Quiznetik

General Insurance | Set 1

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

Correct : C. 1818

2. Name the first life insurance company to function in India

Correct : D. Oriental Life Insurance Company

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

Correct : A. Bombay Mutual Life Assurance Society

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

Correct : B. 1912

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

Correct : A. National Insurance Company

6. The Life Insurance Corporation of India (LIC) came into existence in which year?

Correct : C. 1956

7. Name the first General Insurance Company in India?

Correct : D. riton Insurance Company Ltd

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

Correct : B. 1938

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

Correct : A. 1956

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

Correct : C. 1973

11. IRDA Act was passed in which year by the Government of India?

Correct : D. 1999

12. The IRDA was incorporated as a statutory body on                               ?

Correct : D. 2000-04-19 00:00:00

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

Correct : B. 0.49

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

Correct : A. Section 114A

15. The board of IRDAI consists of how many members?

Correct : A. 10

16. Who is the Chairman of the IRDAI?

Correct : D. Subhash C. Khuntia

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

Correct : B. General Insurance Corporation of India

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

Correct : C. 245

19. What does U stands for in ULIP with respect to insurance sector?

Correct : B. Unit

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

Correct : A. 1

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

Correct : D. 1870

22. The Indian Life Assurance Companies Act was passed in which year to regulate life insurance business in India?

Correct : C. 1912

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

Correct : B. 1928

24. The National Insurance Academy is located in which city?

Correct : C. Pune

25. The National Insurance Company Limited is a type of                        insurance company

Correct : A. General Insurance

26. An insurance product that pays out income to the holder at specified intervals usually after retirement is known as

Correct : B. Annuity

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

Correct : D. 2000

28. How many public sector non life insurance companies are there in India?

Correct : D. 6

29. The sole national re-insurer of India, General Insurance Corporation of India (GIC Re) has its headquarter at

Correct : B. Mumbai

30. Who is the Chairman and MD of ECGC Ltd.

Correct : B. Geetha Muralidhar

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

Correct : D. 1947

32. What should be the minimum paid up capital of an entity to start re-insurance business in India?

Correct : A. Rs 200 crore

33. The Insurance Laws (Amendment) Bill, 2008 has amended which among the following acts?

Correct : D. iven All

34. How many Insurance Ombudsman are functional in India?

Correct : B. 17

35. A person with expertise in measurement and management of risk and uncertainty in insurance business is known as

Correct : A. Actuary

36. The Oriental Insurance Company Ltd does not has its branch in which of the following countries?

Correct : D. France

37. The United India Insurance Company has its headquarter in which city?

Correct : D. Chennai

38. The Insurance Regulatory and Development Authority (IRDA) Act was passed in which year?

Correct : A. 1999

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

Correct : B. 2000

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

Correct : C. 22

41. Selling of insurance products through banks is known as

Correct : D. Bancassurance

42. The person who is specified by the insured to receive the insurance policy in case premature death is called a                         .

Correct : A. Nominee

43. The fixed amount of money paid by the insured to the insurance company regularly is called                       .

Correct : C. Premium

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

Correct : B. IDBI Bank

45. The Insurance plan under which a number of employees and their dependents are insured under a single policy is known as                           ?

Correct : A. Group insurance

46. Which among the following insurance companies is not based in Mumbai?

Correct : D. United India Insurance Company Limited

47. Life Insurance Corporation of India(LIC) was formed in which year?

Correct : D. 1956

48. What is the name of Satellite offices of Life Insurance Corporation of India (LIC)?

Correct : A. SAMPARK

49. Where is the headquarters of Life Insurance Corporation of India (LIC) located?

Correct : C. Mumbai

50. In which year Life Insurance Business in India was nationalized?

Correct : A. 1956

51. What is the slogan of Life Insurance Corporation of India (LIC)?

Correct : D. Yogakshemam Vahaamyaham

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

Correct : C. IDBI Bank

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

Correct : B. 0.05

54. What percentage of annual profit does Life Insurance Corporation of India (LIC) pays its policy holder?

Correct : D. 0.95

55. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by

Correct : A. Life Insurance Corporation of India

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

Correct : B. Co Insurance

57. The Insurance companies provide an option of reactivating the lapsed policy, within a specific period of time post the grace period. This period is known as

Correct : C. Revival Period

58. 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

Correct : A. Indemnity Insurance

59. The situation where the benefits of insurance policy gets terminated due to non-payment of premium is called as

Correct : B. Lapse

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

Correct : A. Policy that requires no further premium payments and continues to provide benefits till maturity.

