital Insurance
    B. Renewable Term Insurance
    C. Group Insurance
    D. Social Insurance
    E. None of these


8. A policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations is called?


    A. Hospital Insurance
    B. Renewable Term Insurance
    C. Key-Person Insurance
    D. Multi-Peril Insurance
    E. None of these


9. Personal and business property coverage combining several types of property insurance in one policy is called?


    A. Hospital Insurance
    B. Renewable Term Insurance
    C. Mortgage Insurance
    D. Multi-Peril Insurance
    E. None of these


10. A Life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout is called?


    A. Hold-Harmless Agreement
    B. Incontestability Provision
    C. Level Premium Insurance
    D. Limited Payment Life Insurance
    E. None of these


11. Adjustable life insurance under which premiums and coverage are adjustable, the company’s expenses are not specifically disclosed to the insured but a financial report is provided to policyholders annually is called?


    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Underwriter
    D. Underwriting Risk
    E. None of these


12. Reinsurance placed with a company not authorized in the reporting company’s state of domicile is called?


    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Underwriter
    D. Underwriting Risk
    E. None of these


13. A form of whole-life insurance with a pre-defined number of premiums to be paid is known as?


    A. Hold-Harmless Agreement
    B. Incontestability Provision
    C. Level Premium Insurance
    D. Limited Payment Life Insurance
    E. None of these


14. Which term referring to property coverage for the perils of burglary, theft, and robbery?


    A. Personal Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Crime Insurance
    E. None of these


15. What is a Coverage protecting property against losses caused by a fire or lightning that is usually included in homeowners or commercial multiple peril policies?


    A. Finite Risk Reinsurance
    B. Fire Insurance
    C. Escrow Account
    D. Earned Premium
    E. None of these


16. What is covered for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents?


    A. Flood Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Liability Insurance
    E. None of these


17. An automobile insurance option, available in some states, that covers the difference between a car’s actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company is called?


    A. Double Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Gap Insurance
    E. None of these


18. Which of the following insurance is mainly used for leased cars?


    A. Double Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Gap Insurance
    E. None of these


19. What is insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it?


    A. Flood Insurance
    B. Forced Place Insurance
    C. Industrial Insurance
    D. Liability Insurance
    E. None of these


20. What is coverage for glass breakage caused by all risks?


    A. Glass Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Gap Insurance
    E. None of these


Answers


1. Answer – Option D


2. Answer – Option C


3. Answer – Option D


4. Answer – Option A


5. Answer – Option A


6. Answer – Option B


7. Answer – Option B


8. Answer – Option C


9. Answer – Option D


10. Answer – Option C


11. Answer – Option A


12. Answer – Option B


13. Answer – Option D


14. Answer – Option D


15. Answer – Option B


16. Answer – Option A


17. Answer – Option D


18. Answer – Option D


19. Answer – Option B


20. Answer – Option A

1. This broad type of coverage was developed for shipments that do not involve ocean transport is known as?


    A. Double Insurance
    B. Inflation Guard Clause
    C. Inland Marine Insurance
    D. Gap Insurance
    E. None of these


2. What is a coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infringement, defamation, and violation of privacy?


    A. Internet Liability Insurance
    B. Inflation Guard Clause
    C. Inland Marine Insurance
    D. Gap Insurance
    E. None of these


3. Professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients is termed as?


    A. Malpractice Insurance
    B. Inflation Guard Clause
    C. Inland Marine Insurance
    D. Gap Insurance
    E. None of these


4. What is coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults?


    A. Internet Liability Insurance
    B. Kidnap/Ransom Insurance
    C. Municipal Bond Insurance
    D. Gap Insurance
    E. None of these


5. __________ covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.


    A. Internet Liability Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Nuclear Insurance
    E. None of these


6. What is a life insurance policy that remains in force for the policyholder’s lifetime?


    A. Nursing Home Insurance
    B. Ordinary Life Insurance
    C. Inland Marine Insurance
    D. Occurrence Policy
    E. None of these


7. A form of long-term care policy that covers a policyholder’s stay in a nursing facility is called?


    A. Nursing Home Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Nuclear Insurance
    E. None of these


8. Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident is known as?


    A. Internet Liability Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Umbrella Insurance
    E. None of these


9. What covers professionals for negligence and errors or omissions that injure their clients?


    A. Nursing Home Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Professional Liability Insurance
    E. None of these


10. What is insurance to cover problems associated with traveling, generally including trip cancellation due to illness, lost luggage, and other incidents?


    A. Nursing Home Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Travel Insurance
    E. None of these


11. A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion is called?


    A. Variable Life Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Uninsured Motorist Coveragee
    E. None of these


12. Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?


    A. Warranty Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Uninsured Motorist Coverage
    E. None of these


13. An insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment is termed as?


    A. Indemnity Insurance
    B. Business Default Insurance
    C. Risk Hall Insurance
    D. Entrepreneur Hall Insurance
    E. None of these


14. What is the term for the insurance that the insurance company buys for its own insurance?


    A. General Insurance
    B. Life Insurance
    C. Re – Insurance
    D. Public Insurance
    E. None of these


15. Which of the following principles of Insurance denotes insurance of the same subject matter with two different companies or with the same company under two different policies?


    A. Principle of Proximate Cause
    B. Principle of Subrogation
    C. Double insurance
    D. Principle of Indemnity
    E. None of these


16. The Insurance Regulatory and Development Authority (IRDAI) was formed on the recommendation of which committee?


    A. Banarji Committee
    B. Kutumbe Committee
    C. Malhotra Committee
    D. Gupte Committee
    E. None of these


17. Bombay Mutual Life Assurance Society was the first life insurance company in India to ensure Indian lives. It was set up in which year?


    A. 1890
    B. 1832
    C. 1818
    D. 1870
    E. None of these


18. 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
    E. None of these


19. An individual who sells, services, or negotiates insurance policies either on behalf of a company or independently is called?


    A. Seller
    B. Agent
    C. Service Provider
    D. Aggregate
    E. None of these


20. A demand made by the insured, or the insured’s beneficiary, for payment of the benefits as provided by the policy, is known as?


    A. Claim
    B. Request
    C. Demanding
    D. Aggregate
    E. None of these


Answers


1. Answer – Option C


2. Answer – Option A


3. Answer – Option A


4. Answer – Option C


5. Answer – Option D


6. Answer – Option B


7. Answer – Option A


8. Answer – Option D


9. Answer – Option D


10. Answer – Option D


11. Answer – Option A


12. Answer – Option A


13. Answer – Option A


14. Answer – Option C


15. Answer – Option C


16. Answer – Option C


17. Answer – Option D


18. Answer – Option B


19. Answer – Option B


20. Answer – Option A

1.A person who investigates claims and recommends settlement options based on estimates of damage and insurance policies held is called?


    A. Adjuster
    B. Agent
    C. Service Provider
    D. Aggregate
    E. None of these


2. Who among the following can take Fire policy?


    A. God own Keepers.
    B. Keepers.
    C. Educational/ Research Institutions.
    D. All of the Above
    E. None of these


3. An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as?


    A. Adjuster
    B. Beneficiary
    C. Service Provider
    D. Aggregate
    E. None of these


4. The person who receives the proceeds or the benefits under the plan when the nominee is less than 18 years of age is called?


    A. Adjuster
    B. Appointee
    C. Service Provider
    D. Aggregate
    E. None of these


5. What is an actual ownership interest in a specific asset or group of assets?


    A. Fund
    B. cover
    C. Equity
    D. Liquidity
    E. None of these


6. Which is used to determine the actual cash value of the property at time of loss?


    A. appreciation
    B. Depreciation
    C. Realization
    D. Recognition
    E. None of these


7. The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the planned schedule is called?


    A. Fund
    B. cover
    C. Limited premium
    D. Liquidity
    E. None of these


8. What is the period between the date of subscription to an insurance-cum-pension policy and the time at which the first installment of pension is received.


    A. Appreciation
    B. Depreciation
    C. Deferment
    D. Recognition
    E. None of these


9. ___________ is the amount you pay to the insurance company to buy a policy.


    A. Fund
    B. Premium
    C. Annuity
    D. Liquidity
    E. None of these


10. Which principle specifies an insured should not collect more than the actual cash value of a loss?


    A. Indemnity
    B. Premium
    C. Annuity
    D. Liquidity
    E. None of these


11. The person in whose name the insurance policy is made is referred to as?


    A. Insured or Policyholder
    B. Nominee or Beneficiary
    C. Insurer
    D. Agent
    E. None of these


12. What refers to the insurance company that offers the policy.


    A. Insured or Policyholder
    B. Nominee or Beneficiary
    C. Insurer
    D. Agent
    E. None of these


13. The one who will get the insured amount if you die, is referred to as?


    A. Insured or Policyholder
    B. Nominee or Beneficiary
    C. Insurer
    D. Agent
    E. None of these


14. __________ is the amount of money an insurance policy guarantees to pay before any bonuses are added.


    A. Fund
    B. Annuity
    C. Sum Assured
    D. Maturity Value
    E. None of these


15. __________ is the amount the insurance company has to pay you when the policy matures that would also include the sum assured and the bonuses.


    A. Fund
    B. Annuity
    C. Sum Assured
    D.Maturity Value
    E. None of these


16. Which of the following is an optional feature that can be added to a policy?


    A. Rider
    B. Annuity
    C. Sum Assured
    D. Maturity Value
    E. None of these


17. An individual receiving benefits under an annuity is called?


    A. Insured or Policyholder
    B. Nominee or Beneficiary
    C. Insurer
    D. Annuitant
    E. None of these


18. The legal process by which an insurance company, after paying a loss, seeks to recover the amount of the loss from another party who is legally liable for it is termed as?


