Insurance Awareness mcq questions and answers for competitive exams

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Insurance Awareness mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online
256.
Which of the following is largest Non Life Insurance Company in India?

a
General Insurance Company Ltd.
b
New India Assurance Company Ltd.
c
United India InsuranceCompany Ltd.
d
ICICI Lombard GeneralInsurance Company Ltd.

257.
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
Fire Insurance
b
Escrow Account
c
Earned Premium
d
Finite Risk Reinsurance

258.
When was the General Insurance Corporation of India incorporated?

a
1970
b
1971
c
1972
d
1973

259.
Which of the following is not the name of an Insurance Scheme launched by the Government of India -

a
Varsha Bima Yojana
b
Janashree Bima Yojana
c
Shiksha Sahyog Yojana
d
Krishi Shramik Sarnajik Suraksha Yojana

260.
'Leadership and Beyond' is the tagline of which insurance company?

a
LIC
b
UIICL
c
Oriental Insurance
d
New India Assurance

261.
Circumstance including possibility of loss or no loss but no possibility of gain is termed as

a
Pure Risk
b
Pure Premium
c
Product Liability
d
Retrospective Rating

262.
An auto-mobile 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 fin

a
Gap Insurance
b
Double Insurance
c
Industrial Insurance
d
Commercial Insurance

263.
The insurance companies collect a fixed amount from its customers at a fixed interval of time. What it is called?

a
EMI
b
Premium
c
Installment
d
Contribution

264.
The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called

a
Fund
b
Cover
c
Liquidity
d
Limited premium

265.
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

266.
Which one of the following does not belong to regulatory bodies in India?

a
FMC
b
SEBI
c
IRDA
d
PFRDA

267.
is an 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
Liability Insurance
c
Industrial Insurance
d
Forced Place Insurance

268.
is reinsurance for a single risk or a defined package of risks.

a
Treaty Reinsurance
b
Facultative Reinsurance
c
Catastrophe Reinsurance
d
Excess of Loss Reinsurance

269.
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
Sum Assured
b
Paid-up value
c
Maturity Value
d
Surrender Value

270.
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
Hull Insurance
b
Self Insurance
c
Group Insurance
d
Hospital Insurance

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