Insurance Awareness Quiz | 7th December 2018

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

Question 1: In Insurance market ,………..is exchange for future benefits

(A) S I            

(B) policy      

(C) premium 

(D) money

(E) None of these

Question 2: What is it known as when lapsed policy is made active again

(A) policy activation             

(B) revival                             

(C) survival                           

(D) renewal

(E) None

Question 3: Premium loaded with expenses is called

(A) gross premium               

(B) office premium               

(C) direct premium              

(D) none

(E) both a & b

Question 4: Pension policies contract provide benefits of

(A) pre and post retirement          

(B) post retirement                         

(C) Pre retirement                          

(D) SI

(E) None

Question 5: Which of the following is not a role of an actuary

(A) Claim settlement

(B) Pricing

(C) Product design

(D) Financial Management

(E) All of above

Question 6: Which of the following is not a state-owned non-life insurance companies in India?
(A) Oriental Insurance Company Limited
(B) National Insurance Company Limited
(C) New India Assurance Company Limited
(D) IndiaFirst Life Insurance Company Limited

(E) None

Question 7: Where is the catchline of National Insurance Company Limited (NICL)?
(A) Total Insurance Solutions

(B) Trusted Since 1906
(C) Now be double sure
(D) Your Partner for Prosperity

(E) None

Question 8: IndiaFirst Life Insurance Company, a life insurance company in India is a joint venture between UK’s financial and investment company Legal & General and which two banks?
(A) State Bank of India and Vijaya Bank
(B) Allahabad Bank and Bank of India
(C) Bank of Baroda and Andhra Bank
(D) Indian Overseas Bank and Union bank of India

(E) None

Question 9: Where is the headquarters of Reliance Nippon Life Insurance Co. Ltd. located?
(A) Mumbai

(B) Jaipur
(C) Pune
(D) Bengaluru

(E) None

Question 10: Where is the headquarters of Aviva Life Insurance Company India Limited located?
(A) Mumbai
(B) Agra
(C) Gurgaon
(D) Lucknow

(E) None

SOLUTION

  1. C
  2. B
  3. B

Net or pure premium is called office premium

  1. B
  2. A
  3. D

There are 5 state-owned non-life insurance companies in India: Oriental Insurance Company, National Insurance Company, New India Assurance, United India Insurance and national reinsurer General Insurance Corporation of India, or GIC Re 

  1. B

National Insurance Company Limited (NICL) is a state owned general insurance company in India. Its catchline is “Trusted Since 1906” in italic. The company headquartered at Kolkata was established in 1906 and nationalised in 1972. 

  1. C

It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%). It was incorporated in November, 2009. It has its headquarters in Mumbai.  

  1. A
  2. C

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