    A. Straight Life Annuity
    B. Subrogation
    C. Structured Settlement
    D. Subjective Risk
    E. None of these


19. A life annuity in which there is no refund to any beneficiary at the death of the annuitant is termed as?


    A. Straight Life Annuity
    B. Subrogation
    C. Straight Life
    D. Subjective Risk
    E. None of these


20. The portion of an insurance premium that reflects the basic costs of loss, not including overhead or profit is called?


    A. Mixed Premium
    B. Pure Premium
    C. Impure Premium
    D. All of the Above
    E. None of these


Answers


1. Answer – Option A


2. Answer – Option D


3. Answer – Option B


4. Answer – Option B


5. Answer – Option C


6. Answer – Option B


7. Answer – Option C


8. Answer – Option C


9. Answer – Option B


10. Answer – Option A


11. Answer – Option A


12. Answer – Option C


13. Answer – Option B


14. Answer – Option C


15. Answer – Option D


16. Answer – Option A


17. Answer – Option D


18. Answer – Option B


19. Answer – Option A


20. Answer – Option B

1. A person who identifies examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate. That person is known as?


    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Underwriter
    D. Underwriting Risk
    E. None of these


2. An amount of premium for which payment has been made by the policyholder but coverage has not yet been provided is known as?


    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Unearned Premium
    D. Unpaid losses
    E. None of these


3. Which include claims that have been incurred but not reported?


    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Underwriter
    D. Unpaid losses
    E. None of these


4. The person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured is called?


    A. First Person
    B. Second Person
    C. Third Person
    D. Last Person
    E. None of these


5. Contingencies outlined in an insurance policy is called?


    A. Product Liability
    B. Pure Risk
    C. Provisions
    D. Proximate Clause
    E. None of these


6. Selling insurance through groups is called?


    A. Affinity sales
    B. Pure Risk
    C. Non-admitted Insurer
    D. Proximate Clause
    E. None of these


7. An insurance company not licensed to do business within a given state is called?


    A. Product Liability
    B. Pure Risk
    C. Non-admitted Insurer
    D. Proximate Clause
    E. None of these


8. The conversion of the account balance of a deferred annuity contract to income payments is termed as?


    A. Affinity sales
    B. Pure Risk
    C. Annuitization
    D. Proximate Clause
    E. None of these


9. A survey to determine a property’s insurable value, or the amount of a loss is termed as?


    A. Affinity sales
    B. Pure Risk
    C. Annuitization
    D. Appraisal
    E. None of these


10. The period during which the owner of a deferred annuity makes payments to build up assets is called?


    A. Affinity sales
    B. Annuity Accumulation Phase
    C. Annuitization
    D. Proximate Clause
    E. None of these


11. A person who holds something in trust for another is known as?


    A. Affinity sales
    B. Pure Risk
    C. Annuitization
    D. Fiduciary
    E. None of these


12. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as?


    A. Seller
    B. Captive Agent
    C. Service Provider
    D. Aggregate
    E. None of these


13. The conversion of insurance companies from mutual companies owned by their policyholders into publicly-traded stock companies is termed as?


    A. Affinity sales
    B. Demutualization
    C. Annuitization
    D. Fiduciary
    E. None of these


14. Funds that a lender collects to pay monthly premiums in mortgage and homeowners insurance, and sometimes to pay property taxes is called?


    A. Affinity sales
    B. Demutualization
    C. Escrow Account
    D. Earned Premium
    E. None of these


15. Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires is termed as?


    A. Affinity sales
    B. Demutualization
    C. Annuitization
    D. Earned Premium
    E. None of these


16. A written form attached to an insurance policy that alters the policy’s coverage, terms or conditions is termed as?


    A. Endorsement
    B. Exclusion
    C. Escrow Account
    D. Earned Premium
    E. None of these


17. A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations is called?


    A. Affinity sales
    B. Exclusion
    C. Escrow Account
    D. Earned Premium
    E. None of these


18. _________ is coverage for the policyholder’s own property or person.


    A. First Party Coverage
    B. Second Party Coverage
    C. Third Party Coverage
    D. All of the Above
    E. None of these


19. A period of up to one month during which the purchaser of an annuity can cancel the contract without penalty is known as?


    A. Lock Period
    B. Demutualization
    C. Annuitization
    D. Free Lock Period
    E. None of these


20. What is coverage for expenses incurred as the result of an identity theft.


    A. Glass Insurance
    B. Commercial Insurance
    C. Identity Theft Insurance
    D. Gap Insurance
    E. None of these


Answers


1. Answer – Option C


2. Answer – Option C


3. Answer – Option D


4. Answer – Option C


5. Answer – Option C


6. Answer – Option A


7. Answer – Option C


8. Answer – Option C


9. Answer – Option D


10. Answer – Option B


11. Answer – Option D


12. Answer – Option B


13. Answer – Option B


14. Answer – Option C


15. Answer – Option D


16. Answer – Option A


17. Answer – Option B


18. Answer – Option A


19. Answer – Option D


20. Answer – Option C

1. An organization such as a bank or insurance company that buys and sells large quantities of securities is called?


    A. Major Investor
    B. Minor Investor
    C. Institutional Investor
    D. Giant
    E. None of these


2. ___________ is a coverage up to specific limits for the cost of ransom or extortion payments and related expenses.


    A. Internet Liability Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Gap Insurance
    E. None of these


3. A technique that consists of staggering the maturity dates and the mix of different types of bonds is termed as?


    A. Laddering
    B. Fire Insurance
    C. Escrow Account
    D. Earned Premium
    E. None of these


4. Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident is called?


    A. No Fault
    B. No Pay
    C. Default
    D. All of the Above
    E. None of these


5. A single Insurance company offers both life and non-life policies are known as?


    A. Service Provider
    B. Composite Insurer
    C. Mutual Insurance Company
    D. All of the Above
    E. None of these


6. What is the total benefit an insured person will receive at the time of claim.


    A. Total Insured Benefit
    B. Fire Insurance
    C. Escrow Account
    D. Earned Premium
    E. None of these


7. A state tax on premiums paid by its residents and businesses and collected by insurers is called?


    A. Income Tax
    B. Direct Tax
    C. Premium Tax
    D. Indirect Tax
    E. None of these


8. A policy that is made mandatory for the customer to buy is called?


    A. Annuity
    B. Compulsory Cover
    C. Pure Life Annuity
    D. All of the Above
    E. None of these


9. A form of annuity that ends payments when the annuitant dies is termed as?


    A. Annuity
    B. No Pay
    C. Pure Life Annuity
    D. All of the Above
    E. None of these


10. The reinsurance bought by reinsurers to protect their financial stability is termed as?


    A. Retention
    B. Retrocession
    C. Pure Life Annuity
    D. All the Above
    E. None of these


11. The amount of risk retained by an insurance company that is not reinsured is termed as?


    A. Retention
    B. Retrocession
    C. Pure Life Annuity
    D. All of the Above
    E. None of these


12. An insurance cover that is linked with credit activities and aims to protect the credit is called?


    A. Claims
    B. Retrocession
    C. Retrospective Rating
    D. credit life
    E. None of these


13. Which refers damaged property an insurer takes over to reduce its loss after paying a claim?


    A. Salvage
    B. Schedule
    C. Retrospective Rating
    D. credit life
    E. None of these


14. Insurance companies’ ability to pay the claims of policyholders is termed as


    A. Solvency
    B. Schedule
    C. Retrospective Rating
    D. credit life
    E. None of these


15. The portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers is known as


    A. Nursing Home Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Uninsured Motorist Coverage
    E. None of these


16. A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract is known as?


    A. Salvage
    B. Schedule
    C. Retrospective Rating
    D. Unbundled Contracts
    E. None of these


17. A deductible is usually mentioned in


    A. Rupee
    B. Dollar
    C. Euro
    D. Any currency
    E. None of these


18. The Coinsurance is specified by


    A. All of the below
    B. Equity
    C. Ratio
    D. Percentage
    E. None of these


19. ___________ is a sum of money paid by an employer to an employee for services rendered in the company


    A. Pension
    B. Gratuity
    C. Salary
    D. Premium
    E. None of these


20. Mortality Charge is the amount charged _________ by the insurer


    A. Every month
    B. Every year
    C. Every day
    D. Every 6 months
    E. None of these


Answers


1. Answer – Option C


2. Answer – Option B


3. Answer – Option A


4. Answer – Option A


5. Answer – Option B


6. Answer – Option A


7. Answer – Option C


8. Answer – Option B


9. Answer – Option C


10. Answer – Option B


11. Answer – Option A


12. Answer – Option D


13. Answer – Option A


14. Answer – Option A


15. Answer – Option D


16. Answer – Option D


17. Answer – Option B


18. Answer – Option D


19. Answer – Option B


20. Answer – Option B

1. A risk or damage covered by an insurance policy is called as?


    A. Coverage
    B. Annuity
    C. Lapse
    D. Peril
    E. None of these


2. A form of liability insurance providing coverage for negligent acts and omissions such as workers compensation, errors and omissions, fidelity, crime, glass, boiler, and various malpractice coverage is called?


    A. Casualty Insurance
    B. Commercial Insurance
    C. Industrial Insurance
    D. Automobile Liability Insurance
    E. None of these


3. A demand made by the insured, or the insured’s beneficiary, for payment of the benefits, is known as?


    A. Claim
    B. Reward
    C. Premium
    D. Coverage
    E. None of these


4. Gratuity is paid when an employee?


    A. Retirement
    B. Resigns
    C. Death
    D. Illness or disable due to accident
    E. All of these


5. When a contract ceases to be enforceable at law, then it is called as?


    A. Legal Contract
    B. Void contract
    C. Life contract
    D. Voidable contract
    E. None of these


6. _________ 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


7. 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


8. A reinsurance company providing services to another by ensuring the activities of another reinsurance company is known as?


