Banking Awareness Quiz for Bank Exams 2021- 21st May

Q1. Who regulates the insurance services in India?
(a)IRDAI
(b)SEBI
(c)RBI
(d)SIDBI
(e)None of these

Q2.Which of the following is the first life insurance company in India?
(a)Life Insurance Corporation of India
(b)United India Life Insurance Company
(c)Bombay Mutual Life Assurance Society
(d)National Insurance of India
(e)None of these

Q3. According to Insurance (Amendment) Bill, 2021; Foreign Direct Investment (FDI) limit increased from 49 to………….. %.
(a)51 %
(b)74 %
(c)81 %
(d)69 %
(e)None of these

Q4. The Life Insurance Companies Act was passed in which year?
(a)1926
(b)1948
(c)1912
(d)1939
(e)None of these

Q5. In which year was the Life Insurance Corporation of India (LIC) formed?
(a)1965
(b)1948
(c)1949
(d)1956
(e)None of these

Q6. Life Insurance Corporation of India (LIC) is the………..strongest brand and ………most valuable insurance brand globally as per the ‘Insurance 100 2021’ report by London-based consultancy firm Brand Finance.
(a)2nd , 7th
(b)1st, 10th
(c)3rd, 10th
(d)1st, 4th
(e)None of these

Q7. Which committee is associated with insurance sector?
(a)Shah Committee
(b)Malhotra Committee
(c)Srinivasan Committee
(d)Mudgal Committee
(e)None of these

Q8.ULIP is the acronym for………………….
(a)Unit Linked Insurance Plan
(b)Unit Life Insurance Plan
(c)Unit Linked Identity Plan
(d)Unit Linked Insurance Policy
(e)None of these

Q9. ……………………is the amount you pay to the insurance company to buy a policy.
(a)Annuity
(b)Initial Price
(c)Fund
(d)Premium
(e)None of these

Q10. Who is the current chairman of LIC?
(a)Vipin Anand
(b)M R Kumar
(c)Siddhartha Mohanty
(d)Raj Kumar
(e)None of these

Practice More Questions of Banking Awareness for Competitive Exams:

Solutions

S1.Ans.(a)
Sol. Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament, for overall supervision and development of the Insurance sector in India.

S2.Ans.(c)
Sol. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.

S3.Ans.(b)
Sol. The Bill provides to increase the foreign direct investment limit from existing 49 percent to 74 percent.

S4.Ans.(c)
Sol. In the year 1912, the Life Insurance Companies Act was passed to regulate the insurance business.

S5.Ans.(d)
Sol. LIC was created on 1st September 1956 with the merger of more than 245 insurance companies and provident societies.

S6.Ans.(c)
Sol. State-owned insurance company Life Insurance Corporation of India has emerged as the 3rd strongest and the 10th most valuable insurance brand globally as per the ‘Insurance 100 2021’ report by London-based consultancy firm Brand Finance.

S7.Ans.(b)
Sol. Following the recommendations of the Malhotra Committee, in 1999 the Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April 2000.

S8.Ans.(a)
Sol. A Unit Linked Insurance Plan is a product offered by insurance companies that, unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan.

S9.Ans.(d)
Sol. An insurance premium is the amount of money an individual or business must pay for an insurance policy.

S10.Ans.(b)
Sol. Shri MR Kumar took charge as Chairman, LIC of India on 14th March, 2019.

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