Rest Assured with us, Twins of Wood,Risk Management

1.“Rest Assured with us”This tagline is associated with:

SBI Life Insurance NIACL Kotak Mahindra Life Insurance UIICL

2.“Twins of Wood” is related to Financial system as well as to Insurance market.These are:

RBI & IRDA RBI & IMF World Bank & RBI World Bank & IMF

3.The representative for IMF in Indian Constituency is:

Raghuram Rajan T.S.Vijayan Virman Arvind Arun Jaitley

4.According to 1956 index,LIC absorbed how many Provident Societies:

245 107 154 75

5.Institute of Insurance and Risk Management is situated in:

Jodhpur Mumbai Hyderabad Chennai

Tsunami Jan Bima Yojona ,Agricultural Insurance Company of India

1.According to 1st Januray 1973 reports How many insurer were amalgameted & grouped into four General Insurance companies:

102 107 245 None of these

2.The General manager of NICL is:

Joseph Plappallil. G.Srinivasan. K.P.Brahma A.V.G.Kumar

3.Tsunami Jan Bima Yojona was a special insurance plan associated with:

UIICL LIC GIC NICL

4.NIACL was started in the year:

1938 1947 1973 1919

5.The Chairman of Agricultural Insurance Company of India is:

Mr.Millind Kharat Mr. Joseph Plappallil Mr.G.Srinivasan Mr.K.P.Brahma

India’s Agricultural Insurer,bill delinking ,General insurance subsidaries

1.IIB stands for:

International Insurance Board Intellectual Insurance Board Insurance Information Bureau NONE

2.India’s Agricultural Insurer is:

NABARD GIC KIshan Bima Sanstha AIC

3.RTI facility is not completely applicable in:

ICICI Lombard General Insurance Company Export Credit Guarantee Corporation United India Insurance Company None Of these

4.IRDA has the power to frame the regulations under___of the Insurance Act. 1938.

Section 112A Section 114A Section 114B None of these

5.Parliament passed a bill delinking its 4 General insurance subsidaries in:

June 2007 August 2005 July 2000 July 2002

General Insurance(Public Sector)

1.“Prithvi Agni Jal Akash,Sab ki suraksha humare pas” this tagline is associated with:

NICL OICL DHFL NIACL

2.GIC was incorporated in the year?

1971 1972 1973 1974

3.General Insurance(Public Sector) Association of India’s HQ is situtated in?

Telengana Mumbai Delhi Chennai

4.Which of this recently got RBI’s permission to enter Non Life sector of Insurance?

Karur Vysya Bank Indusind Bank Kotak Mahindra Bank ICICI Bank

5.Aditya Birla group announced their decision to foray into:

Personal accident Insurance Life insurance Marine insurance Health Insurance

Actuary , ECGC

1.What does the term Actuary stands for in Insurance:

A specialist in Insurance claimsettlement A specialist in insurance marketing A specialist in Insurance calculations None of this

2.ECGC is made to provide:

Insurance cover in external trade Insurance cover in internal trade Insurance cover in export trade Insurance cover in import trade.

3.Which is not a part of Life insurance?

Endowment Term Priority Annuity

Pioneer of LIC,Public Sector General Insurance Company

1.Who was the actual Pioneer of LIC?

Debendranath Tagore S.K.Roy. Surendranath Tagore 

A.K.Roy.

2.Who among the following was appointed as member(actuary) in Insurance Regulatory Authority of India (IRDA) recently?

Pournima Gupte Pournima Sarkar Jyotsna Suri None of these

3.The Total Business of 4 Public Sector General Insurance Company in 2013-14 put together was about:

40000cr. 41000cr. 42000cr. 45000cr.

4.NIACL’s pioneer was:

Sir Jamshedji Tata Sir Dorabji Tata Sir Ratan Tata None of these

insurance ombudsman,Insurance Company , MWP

1.A missing person is considered to be dead after how many years of missing ?

3 years 5 years 15 years 7 years

2.A insurer advertises through daily news paper . What type of marketing is

cross selling policy selling Solicitation of Policy Insurance selling

3.MWP- If the policy is endorsed under MWP – then the beneficiaries are wife and ?

ex - wife children mother parents

4.How is complaint to be launched with an insurance ombudsman?

Made face to face made in writing through newspaper advertisement orally over the phone

5.Which Insurance Company started its operation in the year in which India got Independence?

UIICL GIC LIC OICL

Non Government organizations(NGO),Churning,foreign direct investors

1.Which of the following is customer of a Reinsurer?

Insurance Companies High Networth Individual

Licenced Insurance Agents NGOs

2.The Non Government organizations(NGO) helps the insurance industry mainly in

Linking third party administrators Promotional activities Drafting new regulations Linking buyers and sellers

3.Investment by foreign direct investors in to Insurance companies is restricted to what percent?