    A. Resession
    B. Subrogation
    C. Reorganization
    D. Retrocession
    E. None of these


9. __________ 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


10. Which is the provision of insurance products by a bank?


    A. Credit
    B. Loan
    C. Bancassurance
    D. Mortgages
    E. None of these


11. What 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


12. Which type of insurance usually requires higher premium ?


    A. Broad Form insurance
    B. Whole life insurance
    C. Health insurance
    D. Term insurance
    E. None of these


13. Which of the following is an example of Broad Form Insurance?


    A. Mortgage insurance
    B. Automobile insurance
    C. Liability insurance
    D. Property insurance
    E. None of these


14. The insurance in which risks are shared between multiple insurers is known as?


    A. Dual Insurance
    B. Co-Insurance
    C. Self- Insurance
    D. Reinsurance
    E. None of these


15. An independent professional person registered under the Insurance Act who represents the insurance buyer to purchase the insurers’ policy is known as?


    A. Agent
    B. Insurer
    C. Claimant
    D. Broker
    E. None of these


16. The situation where the benefits of insurance policy get terminated due to non-payment of premium is called?


    A. Surrender
    B. Lapse
    C. Terminate
    D. Dormant
    E. None of these


17. The IRDA board can consist of a maximum of how many members?


    A. 12
    B. 8
    C. 5
    D. 10
    E. None of these


18. Who appoints the member of the Insurance Regulatory and Development Authority (IRDA)?


    A. RBI
    B. Government of India
    C. Special panel formed by the RBI
    D. All of the above
    E. None of these


19. What is the minimum paid-up equity capital required to carry insurance business in India?


    A. Rs 5 billion
    B. Rs 1 billion
    C. Rs 3 billion
    D. Rs 2 billion
    E. None of these


20. What is the minimum paid-up equity capital required to carry Reinsurance business in India?


    A. Rs 1 billion
    B. Rs 2 billion
    C. Rs 2.5 billion
    D. Rs 1.5 billion
    E. None of these


Answers


1. Answer – Option D


2. Answer – Option A


3. Answer – Option A


4. Answer – Option E


5. Answer – Option B


6. Answer – Option D


7. Answer – Option D


8. Answer – Option D


9. Answer – Option B


10. Answer – Option C


11. Answer – Option A


12. Answer – Option A


13. Answer – Option B


14. Answer – Option B


15. Answer – Option D


16. Answer – Option B


17. Answer – Option D


18. Answer – Option B


19. Answer – Option C


20. Answer – Option B

1. The amount which the policy holder will get from the insurance company if he exits the policy before maturity is known as?


    A. Paid Up value
    B. Penetration Rate
    C. Surrendered value
    D. Annuity value
    E. None of these


2. A policyholder can open how many e Insurance Account (e IA) to keep policies in electronic mode?


    A. Unlimited
    B. Three
    C. Two
    D. One
    E. None of these


3. Which among the following is not a type of intermediaries in the insurance business?


    A. Insurance Agents
    B. Insurance Brokers
    C. Bancassurance
    D. Distribution Channel
    E. None of these


4. The amount paid by the policyholder before an insurance provider begins to pay any expenses is known as?


    A. Premium
    B. Deductibles
    C. Co-Payments
    D. Annuity
    E. None of these


5. If a policyholder stops paying the premium after three years but does not withdraw the money from his policy, then the policy is said to be?


    A. Annuity
    B. AD & D
    C. Paid UP
    D. Terminated
    E. None of these


6. What is the Fee paid to an agent or insurance salesperson as a percentage of the policy premium?


    A. Annuity
    B. Paid up
    C. Semi-premium
    D. Commission
    E. None of these


7. A person who makes an insurance claim is called?


    A. Claimant
    B. Churner
    C. Insured
    D. Insurer
    E. None of these


8. ____________ is the length of time after a premium is due and unpaid during which the policy, including all riders, remains in force.


    A. Null Period
    B. Grace Period
    C. Void Period
    D. Prompt Period
    E. None of these


9. ___________ is the ratio of the number of life insurance policy that lapsed within a given period to the number of policy in Force at the beginning of that period.


    A. Force ratio
    B. Annuity ratio
    C. Lapse ratio
    D. Paid up ratio
    E. None of these


10. __________ is the time which must pass after filing a claim before policyholder can collect insurance benefits.


    A. Waiting period
    B. Benefit period
    C. Elimination period
    D. Off period
    E. None of these


11. _________ is the date from which the annuity holder starts receiving the policy benefits of a regular stream of income.


    A. Cooling date
    B. Vesting date
    C. Preferred date
    D. Bonus date
    E. None of these


12. ___________ indicates the level of development of insurance sector in a country.


    A. Revenue Rate
    B. Policy Rate
    C. Penetration Rate
    D. Core Rate
    E. None of these


13. Which of the following principles of Insurance assures about the financial interest that the assured possesses in whatever is being insured?


    A. Insurable Interest
    B. Utmost Good Faith
    C. Principle of Contribution
    D. Principle of Indemnity
    E. None of these


14. Which of the following principles of Insurance denotes a positive duty of the person seeking insurance to voluntarily disclose all facts material to the risk being proposed whether requested or not?


    A. Insurable Interest
    B. Utmost Good Faith
    C. Principle of Contribution
    D. Principle of loss Minimization
    E. None of these


15. Which of the following principles of Insurance enables the insured to claim the amount from the third-party responsible for the loss?


    A. Insurable Interest
    B. Principle of Subrogation
    C. Principle of Contribution
    D. Double insurance
    E. None of these


16. What is the Principle of Insurance called under which insured must always try his level best to minimize the loss of his insured property, in case of uncertain events?


    A. Principle of Loss Minimization
    B. Principle of Subrogation
    C. Principle of Proximate Cause
    D. Principle of Indemnity
    E. None of these


17. What is the Principle of Insurance called under which the insured can claim the compensation only to the extent of actual loss either from all insurers or from anyone insurer?


    A. Insurable Interest
    B. Principle of Subrogation
    C. Principle of Contribution
    D. Double insurance
    E. None of these


18. What is called when an insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal?


    A. Nature of contract
    B. Utmost Good Faith
    C. Principle of Contribution
    D. Double Insurance
    E. None of these


19. Which of the following principles of Insurance tells that an insured may not be compensated by the insurance company in an amount exceeding the insured’s economic loss?


    A. Insurable Interest
    B. Utmost Good Faith
    C. Principle of Contribution
    D. Principle of Indemnity
    E. None of these


20. How many days does it take to open an e – Insurance account after all the necessary formalities are completed?


    A. 14
    B. 10
    C. 7
    D. 15
    E. None of these


Answers


1. Answer – Option C


2. Answer – Option D


3. Answer – Option D


4. Answer – Option B


5. Answer – Option C


6. Answer – Option D


7. Answer – Option A


8. Answer – Option B


9. Answer – Option C


10. Answer – Option A


11. Answer – Option B


12. Answer – Option C


13. Answer – Option A


14. Answer – Option B


15. Answer – Option B


16. Answer – Option A


17. Answer – Option D


18. Answer – Option A


19. Answer – Option D


20. Answer – Option C

1. Life Insurance business started in Indian in 1818 with the advent of which of the following company?


    A. Bharat Insurance Company
    B. Oriental Life Insurance Company
    C. United India Insurance
    D. National Indian Insurance
    E. None of these


2. What is the FDI limit in the Insurance sector?


    A. 26%
    B. 49%
    C. 100%
    D. 74%
    E. None of these


3. If you might want to discontinue the policy and take whatever money is due to you. The amount the insurance company then pays is known as?


    A. Surrender Value
    B. Paid-up value
    C. Sum Assured
    D. Maturity Value
    E. None of these


4. The Payment to the policyholder at the end of the stipulated term of the policy is called?


    A. Surrender Value
    B. Paid-up value
    C. Sum Assured
    D. Maturity Claim
    E. None of these


5. The payment of sum assured to the insured person which has become due by installments under a money-back policy is known as?


    A. Surrender Value
    B. Paid-up value
    C. Sum Assured
    D. Survival Benefit
    E. None of these


6. Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations is known as?


    A. Blanket Coverage
    B. Blanket Value
    C. Blanket Assign
    D. Blanket Bond
    E. None of these


7. ___________ is a fidelity bond that covers all employees of a given class and may also cover perils other than infidelity.


    A. Blanket Coverage
    B. Blanket Value
    C. Blanket Assign
    D. Blanket Bond
    E. None of these


8. The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called?


    A. Actual Loss Ratio
    B. Acts of God
    C. Actuarial Cost Assumptions
    D. Combined Ratio
    E. None of these


9. __________ is the age at which the receipt of pension starts in an insurance-cum-pension plan.


    A. Surrender age
    B. Starting age
    C. Vesting age
    D. Maturity age
    E. None of these


10. Percentage of each premium rupee a property/casualty insurer spends on claims and expenses is called?


    A. Actual Loss Ratio
    B. Acts of God
    C. Actuarial Cost Assumptions
    D. Combined Ratio
    E. None of these


11. Perils that cannot reasonably be guarded against, such as floods and earthquakes are known as?


    A. Actual Loss Ratio
    B. Acts of God
    C. Actuarial Cost Assumptions
    D. Combined Ratio
    E. None of these


12. Once an insurance company has paid up to the limit, it will pay no more during that year is known as?


    A. Affirmative Warranty
    B. Aggregate Limits
    C. Aleatory contract
    D. All-Risk Agreement
    E. None of these


13. The party to whom the rights of the insured under a policy are transferred is known as?


    A. Policyholder
    B. Appointee
    C. Assignee
    D. Agent
    E. None of these


14. A clause that allows the transfer of rights under a policy from one person to another, usually by means of a written document is called?


    A.Assignment
    B. Automatic Treaty
    C. Arbitration
    D. Appraisal
    E. None of these


15. _________ is legal contract in which the outcome depends on an uncertain event.