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

Correct : C. PMSBY

62. Which among the following options is not correct?

Correct : A. 1948 – Introduction of The Insurance Act

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

Correct : B. 2002

64. GIC was formed in pursuance of which section of General Insurance Business (Nationalization) Act (GIBNA)?

Correct : C. Section 9(1)

65. GIC was founded on

Correct : D. 1972-11-22 00:00:00

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

Correct : C. Companies Act, 1956

67. With the nationalization, the General Insurance business in India was merged into how many companies?

Correct : D. 4

68. How many insurance companies were nationalized under the General Insurance Business (Nationalization) Act (GIBNA) 1972?

Correct : A. 107

69. Before GIC became the sole Re-Insurer in India, it had how many fully owned subsidiary companies?

Correct : D. 4

70. What is the share of Government of India in the GIC of India (GIC Re)?

Correct : D. 0.8578

71. General Insurance Corporation of India (GIC) has its foreign branches in how many countries?

Correct : C. 3

72. Which among the given is the wholly owned subsidiary of GIC Re?

Correct : B. GIC Re South Africa Ltd.

73. The New India Assurance Company Limited was founded in which year?

Correct : D. 1919-07-23 00:00:00

74. The headquarter of The New India Assurance Company Ltd is located in which city?

Correct : C. Mumbai

75. Who is the founder of The New India Assurance Company Ltd?

Correct : B. Sir Dorabji Tata

76. The New India Assurance Company Ltd is a                               type of company

Correct : A. General Insurance Company

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

Correct : C. 1938-02-18 00:00:00

78. UIIC was nationalised in which year?

Correct : B. 1972

79. How many companies were merged with the United India Insurance Company Limited with nationalization?

Correct : D. 22

80. The headquarter of UIIC is in which city?

Correct : C. Chennai

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

Correct : D. 1947-09-12 00:00:00

82. Where is the headquarter of The Oriental Insurance Company Ltd located?

Correct : A. New Delhi

83. When was the National Insurance Company Limited (NICL) incorporated?

Correct : A. 1906-12-05 00:00:00

84. Where is the headquarter of NICL located?

Correct : C. Kolkata

85. How many insurance companies were merged with National Insurance Company Limited after nationalization in 1972?

Correct : C. 32

86. Apart from being a leading insurance provider in India, NICL also serves which other country?

Correct : A. Nepal

87. The headquarter of Agriculture Insurance Company Of India Limited (AIC) is located in which city?

Correct : C. New Delhi

88. What is the shareholding of National Agricultural and Rural Development Bank (NABARD) in Agriculture Insurance Company of India Limited (AIC)?

Correct : A. 0.3

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

Correct : D. 7th

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

Correct : B. 2001

91. Name the committee that recommended the entry of the private sector in the insurance business and also foreign companies be allowed entry by forming joint venture with Indian companies

Correct : C. Amphora Committee

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

Correct : D. Calcutta

93. Which among the following was the first life insurance company in India to cater to the needs of Indians?

Correct : C. Bombay Mutual Life Assurance Society

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

Correct : B. United Kingdom

95. The first general insurance company was set up in which city of India?

Correct : D. Calcutta

96. Which of the given insurance covers are compulsory by law in India?

Correct : D. All

97. The banks can withdraw from DICGC coverage after a period of

Correct : D. Cannot Withdraw

98. Which Section of the Insurance Act 1938, allows the life insurers to call a policy into question, within the initial 3 years, on the ground of misrepresentation or fraud?

Correct : C. Section 45

99. What is the duration of time provided by RBI to LIC to reduce its stake in IDBI Bank by 10 percent?

Correct : A. 12 years

100. Under the Prime Minister’s Crop Insurance Scheme, farmers will have to pay a uniform premium of                 percent for Kharif crops?

Correct : D. 0.02