Insurance Awareness Quiz | 12th December 2018

Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.

Question 1: A base ins can be attached with how many riders:

(A)Three

(B) Two

(C) One

(D) Max. Five

(E) Multiple

Question 2: Skill required by an agent for selling best suited product to customer?

(A)Analytical

(B) Communication skill

(C) Interpersonal skills

(D) All of the above

(E) None of these

Question 3: While estimating premium which of the following factors would be considered in arriving at discount rate assumption

(A) Future inflation estimate

(B) Future expected expenses

(C) Expected default on various bonds

(D) A & C

(E) All

Question 4: An annuity product is one which provides benefits on the event of         at a stipulated time interval

(A)Death or survival

(B) Death

(C) Survival

(D) Death & survival

(E) None of these

Question 5: The Insurance Regulatory and Development Authority (IRDA) was constituted in
A.2000
B.2001
C.2004
D.1999
E.None of these

Question 6: The Insurance Regulatory and Development Authority (IRDA) was constituted in
A.2000
B.2001
C.2004
D.1999
E.None of these

Question 7: _____________ is the only public sector company in the field of life insurance in India
A.NIACL
B.NICL
C.LIC
D.GIC Re
E.None of these

Question 8: ULIP is a product offered by 
A.Government
B.Public Sector Banks
C.Financial Institutions
D.Insurance companies
E.None of these

Question 9: Which of the following organization provides export credit insurance support to Indian exporters ?
A.ECGC
B.IRDA
C.LIC
D.GIC Re
E.None of these

Question 10: The minimum paid up capital for any insurance business- Life or General is
A.Rs.50 Cr
B.Rs.100 Cr
C.Rs.150 Cr
D.Rs.200 Cr
E.None of these

Solution

  1. E
  2. B
  3. E
  4. C
  5. A

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.

  1. D

The FDI limit of insurance sector was raised to 49 percent in June 2016.

  1. C

There are currently, a total of 24 life insurance companies in India. Of these, Life Insurance Corporation of India (LIC) is the only public sector insurance company in the field of life insurance

  1. D

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

  1. A

The ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a company wholly owned by the Government of India based in Mumbai, Maharashtra. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.

  1. B

The Bill will allow companies, exclusively into the business of health insurance, to operate with a minimum paid up capital of Rs 50 crore against the current minimum paid up capital of Rs 100 crore for any insurance business- Life or General. For re-insurance business the minimum paid-up capital will be Rs 200 crore.

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