    A. Affirmative Warranty
    B. Aggregate Limits
    C. Aleatory contract
    D. All-Risk Agreement
    E. None of these


16. A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as?


    A.Conditional Contract
    B. Conditional Receipt
    C. Conditional Renewable
    D. Consequential loss
    E. None of these


17. Coverage for losses incurred as a result of the failure of an insured object on the insured’s premises is referred to as?


    A. Conditional Contract
    B. Conditional Receipt
    C. Conditional Renewable
    D. Consequential Damage Endorsement
    E. None of these


18. A policy that can be canceled or have the premiums raised by the insurer on a specific anniversary date, subject to certain reasons written into the policy is known as?


    A. Conditional Contract
    B. Conditional Receipt
    C. Conditional Renewable
    D. Consequential loss
    E. None of these


19. A term policy that can be converted to permanent coverage rather than expiring on a specific date is called?


    A. Contingent Beneficiary
    B. Contingent Liability
    C. Contractual Liability
    D. Convertible
    E. None of these


20. The ratio of losses incurred to premiums earned; anticipated when rates are first formulated is termed as?


    A. Expected Loss Ratio
    B. Expense Ratio
    C. Extended Coverage
    D. Extra Expense Insurance
    E. None of these


Answers


1. Answer – Option B


2. Answer – Option B


3. Answer – Option A


4. Answer – Option D


5. Answer – Option D


6. Answer – Option A


7. Answer – Option D


8. Answer – Option A


9. Answer – Option C


10. Answer – Option D


11. Answer – Option B


12. Answer – Option B


13. Answer – Option C


14. Answer – Option A


15. Answer – Option C


16. Answer – Option A


17. Answer – Option D


18. Answer – Option D


19. Answer – Option D


20. Answer – Option A

1. A document given to an applicant for life insurance stating that the company’s acceptance is contingent upon determination of the applicant’s insurability is known as?


    A. Conditional Contract
    B. Conditional Receipt
    C. Conditional Renewable
    D. Consequential loss
    E. None of these


2. A person named in a life insurance contract to receive the benefits of the policy if other named beneficiaries are not living is referred to as?


    A. Contingent Beneficiary
    B. Contingent Liability
    C. Contractual Liability
    D. Convertible
    E. None of these


3. Losses other than property damage that occurs as a result of physical loss to a business, for example, the cost of maintaining key employees to help reorganize after a fire is called?


    A. Conditional Contract
    B. Conditional Receipt
    C. Conditional Renewable
    D. Consequential loss
    E. None of these


4. The consequential property insurance that covers the extra expense incurred by the interruption of a business is called?


    A. Expected Loss Ratio
    B. Expense Ratio
    C. Extended Coverage
    D. Extra Expense Insurance
    E. None of these


5. In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as?


    A. Face Amount
    B. Expense Ratio
    C. Extended Coverage
    D. Extra Expense Insurance
    E. None of these


6. An endorsement added to an insurance policy, or clause within a policy that provides additional coverage for risks other than those in a basic policy is termed as?


    A. Expected Loss Ratio
    B. Expense Ratio
    C. Extended Coverage
    D. Extra Expense Insurance
    E. None of these


7. A whole life policy in which premiums are payable as long as the insured lives are called?


    A. Straight Life Annuity
    B. Subrogation
    C. Straight Life
    D. Subjective Risk
    E. None of these


8. An environment where insurance is plentiful and sold at a lower cost, also known as a Buyer’s market is called?


    A. Hard Market
    B. Soft Market
    C. Alternative Market
    D. All of the Above
    E. None of these


9. A life insurance and annuity provision limiting the time within which the insurer has the legal right to void the contract on grounds of material misrepresentation in the policy application is termed as?


    A. Hold-Harmless Agreement
    B. Incontestability Provision
    C. Level Premium Insurance
    D. Limited Payment Life Insurance
    E. None of these


10. A contract under which the ultimate liability of the reinsurer is capped and on which anticipated investment income is expressly acknowledged as an underwriting component is called?


    A. Finite Risk Reinsurance
    B. Fire Insurance
    C. Escrow Account
    D. Earned Premium
    E. None of these


11. A company owned by its policyholders that returns part of its profits to the policyholders as dividends is known as?


    A. Service Provider
    B. Composite Insurer
    C. Mutual Insurance Company
    D. profit holding
    E. None of the Above


12. __________ is a policy contract that for some reason specified in the policy becomes free of all legal effect.


    A. Salvage
    B. Schedule
    C. Retrospective Rating
    D. Void
    E. None of these


13. Which is a fixed amount for a covered service in health sector ?


    A. Coinsurance
    B. Deductible
    C. Copay
    D. Health Insurance
    E. None of these


14. What is lapse in insurance ?


    A. Termination of an insurance policy due to the insured’s failure to pay the premium.
    B. It is a policy that does not pay benefits to the beneficiary if the cause of death is an accident.
    C. It is a policy that pays benefits to the beneficiary if any emergency occur.
    D. It is a policy that pays benefits to the beneficiary if the cause of death is an accident.
    E. Both 1 and 2


15. 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


16. Life Insurance Companies cannot reject insurance claim after how many years ?


    A. One
    B. Two
    C. Three
    D. Four
    E. None of these


17. 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


18. 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


19. __________ 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


20. _________ 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


Answers


1. Answer – Option B


2. Answer – Option A


3. Answer – Option D


4. Answer – Option D


5. Answer – Option A


6. Answer – Option C


7. Answer – Option C


8. Answer – Option B


9. Answer – Option B


10. Answer – Option A


11. Answer – Option C


12. Answer – Option D


13. Answer – Option C


14. Answer – Option E


15. Answer – Option A


16. Answer – Option C


17. Answer – Option C


18. Answer – Option D


19. Answer – Option B


20. Answer – Option A

1. Which of the following will provide “insurance repository” services ?


    A. LIC
    B. EXIM Bank
    C. RBI
    D. IRDA
    E. None of these


2. 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


3. Which of the following is a combination of insurance as well as an investment ?


    A. Money back policy
    B. Endowment plan
    C. Unit Link Insurance Plan
    D. Mutual Funds
    E. None of these


4. Which of the following form is designed to be used by many different insurers and has exactly the same provisions ?


    A. Guaranteed Replacement Form
    B. Standard insurance Form
    C. Standard Endorsement Form
    D. Standard Policy Form
    E. None of these


5. What percentage of annual profit does Life Insurance Corporation of India (LIC? pays to Central government?


    A. 2%
    B. 5%
    C. 7%
    D. 10%
    E. None of these


6. What is the paid up capital of Life Insurance Corporation of India (LIC)?


    A. Rs 10 crore
    B. Rs 2 crore
    C. Rs 5 crore
    D. Rs 15 crore
    E. None of these


7. In which bank has Life Insurance Corporation of India (LIC. bought 51% stake recently?


    A. HDFC Bank
    B. ICICI Bank
    C. IDBI Bank
    D. IDFC First Bank
    E. None of these


8. What percentage of annual profit does Life Insurance Corporation of India (LIC) pay its policyholder?


    A. 60%
    B. 85%
    C. 65%
    D. 95%
    E. None of these


9. The PradhanMantriVayaVandanaYojana (PMVVY) has been launched by?


    A. Life Insurance Corporation of India
    B. Insurance Regulatory and Development Authority of India
    C. Employees’ Provident Fund Organisation
    D. Pension Fund Regulatory and Development Authority
    E. None of these


10. What does ‘Paid Up’ policy means in insurance?


    A. Policy that requires no further premium payments and continues to provide benefits till maturity.
    B. Policy that provide a life cover for a specific term
    C. Policy for which the premium is paid in a single period together
    D. Policy in which the premium gets reduced over a period of time and benefit increases till maturity
    E. None of these


11. Which among the following is an accidental insurance scheme?


    A. PMJJBY
    B. PMFBY
    C. PMSBY
    D. PMVVY
    E. None of these


12. Since which year, IRDA started licensing private sector companies to conduct general insurance business in India?


    A. 1999
    B. 2001
    C. 2004
    D. 1992
    E. None of these


13. The insurance is listed in which schedule to the Constitution of India?


    A. 3\(^{rd}\)
    B. 14\(^{th}\)
    C. 9\(^{th}\)
    D. 7\(^{th}\)
    E. None of these


14. The first-ever life insurance industry in India was set up in which city?


    A. Bombay
    B. Delhi
    C. Madras
    D. Calcutta
    E. None of these


15. The Private equity investors shall not hold more than _____ percent of the paid-up equity share capital of the Indian insurance company.


    A. 15%
    B. 20%
    C. 5%
    D. 10%
    E. None of these


16. In case of an individual, the proposed shareholding in the paid up equity capital of the insurance company is capped at _________ percent


    A. 10%
    B. 5%
    C. 20%
    D. 12%
    E. None of these


17. The Employment State Insurance (ESI) Act of 1948 is applicable to all establishments having
________ or more workers.


    A. 25
    B. 50
    C. 20
    D. 10
    E. None of these


18. Which among the following is IRDAI recognized apex body of licensed Insurance Brokers?


    A. IBBI
    B. FICCI
    C. IAI
    D. IBAI
    E. None of these


19. The first Employees’ State Insurance (ESI) Scheme was inaugurated in __________ which city?


    A. Chennai
    B. Delhi
    C. Kanpur
    D. Mysore
    E. None of these


20. A foreign company is not allowed to hold at any time, more than _______ percent of the total paid-up equity of the Indian Insurance Company


    A. 10%
    B. 26%
    C. 50%
    D. 49%
    E. None of these


Answers


1. Answer – Option D


2. Answer – Option B


3. Answer – Option C


4. Answer – Option D


5. Answer – Option B


6. Answer – Option C


7. Answer – Option C


8. Answer – Option D


9. Answer – Option A


10. Answer – Option B


11. Answer – Option C


12. Answer – Option B


13. Answer – Option D


14. Answer – Option D


15. Answer – Option D


16. Answer – Option A


17. Answer – Option D


18. Answer – Option D


19. Answer – Option C


20. Answer – Option D

1. The Insurance Advisory Committee advises IRDAI on development, disclosures and regulatory aspects of the insurance industry. The Committee cannot have more than __________ members at any point of time

    A. 15
    B. 20
    C. 25
    D. 10
    E. None of these


2. Which Section of the IRDA Act 1999, specifies the Duties, Powers and Functions of the Authority?

    A. Section 12
    B. Section 8
    C. Section 10
    D. Section 14
    E. None of these


3. What is the liability of individuals, corporations, or partnerships for accidents caused by people other than employees for whose acts or omissions the corporations or partnerships are responsible?

