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?