General Awareness Quiz for Bank Mains Exams 2024-17th January

Q1. Life Insurance Corporation of India (LIC) has reduced its shareholding in Bharat Heavy Electricals Limited (BHEL) through open market operation (OMO). What is the new percentage of LIC’s shareholding in BHEL after reducing it from 11.701%?

(a) 9.317%
(b) 9.517%
(c) 9.617%
(d) 9.717%
(e) 9.817%

Q2. The Bureau of Indian Standards (BIS) has recently approved India’s first-ever indigenously developed Alternating Current (AC) and Direct Current (DC) Combined Charging connector standard for Light Electric Vehicles (LEVs). This new standard is based on the charging connector of which company?

(a) Tata Motors
(b) Mahindra Electric
(c) Ather Energy
(d) Hero Electric
(e) Bajaj Auto

Q3. Which National Parks is not correctly matched with its state?

(a) Kaziranga National Park – Assam
(b) Ranthambore National Park – Rajasthan
(c) Sundarbans National Park – West Bengal
(d) Jim Corbett National Park – Uttar Pradesh
(e) Gir Forest National Park – Gujarat

Q4. Which of the following statements is true about the United India Insurance Company?

(a) It was incorporated on 18 February 1958 and nationalized in 1982.
(b) The company is a private sector entity headquartered in Mumbai, Maharashtra.
(c) It was nationalized in 1972 but incorporated on 18 February 1948.
(d) United India Insurance Company is a government-owned entity, incorporated on 18 February 1938 and nationalized in 1972.
(e) The company specializes in life insurance and was established in 1965.

Q5. Pradhan Mantri Suraksha Bima Yojana was launched on 9th May 2015. There will be a risk coverage of ___________ for accidental death/full disability.

(a) Rs. 1 lakh
(b) Rs. 2 lakhs
(c) Rs. 3 lakhs
(d) Rs. 4 lakhs
(e) Rs. 5 lakhs

Q6. Regarding unearned premiums in insurance policies, which of the following statements is true?

(a) An unearned premium refers to the premium amount for the coverage already provided by the insurance company.
(b) It is the premium amount the insurance company returns to the policyholder upon policy cancellation.
(c) Unearned premium is that part of the overall premium which is collected by the insurance companies beforehand, but for which protection is not provided.
(d) It is the total premium amount paid upfront by the policyholder at the beginning of the policy term.
(e) Unearned premium is the additional premium charged by the insurer for extending the policy term.

Q7. GDPI is a direct written premium that represents the growth of a company’s insurance business during a given period. What does ‘I’ stand for in GDPI?

(a) Interest
(b) Income
(c) Investment
(d) Insurance
(e) Incentive

Q8. PMFBY was introduced on 18th February 2016 to provide comprehensive crop insurance cover against non-preventable natural risks at an affordable rate to farmers. During which season of the year are Rabi crops sown in India?

(a) Summer Season
(b) Monsoon Season
(c) Post-Monsoon Season
(d) Winter Season
(e) Pre-Monsoon Season

Q9. Which section of the IRDA Act, 1999, deals with the salaries and allowances of members of the authority?

(a) Section 4
(b) Section 5
(c) Section 7
(d) Section 9
(e) Section 12

Q10. Union Minister Pralhad Joshi launched the auction process of 20 critical mineral blocks estimated to be worth around:

(a) Rs. 30,000 crores
(b) Rs. 35,000 crores
(c) Rs. 40,000 crores
(d) Rs. 45,000 crores
(e) Rs. 50,000 crores

Solutions

S1. Ans. (c)
Sol. Life Insurance Corporation of India (LIC) reduced its shareholding in Bharat Heavy Electricals Limited (BHEL) from 11.701% to 9.617% through open market operations. This strategic move by LIC resulted in a decrease in its stake in BHEL by approximately 2.084%.

S2. Ans. (c)
Sol. The Bureau of Indian Standards (BIS) approved India’s first-ever indigenously developed AC and DC Combined Charging connector standard for Light Electric Vehicles (LEVs) is based on the charging connector developed by Ather Energy.
This move represents a significant step in standardizing charging infrastructure for electric vehicles in India.

S3. Ans. (d)
Sol. Jim Corbett National Park is located in Uttarakhand, not Uttar Pradesh.
The other national parks listed are correctly matched with their respective states: Kaziranga in Assam, Ranthambore in Rajasthan, Sundarbans in West Bengal, and Gir Forest in Gujarat.

S4. Ans. (d)
Sol. United India Insurance Company is a government-owned insurance company in India, headquartered in Chennai, Tamil Nadu. It was incorporated on 18 February 1938 and was nationalized in 1972. The company offers a wide range of insurance products.

S5. Ans. (b)
Sol. The sum insured for accidental death or full disability is Rs. 2 lakhs, while for partial disability, it is Rs. 1 lakh.
This scheme launched on 9th May 2015, provides insurance coverage for accidental death and disability, with different amounts for full and partial disabilities.
Pradhan Mantri Suraksha Bima Yojana was launched on May 9, 2015.
It provides a very affordable insurance scheme for poor and underprivileged people in the age group of 18 to 70 years.

S6. Ans. (c)
Sol. Unearned premium is that part of the overall premium which is collected by the insurance companies beforehand, but for which protection is not provided.
This is the part of the premium that has not been “earned” by the insurance company because the policy is still active.
This concept is particularly relevant in situations where a policy is cancelled before its expiration date; the insurer would typically refund the unearned premium portion to the policyholder.

S7. Ans. (b)
Sol. GDPI stands for “Gross Direct Premium Income.”
It reflects the total premiums collected directly by an insurance company from its policyholders, indicating the growth and performance of the company’s insurance business in a particular period​.

S8. Ans. (d)
Sol. Rabi crops in India are typically sown in the winter season.
This sowing period usually starts around October to November, after the monsoon rains have ended, and the crops are harvested in the spring, between April and May​.

S9. Ans. (c)
Sol. Section 7 of the Insurance Regulatory and Development Authority (IRDA) Act, 1999, deals with the salaries and allowances of the Chairperson and members of the authority.
This section specifies the compensation structure for these positions within the IRDA​.

S10. Ans. (d)
Sol. Pralhad Joshi, the Union Minister of Coal and Mines, Government of India, launched the auction process of 20 critical mineral blocks.
The total estimated worth of these blocks is around Rs. 45,000 crores.
This auction includes various critical minerals spread across several states in India, including two lithium blocks, one each in Jammu & Kashmir and Chhattisgarh.