    A. Contingent Beneficiary
    B. Contingent Liability
    C. Contractual Liability
    D. Convertible
    E. None of these


4. ___________ is the liability arising from contractual agreements in which it is stated that some losses, if they occur, are to be borne by specific parties.

    A. Contingent Beneficiary
    B. Contingent Liability
    C. Contractual Liability
    D. Convertible
    E. None of these


5. ____________ is an insurance coverage protecting the manufacturer, distributor, seller of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product.

    A. Product Liability
    B. Unauthorized Reinsurance
    C. Retro cession
    D. Retrospective Rating
    E. None of these


6. In Insurance, CGL stands for?

    A. Commercial General Liability
    B. Common General Liability
    C. Captive General Liability
    D. Control General Liability
    E. None of these


7. Legal responsibility of a fiduciary to safeguard assets of beneficiaries is termed as?

    A. Endorsement
    B. Fiduciary Liability
    C. Escrow Account
    D. Earned Premium
    E. None of these


8. A legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept is termed as?

    A. Gun Liability
    B. Commercial Insurance
    C. Industrial Insurance
    D. Gap Insurance
    E. None of these


9. A section of the risk-based capital formula calculating requirements for reserves and premiums is termed as?

    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Underwriter
    D. Underwriting Risk
    E. None of these


10. Circumstance including possibility of loss or no loss but no possibility of gain is termed as?

    A. Product Liability
    B. Pure Risk
    C. Pure Premium
    D. Retrospective Rating
    E. None of these


11. Event covered under insured’s policy agreement is called?

    A. Product Liability
    B. Pure Risk
    C. Provisions
    D. Proximate Clause
    E. None of these


12. A provision added to a home owners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflect current construction costs is termed as?

    A. Double Insurance
    B. Inflation Guard Clause
    C. Industrial Insurance
    D. Gap Insurance
    E. None of these


13. Any insurance risk resulting from a human decision is called?

    A. Partial Risk
    B. Static Risk
    C. Dynamic Risk
    D. Pure Risk
    E. None of these


14. Risks that affect simultaneously a great number of policyholders is called?

    A. Partial Risk
    B. Static Risk
    C. Covariant Risk
    D. Pure Risk
    E. None of these


15. Insurance companies that band together as self-insurers and form an organization that is chartered and licensed as an insurer in at least one state to handle liability insurance is called?

    A. Retention
    B. Retrocession
    C. Retrospective Rating
    D. Risk Retention Groups
    E. None of these


16. Risks for which it is difficult for someone to get insurance is called?

    A. Partial Risk
    B. Uninsurable Risk
    C. Covariant Risk
    D. Pure Risk
    E. None of these


17. Which type of risks are not insurable ?

    A. Static risk
    B. Liability Pure Risk
    C. Dynamic risk
    D. Diversifiable risk
    E. None of these


18. A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience is called?

    A. Retention
    B. Retrocession
    C. Retrospective Rating
    D. All of the Above
    E. None of these


19. A single insurance policy that combines several coverage previously sold separately is termed as?

    A. Package Policy
    B. Multiple Policy
    C. Combined Policy
    D. All of the Above
    E. None of these


20. Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later is known as?

    A. Nursing Home Insurance
    B. Kidnap/Ransom Insurance
    C. Inland Marine Insurance
    D. Occurrence Policy
    E. None of these


Answers


1. Answer – Option C


2. Answer – Option D


3. Answer – Option B


4. Answer – Option C


5. Answer – Option A


6. Answer – Option A


7. Answer – Option B


8. Answer – Option A


9. Answer – Option D


10. Answer – Option B


11. Answer – Option D


12. Answer – Option B


13. Answer – Option C


14. Answer – Option C


15. Answer – Option D


16. Answer – Option B


17. Answer – Option C


18. Answer – Option C


19. Answer – Option A


20. Answer – Option D

1. What is an extension of endowment plans?

    A. Health insurance policy
    B. Money back policy
    C. Term insurance policy
    D. General insurance policy
    E. None of these


2. The Complaint to Insurance Ombudsman must be registered within _________ year(s)

    A. 4
    B. 3
    C. 2
    D. 1
    E. None of these


3. What is the maximum claim amount for an Insurance Ombudsman complaint?

    A. 10 lakh
    B. 15 lakh
    C. 5 lakh
    D. 20 lakh
    E. None of these


4. How many Insurance Ombudsman are functional in India?

    A. 21
    B. 17
    C. 9
    D. 15
    E. None of these


5. What is the CRISIL rating for New India Assurance Co Ltd located?

    A. AA/Stable
    B. AAA/Stable
    C. AA/Negative
    D. AAA/Negative
    E. None of these


6. New India Assurance Co Ltd is a type of ?

    A. Life Insurance Company
    B. General Insurance Company
    C. Re-insurance Company
    D. All of these
    E. None of these


7. The New India Assurance Co. Ltd. was a subsidiary of which of the following company?

    A. General Insurance Corporation of India (GIC)
    B. Life Insurance Corporation of India (LIC)
    C. The Oriental Insurance Company
    D. United India Insurance Company
    E. None of these


8. Which section of Insurance Act, 1938 grants power to IRDA to frame regulations?

    A. Section 114A
    B. Section 111B
    C. Section 110A
    D. Section 112B
    E. None of these


9. Which of the following is a reinsurance company in India?

    A. The Oriental Insurance Company
    B. General Insurance Corporation of India
    C. Agriculture Insurance Company of India
    D. SBI General Insurance
    E. None of these


10. Coverage for property taken or destroyed by breaking and entering the insured’s premises, burglary or theft, forgery or counterfeiting, fraud, kidnap and ransom, and off-premises exposure is known as?

    A. Fire Policy
    B. Burglary Policy
    C. Jewelers Block Policy
    D. All of the Above
    E. None of these


11. What are the assumptions about rates of investment earnings, mortality, turnover and distribution or actual ages at which employees are likely to retire?

    A. Actual Loss Ratio
    B. Acts of God
    C. Actuarial Cost Assumptions
    D. Combined Ratio
    E. None of these


12. An agreement between an insurance company and an agent, granting the agent authority to write insurance from that company is called?

    A. Affirmative Warranty
    B. Aggregate Limits
    C. Aleatory contract
    D. All-Risk Agreement
    E. None of these


13. A property or liability insurance contract in which all risks of loss are covered is called?

    A. Affirmative Warranty
    B. Aggregate Limits
    C. Aleatory contract
    D. All-Risk Agreement
    E. None of these


14. The free-look period is of how many days ?

    A. 10
    B. 15
    C. 20
    D. 30
    E. None of these


15. The process of determining the cost of an insurance policy based on the actual loss experience determined as an adjustment to the initial premium payment is termed as?

    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Unearned Premium
    D. Retrospective Rating
    E. None of these


16. The portion of risk that a reinsurance company cedes or amount of insurance the company chooses not to retain is called?

    A. Universal Life Insurance
    B. Unauthorized Reinsurance
    C. Retro cession
    D. Retrospective Rating
    E. None of these


17. What is a coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder?

    A. Liquor Liability
    B. Inflation Guard Clause
    C. Inland Marine Insurance
    D. Gap Insurance
    E. None of these


18. Which section of the Indian Insurance Act 1938 provides for nomination of a person?

    A. Section 39
    B. Section 38
    C. Section 37
    D. Section 36
    E. None of these


19. The maturity age of a whole life policy is?

    A. 100
    B. 65
    C. 70
    D. 80
    E. None of these


20. Which committee is associated with insurance sector ?

    A. Malhotra Committee
    B. Adhyarjuna Committee
    C. A C Shah Committee
    D. A Ghosh Committee
    E. None of these


Answers


1. Answer – Option B


2. Answer – Option D


3. Answer – Option D


4. Answer – Option B


5. Answer – Option B


6. Answer – Option B


7. Answer – Option A


8. Answer – Option A


9. Answer – Option B


10. Answer – Option B


11. Answer – Option C


12. Answer – Option A


13. Answer – Option D


14. Answer – Option B


15. Answer – Option D


16. Answer – Option C


17. Answer – Option A


18. Answer – Option A


19. Answer – Option A


20. Answer – Option A

1. The first ULIP was launched by which of the following ?

    A. United India Insurance Company
    B. Unit Trust of India
    C. Aviva India
    D. National Insurance Company
    E. None of these


2. An Insurance company has been in business for how many years to launch IPO ?

    A. 12
    B. 8
    C. 5
    D. 10
    E. None of these


3. In 2016 , First IPO launched by which insurance company ?

    A. Oriental Insurance Company Ltd
    B. ICICI Prudential Life Insurance
    C. LIC
    D. GIC Re
    E. None of these


4. ___________ is the only public sector company in the field of life insurance in India

    A. NIACL
    B. NICL
    C. LIC
    D. GIC Re
    E. None of these


5. ULIP is a product offered by?

    A. Government
    B. Public Sector Banks
    C. Financial Institutions
    D. Insurance companies
    E. None of these


6. Which of the following organization provides export credit insurance support to Indian exporters?

    A. ECGC
    B. IRDA
    C. LIC
    D. GIC Re
    E. None of these


7. Which bank becomes 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


8. 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


9. 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


10. Which among the following banks is a subsidiary of the Life Insurance Corporation of India (LIC)?

    A. UCO Bank
    B. IDBI Bank
    C. Vijaya Bank
    D. Dena Bank
    E. None of these


11. Which of the following is NOT contained in the Declarations page of the Personal Auto Policy (PAP)?

    A. Policy period.
    B. Insuring agreement.
    C. Policy number.
    D. Name of the insurer.
    E. Limits of insurance for each coverage provided


12. Which of the following is NOT a duty of an insured after an auto accident covered under the Personal Auto Policy (PAP)?

