Insurance Awareness Questions – Set 1

Mentor for Bank Exams
Insurance Awareness Questions – Set 1
1. The Life Insurance sector and Life Insurance Corporation came into existence in the year ________.
a) 1949
b) 1935
c) 1951
d) 1962
e) 1956
2. Insurance is listed in the constitution of India in ______scheduled as Union List subject:
a) Eighth  
b) Ninth
c) Seventh
d) Tenth
e) None of These
3. In which of the following years the Government of India nationalized the general insurance business under the General Insurance Business (Nationalized) Act?
a) 1970                                       
b) 1972
c) 1976                                        
d) 1973
e) 1981
4. Which of the following is the first life insurance company started on the Indian soil in the year 1818?
a) New Indian Life Insurance Company 
b) East Indian Life Insurance Company
c) Oriental Life Insurance Company 
d) Occidental Life Insurance Company 
e) None of the above
5. IRDA was constituted as a _________ to regulate and develop the insurance industry in 1999.
a) Regulatory body
b) Amendment body
c) autonomous body
d) All of the above
e) None of the given options is true
6. IRDA was constituted by which of the following committee's recommendations:
a) Kumarmangalam Committee
b) Malhotra Committee
c) Singh Committee
d) Sahota Committee
e) None of These
7. In which year, the IRDA was incorporated as a statutory body?
a) April 2000
b) April 2001
c) April 2002
d) April 2003
e) April 2004
8. Frames regulations for the insurance industry in terms of Section ________ of the Insurance Act 1938 from the year 2000 has registered new insurance companies in accordance with regulations.
a) section 124C
b) section 194B
c) section 114A
d) section 127E
e) section 118A
9. IRDA stands for-  
a) Insurance Regulatory and Department Authority 
b) Insurance Regulatory and Development Assembly 
c) Insurance Regulatory and Development Association
d) Insurance Regulatory and Development Authority
e) Insurance Regulatory and Development Agency
10. ____________ a/an is the section of an insurance policy dealing with various coverages, exclusions, duties of the insured, locations covered and conditions that terminate coverage.
a) Actuary
b) Broker
c) Agent
d) Clause
e) None of the given options is true
11. Largest  Life Insurance Company in India is:
a) The New India Assurance Company Limited
b)  Life Insurance Corporation of India (LIC)
c) United India Insurance Company Limited 
d) National Insurance Company Limited
e) None of These
12. Oldest (1818) life insurance company is:
a) Postal Life Insurance Company
b) Max Life Insurance Company
c) Oriental Life Insurance Company
d) Bharat Life Insurance Company
e) None of These
13. Which of the following is not the principal of insurance:
a) Utmost Good Faith
b) Principle of Contribution
c) Maximization of Profit
d) Causa Proxima
e) None of These
14. Supervision and Development of Insurance in India is in the hands of:
b) Insurance Regulatory Development Authority
c) Life Insurance Corporation of India
d) Central Government
e) None of These
15. ________ is the sole reinsurance company in the Indian Insurance market with over four decades of experience.
b) LIC
c) Oriental Insurance
d) GIC Re
1. E)   2. C)   3. B)   4. C)   5. C)   6. B)   7. A)   8. C)   9. D)   10. D)   11. B)   12. C)   13. C)   14. B)   15. D)