Insurance Awareness mcq questions and answers for competitive exams

Ramya_naidu

Posted on

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
16.
Which term referring to property coverages for the perils of burglary, theft and robbery?

a
Crime Insurance
b
Personal Insurance
c
Industrial Insurance
d
Commercial Insurance

17.
Where is the head office of Insurance Regulatory Development Authority?

a
Hyderabad
b
Kolkata
c
Chennai
d
Mumbai

18.
What is the minimum paid up capital required for a General Insurance Company to commence its operations in India?

a
100 Crore
b
200 Crore
c
300 Crore
d
400 Crore

19.
A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependants is called

a
Hull Insurance
b
Group Insurance
c
Hospital Insurance
d
Identity theft Insurance

20.
Which of the following correctly describes what the 'Bancassurance' is -

a
It is an arrangement whereby the branches of a bank sell / distribute insurance products of an insurance company.
b
It is a new product developed/ launched by the banks in which the risks of the high value customers are covered for any losses to their property and/or lives through an insurance cover.
c
It is a new product launched by some banks by which they are providing insurance cover to exporters/ importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major currencies.
d
None of these

21.
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 coverages

a
Casualty Insurance
b
Industrial Insurance
c
Commercial Insurance
d
Automobile Liability Insurance

22.
A risk transfer mechanism whereby one party assumes the liability of another party by contract is known as

a
Incontestability Provision
b
Level Premium Insurance
c
Hold-Harmless Agreement
d
Limited Payment Life Insurance

23.
The punch line of the advertisement of which of the following organization is 'Jindagi ke sath bhi Jindagi ke bad bhi'?

a
Life Insurance Corporation Of India
b
General Insurance Corporation
c
New India Assurance
d
ICICI Prudential

24.
An organization such as a bank or insurance company that buys and sells large quantities of securities is called

a
Giant
b
Minor Investor
c
Major Investor
d
Institutional Investor

25.
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
Aggregate
c
Beneficiary
d
Service Provider

26.
The New India Assurance Company was established in 1919 by -

a
G.D. Birla
b
Dorab Tata
c
Jamunalal Bajaj
d
Kamlapat Singhania

27.
Which of the following is the regulator of insurance sector in India?

a
RBI
b
SEBI
c
IRDA
d
IRDAI

28.
Insurance companies' ability to pay the claims of policyholders is termed as

a
Schedule
b
Solvency
c
Credit life
d
Retrospective Rating

29.
is a type of reinsurance in which the re-insurer can accept or reject any risk presented by an insurance company seeking reinsurance.

a
Treaty Insurance
b
Health Insurance
c
Facultative Insurance
d
None of the Above

30.
England-based Willis Group Holdings, the third largest insurance brokerage in the world recently picked up 49 per cent stake in which Indian Insurance Brokerage Company?

a
Almondz Insurance Brokers
b
Bharat Re- Insurance Brokers
c
Heritage Insurance Brokers
d
Aditya Birla Insurance Brokers

Rate This:
NaN / 5 - 1 votes
Profile photo for Dasaradhan Gajendra