    A. Submit proof of loss.
    B. Submit to a physical examination if requested.
    C. Agree to an examination under oath.
    D. Admit negligence to the police if at fault.
    E. Provide prompt notice to the insurer.


13. Which of the following is not the name of an Insurance Scheme launched by the Government of India?

    A. JanashreeBimaYojana
    B. KrishiShramikSarnajikSurakshaYojana
    C. ShikshaSahyogYojana
    D. VarshaBimaYojana
    E. National Saving SchemeProgramme


14. Which of the following words/ terms is closely associated with the insurance business?

    A. Archives
    B. Donation
    C. Actuary
    D. Quest
    E. All are associated with insurance


15. A contract between you and an insurance company in which you make a lumpsum paymentor a series of payments and in return obtain regular disbursements beginning either immediately or at some point in the future is called?

    A. term insurance
    B. annuity plan
    C. ULIP
    D. hybrid policy
    E. None of these


16. The Financial Stability and Development Council (FSDC. was constituted vide Govt of India notification dated 30 Dec, 2010. Who among the following is NOT a member of FSDC?

    A. Chairman, IRDAI
    B. Chairman, SEBI
    C. Governor, RBI
    D. Chief Economic Advisor, Fin Min
    E. None of these


17. SWIFT provides a network that enables financial institutions worldwide to send and receiveinformation about financial transactions securely. It is headquartered at?

    A. LaHulpe, Belgium
    B. Manila, Philippines
    C. Basel, Switzerland
    D. Toulouse, France
    E. Frankfurt, Germany


18. The practice of buying or selling of a security by someone who has access to material nonpublic information about the security, is termed as?

    A. confidential trading
    B. private trading
    C. insider trading
    D. secure trading
    E. cross trading


19. A Mutual Fund’s SIP is essentially a staggered payment over a defined period of time with a defined contribution by the investors. What is the expansion of the term SIP?

    A. Social Investment Plan
    B. Systematic Investment Plan
    C. Strategic Investment Plan
    D. Scientific Investment Plan
    E. Other than those given as options


20. The Non-Governmentorganizations(NGO) helps the insurance industry mainly in?

    A. Linking third party administrators
    B. Promotional activities
    C. Drafting new regulations
    D. Linking buyers and sellers
    E. None of these


Answers


1. Answer – Option B


2. Answer – Option D


3. Answer – Option B


4. Answer – Option C


5. Answer – Option D


6. Answer – Option A


7. Answer – Option A


8. Answer – Option A


9. Answer – Option B


10. Answer – Option B


11. Answer – Option B


12. Answer – Option E


13. Answer – Option E


14. Answer – Option C


15. Answer – Option B


16. Answer – Option E


17. Answer – Option A


18. Answer – Option C


19. Answer – Option B


20. Answer – Option D

1. A missing person is considered to be dead after how many years of missing ?

    A. 3 years
    B. 5 years
    C. 15 years
    D. 7 years
    E. None of these


2. Which Insurance Company started its operation in the year in which India got Independence?

    A. UIICL
    B. GIC
    C. LIC
    D. OICL
    E. None of these


3. A insurer advertises through daily newspaper. What type of marketing is

    A. cross selling
    B. policy selling
    C. Solicitation of Policy
    D. Insurance selling
    E. None of these


4. What is the maximum Time in which the insurer should settle a claim when all documents are submitted?

    A. 5 days
    B. 20 days
    C. 30 days
    D. 15 days
    E. None of these


5. Which one of the following does not belong to the main products of life insurance?

    A. Endowment
    B. Personalaccident insurance
    C. Term
    D. Whole life
    E. Life Annuity Plan


6. In Insurance policies, we always find a date which is “Date of Maturity”. What does it mean?

    A. This is the date on which the policy was sold to the customer/person insured.
    B. This is the date on which the policyholder will have to submit his/her claim seeking the amount of the policy. Otherwise, the company will not make any payment to him/her.
    C. This is the date on which the contract between the person and the insurance company will come to an end.
    D. The date on which the insurance company makes the final payment to the insured person which is normally fifteen days after the “payment due date”.
    E. None of these


7. A seller’s market in which insurance is expensive and in short supply is termed as?

    A. Hard Market
    B. Soft Market
    C. Alternative Market
    D. All of the Above
    E. None of these


8. Which of the following is NOT one of the schemes offered by the LIC?

    A. JeevanSaral
    B. JeevanArogya
    C. JeevanBharati
    D. JeevanMitra
    E. All the above policies are offered by LIC.


9. Life Insurance Corporation of India provides its policy holders the facility to deposit premium at which of the following intervals?

    A. Yearly
    B. Half-Yearly
    C. Quarterly
    D. Monthly (through ECS)
    E. All the above


10. Which of the following terms is NOT associated with insurance?

    A. Annuity
    B. Actuary
    C. Death Benefit
    D. Hotlisting
    E. Rider


11. As we know, the Government is paying much attention to “Micro Finance” these days. Which of the following is one of the examples of Micro Finance?

    A. Insurance for life
    B. Investment in Mutual Funds
    C. Self Help Groups
    D. Letter of Credit
    E. All of these


12. How many maximum children from a family are covered for the benefits under the ShikshaSahyogYojana launched by the LIC ?

    A. One only
    B. Two only
    C. Three only
    D. One Girl Child only
    E. None of these


13. Which amongs t the following is not an insurance company functioning in India?

    A. ICICI prudential
    B. INGVysya
    C. National Securities Depository Limited
    D. New India Assurance company
    E. General insurance company


14. The insurance companies collect a fixed amount from its customers at a fixed interval of time. What is it called?

    A. Instalment
    B. Contribution
    C. Premium
    D. EMI
    E. None of these


15. Which of the following is/are the various types of insurance?
1. Life insurance
2. Health insurance
3. Liability insurance

    A. Only 1
    B. Only 1 and 2
    C. Only 2 and 3
    D. All the three
    E. Only 1 and 3


16. Which of the following types of companies/organisations issue ULIP?

    A. Insurance companies
    B. Banks
    C. NABA RD
    D. RBI
    E. None of these


17. If an organization wishes to venture into Insurance Business it has to obtain a licence firstfrom which of the following ?

    A. Indian Banks Association (IBA).
    B. Security and Exchange Board of India (SEBI)
    C. Tariff Advisory Committee (TAC).
    D. Insurance Regulatory and Development Authority of India (IRDAI)
    E. None of these


18. Insurance Repository is a company formed and registered under which act?

    A. Insurance Act, 1938
    B. Companies Act, 1956
    C. The IRDA Act 1999
    D. Banking and Insurance Companies Act, 1949
    E. None of these


19. What is the CRISIL rating for New India Assurance Co Ltd ?

    A. A
    B. BBB
    C. AA
    D. AAA
    E. None of these


20. Which of the term is the used when a policy has lapsed due to non-payment of premium?

    A. Policy Backed
    B. Policy Unforced
    C. Policy in variance
    D. Policy not in force
    E. None of these


Answers


1. Answer – Option D


2. Answer – Option D


3. Answer – Option C


4. Answer – Option C


5. Answer – Option B


6. Answer – Option C


7. Answer – Option C


8. Answer – Option E


9. Answer – Option E


10. Answer – Option D


11. Answer – Option C


12. Answer – Option B


13. Answer – Option C


14. Answer – Option C


15. Answer – Option D


16. Answer – Option A


17. Answer – Option D


18. Answer – Option B


19. Answer – Option D


20. Answer – Option D

1. What is the abbreviation of ADB in insurance?

    A. Accelerated death benefit
    B. Actual deal benefit
    C. Age death benefit
    D. American deal benefit
    E. None of these


2. What is the abbreviation of CL?

    A. Claims letter
    B. Cost leakage
    C. Claims leakage
    D. Claims legal
    E. None of these


3. What is the abbreviation of ARMP?

    A. Amount in Risk Management for Public Enterprises
    B. Associate in Risk Management for Public Entities
    C. Associate in Risk Management for Private Entities
    D. Associate in Rate Management for Private Entities
    E. None of these


4. What is the abbreviation of HII?

    A. Health Insurance Implement
    B. Health Institute on Innovation
    C. Health Institutional Invention
    D. Health Insurance Innovation
    E. None of these


5. What is the abbreviation of MDO?

    A. Monthly Debenture Ordinary Life Insurance
    B. Monthly Debit Ordinary Life Insurance
    C. Monthly Debit Ombudsman Life Insurance
    D. Maximum Debit Ordinary Life Insurance
    E. None of these


6. What is the abbreviation of MPL?

    A. Minimum Possible Loss
    B. Maximum Payment Loss
    C. Minimum Payment Loss
    D. Maximum Possible Loss
    E. None of these


7. What is the abbreviation of PAP?

    A. Personal Auto Policy
    B. Personal Auto Party
    C. Personal Associate Policy
    D. Payment Auto Policy
    E. None of these


8. What is the abbreviation of WPI?

    A. Workers Payment Index
    B. Wholesale Primary Insurer
    C. Wholesale Price Index
    D. Wholesale Policy Insurance
    E. None of these


9. What is the abbreviation of CPI?

    A. Consumer Price Index
    B. Cost Price Insurer
    C. Currency Price Index
    D. Consumer Payment Index
    E. None of these


10. What is the abbreviation of IIS?

    A. International Insurance Support
    B. International Insurance Service
    C. International Insurance Summit
    D. International Insurance Society
    E. None of these


