NIACL AO Mains 2019 – Insurance Questions for Mains

Dear Aspirants,

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NIACL AO Insurance Questions for Mains

Just few days are left for NIACL AO Mains Exam. It is time to pace up your preparations of Insurance Awareness for NIACL AO Mains Exam. These Insurance questions will also help you in preparing for other upcoming Banking or Insurance recruitment examinations.

Q1. IGMS is an online consumer complaints registration system created by IRDA. What is the full form of IGMS?

Integrated Grievance Management Service

Integrated Grievance Management System

Integrated Grievance Management Scheme

Integrated Grievance Management Security

Integrated Grievance Management Scene

Solution:

The Integrated Grievance Management System (IGMS) is an online consumer complaints registration system created by IRDA. All insurance companies have integrated their online complaint logging systems to the IGMS maintained by IRDA. Policyholders can register their complaints online with their insurance company and track the progress of complaint resolution. IRDA monitors the complaints and their progress in real-time through IGMS.

Q2. The Insurance Act was amended in _______________ to regulate investments and set minimum solvency margins and the Tariff Advisory Committee (TAC) was set up then to mandate policy wordings (insuring clause, terms, conditions, clauses, warranties, etc) and regulate general insurance premium rates.

1956

1992

1982

1979

1968

Solution:

The Insurance Act was amended in 1968 to regulate investments and set minimum solvency margins. The Tariff Advisory Committee (TAC) was set up then to mandate policy wordings (insuring clause, terms, conditions, clauses, warranties, etc) and regulate general insurance premium rates.

Q3. A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. It is called?

Peril

Pooling

Proximate

Premium

Policy

Solution:

Peril: A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.

Q4. In which year, Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI)?

1995

1999

2005

2009

2001

Solution:

Q5. ___________________ is the only dedicated Institution for education in Insurance and Actuarial Science in the World.

IBAI

IRDAI

IIRM

IIB

IGMS

Solution:

IIRM is the only dedicated Institution for education in Insurance and Actuarial Science in the World. It is unique in character as the Institute is promoted by the Regulator with the sole aim of developing the required work force for the entire Insurance sector. The Institute offers education through the regular and distance modes.

Q6. Insurance Information Bureau was registered as an independent society under the Andhra Pradesh Societies Registration Act on-

24th October 2010

08th March 2017

17th September 2009

12th June 2015

21st November 2012

Solution:

Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI) in 2009. It was registered as an independent society under the Andhra Pradesh Societies Registration Act on 21st November 2012. The Society is governed by a Governing Council headed by the Chairman, IRDAI. The Council has 20 members comprising of experts from the insurance and technology sector besides eminent management experts and academicians.

Q7. RSBY is a government-run health insurance programme for the Indian poor. What is the meaning of "S" in RSBY?

Service

Scheme

Security

Swasthya

System

Solution:

Rashtriya Swasthya Bima Yojana (RSBY) is a government-run health insurance programme for the Indian poor. The scheme aims to provide health insurance coverage to the unrecognised sector workers belonging to the BPL category and their family members shall be beneficiaries under this scheme.

Q8. Andhra Pradesh Societies is governed by a Governing Council headed by-

Chairman, SEBI

Chairman, LIC

Chairman, IRDAI

Governor, RBI

Finance Minister

Solution:

Q9. Aam Aadmi Bima Yojana is a social security scheme introduced by the Government of India. The beneficiaries can apply for this scheme without any cost as the specified premium amount of ______________ is mutually shared by the Central and State Governments.

Rs 500

Rs 200

Rs 700

Rs 400

Rs 100

Solution:

Aam Aadmi Bima Yojana is a social security scheme introduced by the Government of India. The scheme focuses on the people of rural and landless households. The beneficiaries can apply for this scheme without any cost as the specified premium amount of Rs.200 is mutually shared by the Central and State Governments.

Q10. Where is the Head Office of Insurance Information Bureau?

Hyderabad

Mumbai

Bengaluru

New Delhi

Chennai

Solution:

The Head Office of Insurance Information Bureau is in Hyderabad.

Q11. Which of the following is/are the benefit/benefits of Aam Aadmi Bima Yojana?

If the person had a natural death, the nominee or the family member of the policyholder would be conferred a sum of Rs. 30,000/-

If the person died due to accident or has been permanently incapacitated in an accident, Rs. 75,000 will be given to the nominee or the family member of the policyholder

If the person met with permanent partial disability in an accident which results in the loss of an eye or limb or any other mishaps; Rs. 37,500 will be given to the nominee or the family member of the policyholder

All of the above are benefits of Aam Aadmi Bima Yojana

None of the given options is true

Solution:

Benefits Aam Aadmi Bima Yojana-

1. If the person had a natural death, the nominee or the family member of the policyholder would be conferred a sum of Rs. 30,000/-

2. If the person died due to accident or has been permanently incapacitated in an accident, Rs. 75,000 will be given to the nominee or the family member of the policyholder.

3. If the person met with permanent partial disability in an accident which results in the loss of an eye or limb or any other mishaps; Rs. 37,500 will be given to the nominee or the family member of the policyholder.

Note: Scholarship benefits will be provided to two of the beneficiary’s children pursing grade 9 to 12. A sum of Rs. 100/- per month must be remitted for each child at every year on a half early basis.

Q12. Beneficiaries under RSBY are entitled to hospitalization coverage up to Rs. _______________ for most of the diseases that require hospitalization.

Rs. 30,000/-

Rs. 20,000/-

Rs. 50,000/-

Rs. 90,000/-

Rs. 10,000/-

Solution:

Beneficiaries under Rashtiya Swasthiya Bima Yojana (RSBY) are entitled to hospitalization coverage up to Rs. 30,000/- for most of the diseases that require hospitalization.

Q13. What is the eligible age range under the Aam Aadmi Bima Yojana?

16 to 55 years

21 to 60 years

18 to 59 years

25 to 68 years

20 to 62 years

Solution:

Applicant should be aged between the range of 18 to 59 years under the Aam Aadmi Bima Yojana.

Q14. Aam Admi Bima Yojana has come into effect from-

01st January 2017

01st January 2015

01st January 2014

01st January 2016

01st January 2013

Solution:

Ministry of Finance, Government of India has approved the merger of Social Security Schemes viz., Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana (JBY). The merged scheme is renamed "Aam Admi Bima Yojana" and has come into effect from 01.01.2013.

Q15. Who is the present Chief Executive Officer of Insurance Information Bureau of India (IIB)?

PVS Srikanth

Kunnel Prem

Sai Kumar

KS Jagadeesha Reddy

Jacob K Thomas

Solution:

Shri Kunnel Prem took charge as Chief Executive Officer of Insurance Information Bureau of India (IIB) on 25th October 2016. He had a long stint with Life Insurance Corporation of India (LIC) prior to joining the Bureau.