General Insurance Quiz

1.Ohio casualty is doing regular business in indiana. within the state of indiana, ohio casualty would be considered a

Domestic company Nonadmitted company Alien company Foreign company

2.Ohio casualty is doing regular business in indiana. within the state of indiana, ohio casualty would be considered

Admitted Domestic Unauthorized Risk retention group

3.A company chartered in guam and puerto rico doing regular business in new york would be considered by new yorkers to be a

Domestic Foreign Alien International

4.With regard to insurance, the term consideration means

The premium and the statements on the application 

The insurer's method of evaluating the applicant for coverage The screening process all agents undergo prior to licensing

The sidebyside policy comparison by the applicant

5.Which of the following terms indicates that an insurance contract contains the legally enforcable promises of only one party?

Adhesion Unilateral Conditional Aleatory

Benefit of the policyholders

1.Risk is best defined as

Chance of loss Certainty of loss Financial loss Sentimental loss

2.Being subject to a loss is

Liability Indemnity Exposure Subrogation

3.The ranking insured in a personal lines contract is the

Named insured First named insured Mortgagee Husband

4.To be paid a claim under a p&c contract, insurable interest must exist

At the time of application On the policy date At the time of loss At the time of claim settlement

5.This type of company is run for the benefit of the policyholders

Stock Mutual Foreign Alien

Insurance contracts Quiz

1.What is the term used to describe terminating the insurance relationship at the end of the policy period?

Cancellation Non renewal Seperation Exclusive

2.Which is the best example of an indirect loss?

Sequential Loss Liability Loss Employee Theft Loss of Use

3.Which is a two party contract?

Property Casualty Liability Auto

4.Insurance contracts offset

speculative risk pure risk gambling created risk

5.Which of the following is a third party contract?

Property Casualty Earthquake Theft

Insurance Reforms Committee,Insurance laws (Amendment) Act 2015

1.In 1993 Insurance Reforms Committee was set up under chairmanship of ?

Narasimhan Bimal Jalan R N Malhotra S Prabhakaran

2.Before delinking there are GIC has how many subsidiaries ?

4 3 1 None

3.Government nationalised Private Sector companies in which year ?

1973 1971 1989 1993

4.Insurance laws (Amendment) Act 2015 increased permissible limit of foreign direct investment from 26 percent to ____ Percent ?

35% 40% 45% 49%

10.In Which of the following year LIC was set up ?

1964 1959 1956 1971

Agriculture Insurance Company

1.Insurance Repository services launched in India in September 2013. this service enable policy holders to keep their policies in electronic format.these services were launched by which of the following ?

Life Insurance Corporation of india IRDA SEBI(Securities Exchange board of india) RBI

2.IRDA(Insurance Regulatory Development authority) was set up in which year ?

1998 1999 1995 2000

3.Number of Full time members in IRDA ?

5 3 2 None of the above

4.Re insurance Company GIC Re is owned by which of the following ?

Government of India Reserve Bank of India LIC of India None of the above

5.Agriculture Insurance Company of India was set up in 2002. which of the following has highest share holding in this Company ?

NABARD General Insurance Corporation of India Life insurance Corporation of india None of the above

Oriental Life Insurance Company,General Insurance company,Geneva Association

1.The first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was:

Amicable Society for a Perpetual Assurance Office

Society for Equitable Assurances on Lives.

Lloyd's Coffee House

None of these

2.Who was the founder of Oriental Life Insurance Company(1818-1834):

Anita Kochar Anita Bhavsar . Anita Kapur. None

3.IRDA was renamed on:

29th Dec 2014 31st Dec 2014 26th Dec 2014 30th Dec 2014

4.Oldest operating General Insurance company in India:

NICL NIACL LIC OICL

5.The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector,Who was the Secretary General of Geneva Association during 2012-2014:

Prof. Orio Giarini, Mr Patrick M. Liedtke Mr John H. Fitzpatrick Dr Garen.D.Patrick

Indian Development bank , Insurance Repository system, Principle of Insurance

1.Which is NOT an Indian Development bank:

Which is NOT an Indian Development bank: EXIM BANK IBRD none of these

2.Which of these is NOT a Principle of Insurance:

Principle of Insurable Interest Principle of Indemnity Principle of Last Resource None of these

3.According to 1956 Index,LIC absorbed how many Non-Indian Insurers:

15 16 75 76

4.Which is a part of Indian Insurance Repository

Muthoot group IIFL NSDL None

5.The establishment of Insurance Repository system in India was mainly directed by

Man Mohan Singh Arun Jaitley P.Chidambaram S.Subhramaniam

Hindusthan Insurance Society,gibna,NICL

1.NICL's Director is:

AVG KUmar SK Roy A.K.Saxena K.P.Brahma

2.Which company celebrated its platinum Jubliee in 2012

UIICL NICL GIC LIC

3.Hindusthan Insurance Society was founded by

Rabindranath Tagore. Surrendranath Tagore Debendranath Tagore Sharmila Tagore

4.LIC started its journey in 1956.Which of the Financial Institution also started its journey in the same year

International Financial Corporation(IFC) Organization for Economic Cooperation & Development(OECD) World Trade Organization.(WTO) None

5.GIBNA was passed in the year

1971 1972 1973 1974

International Association of Insurance Supervisors,National Insurance Academy, GIMAR

1.Where is the HQ of International Association of Insurance Supervisors?

New York. London Hyderabad Basel

2.What does GIMAR stands for?

General Insurance Market Report Global Insurance Market Report Growing Insurance Market Report None

3.National Insurance Academy is situated in:

Delhi. Pune. Salem Telengana

4.IRDA's previous Headquater was in:

Delhi Mumbai Chennai Kolkata

5.The Chairman of General Insurers' (Public Sector) Association of India?

G.Srinivasan T.Vijayan M.Kharrat None

Institution of Insurance Ombudsman,Prime Minister Jan Dhan Yojona(PMJDY)

1.IRDA’s HQ was shifted to Hyderabad (Now Telengana) in the year:

1999 2000 2001 None of these

2.The Institution of Insurance Ombudsman was created in accordance of Government of India’s notification dated:

11th Nov 1998 11th Nov 1999 12th Sept 1947 12th Sept 1973

3.IIS is related to Insurance,What is IIS?

International Insurance Support International Insurance Service International Insurance Summit International Insurance Society

4.The Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantial role or which influence the insurance sector,Who was the Secretary General of Geneva Association during 2012-2014:

Prof. Orio Giarini, Mr Patrick M. Liedtke Mr John H. Fitzpatrick Dr Garen.D.Patrick

5.Which of these is related to Prime Minister Jan Dhan Yojona(PMJDY):

HDFC LIFE IFFCO Tokiyo HDFC Ergo. Tata AIG