11. What is the abbreviation of GIMAR?

    A. General Insurance Market Ratio
    B. Global Insurance Market Report
    C. Growing Insurance Market Report
    D. Growing Insurance Money Ratio
    E. None of these


12. What is the abbreviation of AFS?

    A. Annual Financial Statistics
    B. Annuity Foreign Statement
    C. Annual Financial Statement
    D. Annual Foreign Settlement
    E. None of these


13. What is the abbreviation of BI?

    A. Bodily Injury
    B. Business Investment
    C. Body Injury
    D. Basic Information
    E. None of these


14. What is the abbreviation of CIC?

    A. Certified Insurance Corporaion
    B. Certified Insurance Counselor
    C. Contract Insurance Counselor
    D. Casualty Insurance Cost
    E. None of these


15. What is the abbreviation of CPCU?

    A. Chartered Property Cash Underwriter
    B. Chartered Property Casualty Underwriter
    C. Commodity Property Casualty Underwriter
    D. Combined Property Certified Underwriter
    E. None of these


16. What is the abbreviation of DOD?

    A. Date Of Deposit
    B. Date Of Dealing
    C. Date Of Delay
    D. Date Of Death
    E. None of these


17. What is the abbreviation of EAP?

    A. Enrolled Annual program
    B. Experience Account program
    C. Economic Annual program
    D. Employee assistance program
    E. None of these


18. What is the abbreviation of EP?

    A. Earned Premium
    B. Estimated Premium
    C. Economic Premium
    D. Employee Premium
    E. None of these


19. What is the abbreviation of FCPL?

    A. Family Comprehensive Personal Liability
    B. Financial Comprehensive Post Liability
    C. Farmers Comprehensive Personal Liability
    D. Fast Comprehensive Personal Liability
    E. None of these


20. What is the abbreviation of FVD?

    A. Full Value Declared
    B. Full Value Date
    C. Free Value Declared
    D. Financial Value Declared
    E. None of these


Answers


1. Answer – Option A


2. Answer – Option C


3. Answer – Option B


4. Answer – Option D


5. Answer – Option B


6. Answer – Option D


7. Answer – Option A


8. Answer – Option C


9. Answer – Option A


10. Answer – Option D


11. Answer – Option B


12. Answer – Option C


13. Answer – Option A


14. Answer – Option B


15. Answer – Option B


16. Answer – Option D


17. Answer – Option D


18. Answer – Option A


19. Answer – Option C


20. Answer – Option A

1. What is the abbreviation of FTCAC?

    A. Finance, Tax, And Combined Additional Coverage
    B. Fire, Theft, And Communication Additional Coverage
    C. Fire, Theft, And Combined Additional Coverage
    D. Fire, Tax, And Combined Additional Coverage
    E. None of these


2. What is the abbreviation of GWP?

    A. Gross Written Premium
    B. Guarantee Written Premium
    C. Guarantee Written Policy
    D. Gross Written Policy
    E. None of these


3. What is the abbreviation of HLV?

    A. Human Life Value
    B. Health Life Value
    C. Hospital Life Value
    D. Human Liability Value
    E. None of these


4. What is the abbreviation of HRS?

    A. Household Ranking System
    B. Hazardous Ranking System
    C. Hazardous Repair System
    D. Health Ranking System
    E. None of these


5. What is the abbreviation of LAE?

    A. Loss Adjustment Expense
    B. Liability Adjustment Expense
    C. Life Amount Expense
    D. Loss Amount Expense
    E. None of these


6. What is the abbreviation of IIAC?

    A. Immediate Insurance Advisory Council
    B. Irish Insurance Advisory Council
    C. International Insurance Advisory Council
    D. International Insurance Agent Council
    E. None of these


7. What is the abbreviation of MAS?

    A. Municipal Advisory Service
    B. Management Advisory Service
    C. Minimum Account Service
    D. Management Accident Service
    E. None of these


8. What is the abbreviation of LMU?

    A. Loss Mitigation Underwriting
    B. Liability Mitigation Underwriting
    C. Loss Manufacture Underwriting
    D. Loss Multi-peril Underwriting
    E. None of these


9. What is the abbreviation of LTA?

    A. Low Trade Agreement
    B. Lost Time Accident
    C. Long Term Agreement
    D. Both B and C
    E. None of these


10. What is the abbreviation of LTD?

    A. Long-Term Disability
    B. Long-Term Disagreement
    C. Long-Term Deposit
    D. Long-Term Disclosure
    E. None of these


11. What is the abbreviation of M&D?

    A. Maximum And Dwelling
    B. Minimum And Deposit
    C. Minimum And Deposit
    D. Maximum And Discount
    E. None of these


12. What is the abbreviation of MET?

    A. Multiple Export Trust
    B. Multiple Employment Trust
    C. Multiple Enterprises Trust
    D. Multiple Employer Trust
    E. None of these


13. What is the abbreviation of MLE?

    A. Minimum Loss Expectancy
    B. Maximum Loss Expectancy
    C. Maximum Liability Expectancy
    D. Minimum Liability Expectancy
    E. None of these


14. What is the abbreviation of NDI?

    A. National Disaster Insurance Agreement
    B. National Deposit Insurance Agreement
    C. National Disaster Insurance Association
    D. National Disaster Insurance Agent
    E. None of these


15. What is the abbreviation of NRRA?

    A. National Repository Retention Agreement
    B. National Reduction Retention Association
    C. National Risk Registered Agreement
    D. National Risk Retention Association
    E. None of these


16. What is the abbreviation of OCA?

    A. Organization Claims Account
    B. Overseas Claims Account
    C. Outstanding Claims Account
    D. Outstanding Claims Account
    E. None of these


17. What is the abbreviation of OD?

    A. Occupational Discount
    B. Overseas Discount
    C. Occupational Data
    D. Occupational Disease
    E. None of these


18. What is the abbreviation of PIA?

    A. Post Insurance Account
    B. Primary Insurance Account
    C. Public Insurance Account
    D. Private Insurance Account
    E. None of these


19. What is the abbreviation of RAM?

    A. Reverse-Annuity Mortgage
    B. Risk-Annuity Mortgage
    C. Reinsurance-Annuity Mortgage
    D. Reverse-Annual Mortgage
    E. None of these


20. What is the abbreviation of ACV?

    A. Actual Cash Value
    B. Actual Commodity Value
    C. Actual Certificate Value
    D. Actual Commercial Value
    E. None of these


Answers


1. Answer – Option C


2. Answer – Option A


3. Answer – Option A


4. Answer – Option B


5. Answer – Option A


6. Answer – Option C


7. Answer – Option B


8. Answer – Option A


9. Answer – Option D


10. Answer – Option A


11. Answer – Option C


12. Answer – Option D


13. Answer – Option A


14. Answer – Option C


15. Answer – Option D


16. Answer – Option D


17. Answer – Option D


18. Answer – Option B


19. Answer – Option A


20. Answer – Option A

1. What is the abbreviation of RC?

    A. Replacement Cost
    B. Risk Cost
    C. Return Cost
    D. Replacement Commodity
    E. None of these


2. What is the abbreviation of SCOPE?

    A. Standard, Construction, Occupancy, Protection, Exposure
    B. Supervision, Construction, Occupancy, Post, Employment
    C. Supervision, Construction, Occupancy, Protection, Exposure
    D. Supervision, Cost, Occupancy, Protection, Exposure
    E. None of these


3. What is the abbreviation of SPAP?

    A. Special Personal Auto Policy
    B. Standard Personal Auto Policy
    C. Simplified Personal Auto Policy
    D. Security Personal Auto Policy
    E. None of these


4. What is the abbreviation of TDB?

    A. Temporary Disability Benefits
    B. Tax Discount Benefits
    C. Temporary Discount Benefits
    D. Total Disability Benefits
    E. None of these


5. What is the abbreviation of TDI?

    A. Trade Discount Insurance
    B. Tax Direct Insurance
    C. Trade Digital Insurance
    D. Trade Disruption Insurance
    E. None of these


6. What is the abbreviation of TERI?

    A. Targeted Enterprise Risk Insurance
    B. Targeted Emergency Risk Insurance
    C. Tax Expected Risk Insurance
    D. Total Enterprise Risk Insurance
    E. None of these


7. What is the abbreviation of UJF?

    A. Unearned Judgment Fund
    B. Unsatisfied Judgment Fund
    C. Uniform Joint Fund
    D. Under Judgment Fund
    E. None of these


8. What is the abbreviation of UMV?

    A. Uniform Motor Vehicle
    B. Uninsured Market Value
    C. Uninsured Motor Vehicle
    D. Uninsured Management Variable
    E. None of these


9. What is the abbreviation of UNL?

    A. Ultimate Nation Liability
    B. Ultimate Net Life
    C. Ultimate Network Loss
    D. Ultimate Net Loss
    E. None of these


10. What is the abbreviation of WC?

    A. Workers Commodity
    B. Women Compensation
    C. Workers Compensation
    D. Worldwide Commodity
    E. None of these


11. What is the abbreviation of YRT?

    A. Yearly Risk Term
    B. Yearly Renewable Term
    C. Yearly Renewable Tax
    D. Yearly Real Technique
    E. None of these


12. What is the abbreviation of YRCT?

    A. Yearly Risk Convertible Technology
    B. Yearly Renewable Convertible Tax
    C. Yearly Renewable Convertible Term
    D. Yearly Renewable Commodity Term
    E. None of these


13. What is the abbreviation of SEC?

    A. Surety and Exchange Commission
    B. Securities and Exchange Commission
    C. Securities and Export Commission
    D. Securities and Enterprises Commission
    E. None of these


