Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.
Question 1: 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
Question 2: 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
Question 3: 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
Question 4: 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
Question 5: Where is the head office of Agriculture Insurance Company of India Limited (AIC)?
(a) Hyderabad
(b) Mumbai
(c) New Delhi
(d) Kolkata
(e) Chennai
Question 6: In which year was National Insurance Company Ltd. nationalized?
a) 1984
b) 1974
c) 1973
d) 1999
Question 7: National Insurance Company Ltd. is a type of?
a) Life Insurance Company
b) General Insurance Company
c) Re-insurance Company
d) All of these
Question 8: The National Insurance Company Ltd.. was a subsidiary of which of the following company?
a) General Insurance Corporation of India (GIC)
b) Life Insurance Corporation of India (LIC)
c) The Oriental Insurance Company
d) United India Insurance Company
Question 9: What is the paid- up capital of National Insurance Company Ltd?
a) Rs 50 crore
b) Rs 100 crore
c) Rs 200 crore
d) Rs 500 crore
Question 10: In which year was National Insurance Company Ltd. incorporated?
a) 1808
b) 1906
c) 1945
d) 1918
SOLUTION
1.A
The term ‘Health Insurance’ relates to a type of insurance that essentially covers your medical expenses. A health insurance policy like other policies is a contract between an insurer and an individual / group in which the insurer agrees to provide specified health insurance cover at a particular “premium” subject to terms and conditions specified in the policy.
- D
Canada-based 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).
- B
In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the financial sector.
- A
An insurance premium is the amount of money that an individual or business must pay for an insurance policy. The insurance premium is considered income by the insurance company once it is earned, and also represents a liability in that the insurer must provide coverage for claims being made against the policy.
- C
The head office of Agriculture Insurance Company of India Limited (AIC) is in New Delhi.
- C
- B
Life insurance company is one which provides insurance for death. General Insurance company is one which deals in all other types of insurance other than death like vehicle insurance, House Insurance etc. It is also called non-life insurance.
- A
- B
- B
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