22% 24% 30% 26%

4.Based on which aspect,Churning is bad ?

Agents earn Lower Commission on churning Policyholders suffer due to surrender charges and benefits Policyholder gets more benefits Insurance companies get good branding

5.What is the maximum Time in which The insurer should settle a claim when all documents are submitted

5 days 20 days 30 days 15 days

Social Security group Insurance Schemes

1.Which of the following terms is Not used in the world of finance, banking and insurance?

Devaluation Amnesty Hard currency Preference share

2.How many maximum children from a family are covered for the benefits under the Shiksha Sahyog Yojana launched by the LIC ?

One only Two only Three only One Girl Child only

3.Which of the following schemes launched in the year 2000 by the LIC replaced social Security group Insurance Schemes (SSIGS) and Rural Group Life Insurance Schemes (RGLIS)?

Janshree Bima Yojana Bhagyashree Child Welfare Bima Yojana Jan Arogya Bima Yojana Raj Rajeshwari Mahila Kalyan Yojana

4.Which of the following Scheme was launched by the LIC to provide life insurance protection, periodical lumpsum survival benefit and pension to the agricultural workers in India ?

Krishi Shramik Samajik Suraksha Yojana Jan Shree Bima Yojana Mahila Kalyan Yojana Sampurna Arogya Bima Policy

5.Insurance company transfers the insurance which cannot bear by them to which of the following ?

TPAs Bancassurance Reinsurance Actuaries

Micro Finance

1.All of the following is true regarding ULIPs EXCEPT:

Unit Holders acn choose between different kind of funds.

Life insurers provide Guarantee for all unit values.

Units may be purchased by payment of single premium or via regular premium payments. 

ULIP policy structure is transparent with regards to insurance expenses components.

2.Insurance business in India is regulated by which of the following authorities?

NFCG IRDA CII FICCI

3.“A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against” is technically known as

Death coverage Life Insurance Savings for future Provident Fund

4.As we know, the Government is paying much attention to “Micro Finance” these days. Which of the following is one of the examples of Micro Finance?

Insurance for life Investment in Mutual Funds Self Help Groups Letter of Credit

5.Which of the following insurance plan is not launched by LIC?

Jeevan Abhaya Life Mahalife Gold Plan Child Career Plan Child Future Plan

NABARD

1.Which of the following Insurance Companies was launched with NABARD as one of its promoter’s with 30% stake in it ?

General Insurance Corporation Ltd. National Insurance Cornpany Ltd. Agriculture Insurance Company Ltd, SBI Life Insurance Company Ltd.

2.Which of the following words/ terms is closely associated with the insurance business

Archives Donation Actuary Quest

3.Which of the following is the best description of what insurance is?

Insurance = Collective bearing of risk 
Insurance = Paying for other’s mistake 
Insurance = Taking from ‘A’ to pay ‘B’ 
Insurance = Paying for something which will never happen

4.In Insurance policies we always find a date which is “Date of Maturity”. What does it mean?

This is the date on which the policy was sold to the customer/person insured. 
This is the date on which the policy holder will have to submit his/her claim seeking the amount of the policy. Otherwise the company will not make any payment to him/her. This is the date on which the contract between the person and insurance company will come to an end. 
The date on which the insurance company makes the final payment to the insured person which is normally fifteen days after the “payment due date”.

5.Which of the following types of companies/ organisations issue ULIP?

Insurance companies Banks NABARD RBI

Insurance Business

1.Which of the following insurance companies writes its punch line in the advertisements “Insurance is the subject matter of solicitation” ?

CIC LIC ING Vysya Life InsuranceCo Tata AIG Life Insurance Co

2.If an organization wishes to venture into Insurance Business it has to obtain a licence first from which of the following ?

Indian Banks Association (IBA) Security and Exchange Board of India (SEBI) Tariff Advisory Committee (TAC) Insurance Regulatory and Development Authority of India (IRDAI)

3.Which of the following was the parent company of New India Assurance ?

LIC GIC Oriental Insurance Co. Ltd. United India Insurance

4.The New India Assurance Company was established in 1919 by

Dorab Tata G. D. Birla Jamunalal BajaJ Kamlapat Singhania

5.Which of the following is largest Non Life Insurance Company in India ?

ICICI Lombard General Insurance Company Ltd. United India Insurance Company Ltd. General Insurance Company Ltd. New India Assurance Company Ltd.

INSURANCE AWARENESS QUESTIONS

1.The central office of the Life Insurance Corporation of India (LIC) is located at

Kolkata New Delhi Chennai Mumbai

2.Which of the following is not the name of an Insurance Scheme launched by the Government of India

Janashree Bima Yojana Krishi Shramik Sarnajik Suraksha Yojana Shiksha Sahyog Yojana Varsha Bima Yojana

3.The Life Insurance Corporation Of India has how many Zonal offices in India ?