14. What does R stands for in SARFAESI?

    A. Rate
    B. Rating
    C. Reconstruction
    D. Regulatory
    E. None of these


15. What does S stands for in NASDAQ?

    A. Sector
    B. Swap
    C. Services
    D. Securities
    E. None of these


16. What does R stands for in FRBMA?

    A. Regional
    B. Research
    C. Responsibility
    D. Regulatory
    E. None of these


17. What does A stands for in AMFI?

    A. Association
    B. Asset
    C. Agreement
    D. Adequacy
    E. None of these


18. What is the abbreviation of UL?

    A. Uniform Liability
    B. Umbrella Liability
    C. Uniform Loss
    D. Underwriter Liability
    E. None of these


19. What is the abbreviation of FINO?

    A. Financial Inclusion Network Operation
    B. Financial Inclusion National Organization
    C. Financial Investment Network Operation
    D. Free Investment Network Owners
    E. None of these


20. What is the abbreviation of GDR?

    A. Gross Deposit Receipt
    B. Global Depository Risk
    C. Gross Depository Receipt
    D. Global Depository Receipt
    E. None of these


Answers


1. Answer – Option A


2. Answer – Option C


3. Answer – Option A


4. Answer – Option A


5. Answer – Option D


6. Answer – Option A


7. Answer – Option B


8. Answer – Option C


9. Answer – Option D


10. Answer – Option C


11. Answer – Option B


12. Answer – Option C


13. Answer – Option B


14. Answer – Option C


15. Answer – Option D


16. Answer – Option C


17. Answer – Option A


18. Answer – Option B


19. Answer – Option A


20. Answer – Option D

1. What is the abbreviation of GAAR?

    A. Gross Agreement Avoidance Rule
    B. General Anti Avoidance Research
    C. General Agreement Avoidance Rule
    D. General Anti Avoidance Rule
    E. None of these


2. What is the abbreviation of CSO?

    A. Claim Service Only
    B. Commodity Supplement Only
    C. Claim Special Ordinance
    D. Cash Service Only
    E. None of these


3. What is the abbreviation of IBT?

    A. Interest Before Taxes
    B. Income Before Taxes
    C. Income Business Taxes
    D. Insurance Before Taxes
    E. None of these


4. What is the abbreviation of IFEBP?

    A. Insurance Foundation Of Employee Benefit Plans
    B. Independent Finance Of Employee Benefit Plans
    C. International Federation Of Employee Benefit Plans
    D. International Foundation Of Employee Benefit Plans
    E. None of these


5. What is the abbreviation of ILCA?

    A. International Loss Control Association
    B. Immediate Loss Control Association
    C. Insurance Loss Control Association
    D. Insurance Liability Control Association
    E. None of these


6. What is the abbreviation of ILF?

    A. Increased Limits Factor
    B. Increased Liability Factor
    C. Increased Limits Federation
    D. Increased Loss Factor
    E. None of these


7. What is the abbreviation of IMCA?

    A. Insurance Money Communications Association
    B. Insurance Marketing Communications Association
    C. Insurance Multi Commodity Agreement
    D. Insurance Mitigation Communications Association
    E. None of these


8. What does C stands for in NACIA?

    A. Commodity
    B. Crop
    C. Cash
    D. Communication
    E. None of these


9. What does A stands for in IPAC?

    A. Average
    B. Association
    C. Affairs
    D. Advance
    E. None of these


10. What does 2\(^{nd}\) I stands for in ITI?

    A. Insurance
    B. Income
    C. Interest
    D. Institute
    E. None of these


11. What is the abbreviation of IR?

    A. Insurance Risk
    B. Incident Recall
    C. Interest Reduction
    D. Income Rate
    E. None of these


12. What does L stands for in LPT?

    A. Loss
    B. Liability
    C. Limits
    D. Low
    E. None of these


13. What does M stands for in MIB?

    A. Medical
    B. Multiple
    C. Maximum
    D. Minimum
    E. None of these


14. What does N stands for in NRMC?

    A. National
    B. Net
    C. Nuclear
    D. Nonprofit
    E. None of these


15. What does I stands for in SIO?

    A. Information
    B. Income
    C. Liability
    D. Loss
    E. None of these


16. Who is the chairman of IRDAI?

    A. SujayBanarji
    B. P. J. Joseph
    C. Praveen Kutumbe
    D. Subhash C. Khuntia
    E. None of these


17. Who is the chairman of ECGC?

    A. SujayBanarji
    B. N.Shankar
    C. Sridharan
    D. M.R. Kumar
    E. None of these


18. Who is the chairman of LIC?

    A. M.R. Kumar
    B. Praveen Kutumbe
    C. P. J. Joseph
    D. Subhash C. Khuntia
    E. None of these


19. Who is the CEO of NIA (New India Assurance)?

    A. M.R. Kumar
    B. A K Shah
    C. AtulSahai
    D. Gupta Kumar
    E. None of these


20. Who is the chairman of GIC?

    A. Alice Vaidyan
    B. Sridharan
    C. Rahul Khosla
    D. RoopamAsthana
    E. None of these


Answers


1. Answer – Option D


2. Answer – Option A


3. Answer – Option B


4. Answer – Option D


5. Answer – Option C


6. Answer – Option A


7. Answer – Option B


8. Answer – Option B


9. Answer – Option C


10. Answer – Option D


11. Answer – Option B


12. Answer – Option A


13. Answer – Option A


14. Answer – Option D


15. Answer – Option A


16. Answer – Option D


17. Answer – Option B


18. Answer – Option A


19. Answer – Option C


20. Answer – Option A

1. Who is the chairman of Tata AIA life insurance?

    A. Rishi Srivastava
    B. ShobanaKamineni
    C. Sridharan
    D. P. J. Joseph
    E. None of these


2. Who is the chairman of Kotak Mahindra Old Mutual Life Insurance Limited?

    A. BhargavDasgupta
    B. Subhash C. Khuntia
    C. RoopamAsthana
    D. UdayKotak
    E. None of these


3. Who is the chairman of Future Generali Life Insurance?

    A. SujayBanarji
    B. G N Bajpai
    C. AtulSahai
    D. M.R. Kumar
    E. None of these


4. Who is the chairman of ICICI Prudential Life Insurance Company Limited?

    A. BhargavDasgupta
    B. NS Kannan
    C. AshishMehrotra
    D. Rahul Khosla
    E. None of these


5. Who is the chairman of Birla Sun Life Insurance Company Limited?

    A. Sushil Chandra
    B. AshishMehrotra
    C. M K Gopal
    D. PankajRazdan
    E. None of these


6. Who is the chairman of HDFC Standard Life Insurance Company Limited?

    A. AtulSahai
    B. M.R. Kumar
    C. VibhaPadalkar
    D. RoopamAsthana
    E. None of these


7. Who is the chairman of SBI Life Insurance Company Limited?

    A. Sridharan
    B. SanjeevNautiyal
    C. P. J. Joseph
    D. ShobanaKamineni
    E. None of these


8. Who is the chairman of Oriental Insurance Company Limited?

    A. A V Girija Kumar
    B. Subhash C. Khuntia
    C. SujayBanarji
    D. Sridharan
    E. None of these


9. Who is the CEO of IFFCO Tokio General Insurance?

    A. WarendraSinha
    B. ShobanaKamineni
    C. Trevor Bull
    D. BhargavDasgupta
    E. None of these


10. Who is the chairman of Apollo Munich Health Insurance?

    A. M.R. Kumar
    B. Rahul Khosla
    C. P. J. Joseph
    D. ShobanaKamineni
    E. None of these


11. Who is the chairman of United India Insurance Company Limited?

    A. Sridharan
    B. NagarajaSarma
    C. Trevor Bull
    D. RoopamAsthana
    E. None of these


12. Who is the CFO of Cholamandalam MS General Insurance?

    A. P. J. Joseph
    B. AtulSahai
    C. G N Bajpai
    D. Sridharan
    E. None of these


13. Who is the chairman of National Insurance Company Limited?

    A. AshishMehrotra
    B. Tajinder Mukherjee
    C. Rahul Khosla
    D. SujayBanarji
    E. None of these


14. Who is the chairman of Bajaj Alliance Life Insurance Company Limited?

    A. TarunChugh
    B. ShobanaKamineni
    C. BhargavDasgupta
    D. Subhash C. Khuntia
    E. None of these


15. Who is the CEO of Aviva Indian Life Insurance?

    A. RoopamAsthana
    B. P. J. Joseph
    C. Trevor Bull
    D. G N Bajpai
    E. None of these


16. Who is the chairman of Max Bupa Health Insurance?

    A. Rahul Khosla
    B. AshishMehrotra
    C. Subhash C. Khuntia
    D. BhargavDasgupta
    E. None of these


17. Who is the CEO of Liberty Videocon General Insurance?

    A. Trevor Bull
    B. ShobanaKamineni
    C. Subhash C. Khuntia
    D. RoopamAsthana
    E. None of these


18. Who is the chairman of Max Life Insurance Company Limited?

    A. AtulSahai
    B. G N Bajpai
    C. Rahul Khosla
    D. ShobanaKamineni
    E. None of these


19. Who is the CEO of ICICI Lombard General Insurance Company Limited?

    A. BhargavDasgupta
    B. Trevor Bull
    C. G N Bajpai
    D. ShobanaKamineni
    E. None of these


20. Who is the chairman of PNB Metlife India Insurance Company Limited?

    A. Ashish Kumar Srivastava
    B. AshishMehrotra
    C. SujayBanarji
    D. AtulSahai
    E. None of these


Answers


1. Answer – Option A


2. Answer – Option D


3. Answer – Option B


4. Answer – Option B


5. Answer – Option D


6. Answer – Option C


7. Answer – Option B


8. Answer – Option A


9. Answer – Option A


10. Answer – Option D


11. Answer – Option B


12. Answer – Option D


13. Answer – Option B


14. Answer – Option A


15. Answer – Option C


16. Answer – Option B


17. Answer – Option D


18. Answer – Option B


19. Answer – Option A


20. Answer – Option A



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