Insurance Awareness Quiz for NICL AO Mains 2017

Q1. _____________ a/an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
(a) Insurance
(b) Banking
(c) Market Risk
(d) Premium
(e) Prompt Corrective Action (PCA)

Q2. In which among the following year the Life Insurance sector and Life Insurance Corporation came into existence?
(a) 1949
(b) 1935
(c) 1951
(d) 1962
(e) 1956

Q3. IRDA was constituted as an _________ to regulate and develop the insurance industry in 1999. 
(a) Regulatory body
(b) Amendment body
(c) autonomous body
(d) All of the above
(e) None of the given options is true

Q4. Where is the head office of United India Insurance Company Limited?
(a) Pune
(b) Kolkata
(c) Mumbai
(d) New Delhi
(e) Chennai

Q5. Who is the present Chairman cum Managing Director of Oriental Insurance Company Ltd? 
(a) VK Sharma
(b) A V Girija Kumar
(c) G Srinivasan
(d) Alamelu T Lakshmanachari
(e) None of the given options is true

Q6. In which among the following year United India Insurance Company Limited was incorporated? 
(a) 1919
(b) 1972
(c) 1956
(d) 1949
(e) 1938

Q7. IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956. What is the meaning of “B” in IBAI?
(a) Basel
(b) Broadcasting
(c) Board
(d) Brokers
(e) Banking

Q8. Where is the head office of Agriculture Insurance Company of India Limited (AIC)?
(a) Hyderabad
(b) Mumbai
(c) New Delhi
(d) Kolkata
(e) Chennai

Q9. Nippon Life Insurance has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million) in order to increase its stake in Reliance Life Insurance from 26 per cent to 49 per cent. Nippon Life Insurance based in-
(a) Germany
(b) Japan
(c) Canada
(d) USA
(e) France

Q10. An insurance ________ is the amount of money that an individual or business must pay for an insurance policy.
(a) premium
(b) agent
(c) health insurance
(d) broker
(e) clause

Q11. In 1993, the Government set up a committee under the chairmanship of _________ former Governor of RBI, to propose recommendations for reforms in the insurance sector.
(a) Gorwala Committee
(b) RN Malhotra
(c) B Sivaraman Committee
(d) Rangarajan Committee
(e) None of the given options is true

Q12. IRDA stands for-
(a) Insurance Regulatory and Department Authority
(b) Insurance Regulatory and Development Assembly
(c) Insurance Regulatory and Development Association
(d) Insurance Regulatory and Development Authority
(e) Insurance Regulatory and Development Agency

Q13. Sun Life Financial Inc plans to increase its stake from 26 per cent to 49 per cent in Birla Sun Life Insurance Co Ltd, a joint venture with Aditya Birla Nuvo Ltd, through buying of shares worth Rs 1,664 crore (US$ 244.14 million). Sun Life Financial Inc based in-
(a) USA
(b) Germany
(c) Japan
(d) Canada
(e) France

Q14. The term _______________ relates to a type of insurance that essentially covers your medical expenses.
(a) Health Insurance
(b) Life Insurance
(c) Travel Insurance
(d) Group Insurance
(e) Motor Insurance

Q15. The General insurance industry was nationalised in _________ and 107 insurers were grouped and amalgamated into four Companies. 
(a) 1949
(b) 1956
(c) 1972
(d) 1982
(e) 1988

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