5 8 10 15

4.As per the news published in various newspapers, Life Insurance policies may become paperless in the near future. This means

LIC will not insure any person here after as it has already reached its peak 

LIC will not ask for any documents from a person who wishes to purchase an Insurance policy 

All policy related documents and policy certificates will henceforth be available in electronic form and not in their present physical

LIC henceforth will not entertain any claim or complaint in written form or on paper. Things should be in electronic condition.

5.The punch line of the advertisement of which of the following organization is “Jindagi ke sath bhi Jindagi ke bad bhi” ?

New India Assurance 

General Insurance Corporation

ICICI Prudential

Life Insurance Corporation Of India

Insurance Policy

1.A single Insurance company offers both life and non-life policies is known as _________

Service Provider Composite Insurer Mutual Insurance Company None of the Above

2.Peril specifically mentioned as covered in an insurance policy is called __________

Service Provider Named Peril Un-named Peril None of the Above

3.Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident is called __________

No Fault No Pay Default None of the Above

4.________covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.

Internet Liability Insurance Kidnap/Ransom Insurance Inland Marine Insurance Nuclear Insurance

5.Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident is known as ______

Internet Liability Insurance Kidnap/Ransom Insurance Inland Marine Insurance Umbrella Insurance

Retention, Retrospective Rating,Salvage

1.The amount of risk retained by an insurance company that is not reinsured is termed as ______

Retention Retrocession Pure Life Annuity None of the Above

2.A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience is called _________

Retention Retrocession Retrospective Rating None of the Above

3.Insurance companies that band together as self-insurers and form an organization that is chartered and licensed as an insurer in at least one state to handle liability insurance is called_____

Retention Retrocession Retrospective Rating Risk Retention Groups

4.An insurance cover that is linked with credit activities and aims to protect the credit is called ______

claims Retrocession Retrospective Rating credit life

5.Which refers damaged property an insurer takes over to reduce its loss after paying a claim?

Salvage Schedule Retrospective Rating credit life

Reinsurance

1.A state tax on premiums paid by its residents and businesses and collected by insurers is called________

Income Tax Direct Tax Premium Tax Indirect Tax

2.________covers professionals for negligence and errors or omissions that injure their clients.

Nursing Home Insurance Kidnap/Ransom Insurance Inland Marine Insurance Professional Liability Insurance

3.A form of annuity that ends payments when the annuitant dies is termed as ______

Annuity No Pay Pure Life Annuity None of the Above

4.A policy that is made mandatory for the customer to buy is called _______

Annuity Compulsory Cover Pure Life Annuity None of the Above

5.The reinsurance bought by re-insurers to protect their financial stability is termed as ______

Retention Retrocession Pure Life Annuity None of the Above

Replacing Defective Products, life insurance company,National Insurance Academy

1.A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion is called _______

Variable Life Insurance Kidnap/Ransom Insurance Inland Marine Insurance Uninsured Motorist Coverage

2._______ is a policy contract that for some reason specified in the policy becomes free of all legal effect.

Salvage Schedule Retrospective Rating Void

3.Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?

Warranty Insurance Kidnap/Ransom Insurance Inland Marine Insurance Uninsured Motorist Coverage

4.Which of the following is the first life insurance company in India?

United India Insurance Oriental Insurance LIC New India Assurance

5.National Insurance Academy located in ________

Chennai Calcutta Pune Hyderabad

INSURANCE AWARENESS QUESTIONS

1.Insurance companies’ ability to pay the claims of policyholders is termed as

Solvency Schedule Retrospective Rating credit life

2.________ is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents.

Nursing Home Insurance Kidnap/Ransom Insurance Inland Marine Insurance Travel Insurance

3.A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract is known as ______

Salvage Schedule Retrospective Rating Unbundled Contracts

4.Risks for which it is difficult for someone to get insurance is called ______

Partial Risk Uninsurable Risk Covariant Risk Pure Risk

5.Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers is known as _______

Nursing Home Insurance Kidnap/Ransom Insurance Inland Marine Insurance Uninsured Motorist Coverage

Insurance Awareness - GK

1._________is a sum of money paid by an employer to an employee for services rendered in the company

Pension Gratuity Salary Premium

2.What is lapse in insurance ?

Termination of an insurance policy due to the insured’s failure to pay the premium. It is a policy that does not pay benefits to the beneficiary if the cause of death is an accident Both 1 and 2 It is a policy that pays benefits to the beneficiary if the cause of death is an accident

3.Mortality Charge is the amount charged _____________ by the insurer

Every month Every year Every day Every 6 months

4.__________________ is an insurance product typically sold or issued by life insurance companies.

Life term policy Life Insurance Life Annuity Term Insurance

5.What is TPA ?

Third Party Administrators Third Power Administrators The Party Accelerators The Power Administrators