INSURANCE AWARENESS QUESTIONS & ANSWERS

1.Oldest (1818) life insurance company is:

Postal Life Insurance Company Max Life Insurance Company Oriental Life Insurance Company Bharat Life Insurance Company

2.Insurance is listed in the constitution of India in ______scheduled as Union List subject:

Eighth Ninth Seventh Tenth

3.Insurance is legislated by:

Insurance Company State Government Central Government Government of India

4.Chairman of Life Insurance Corporation of India is:

Arundhati Bhattacharya U K Sinha S K Roy Vimal Khanna

5.Which of the following is not the principal of insurance:

Utmost Good Faith Principle of Contribution Maximization of Profit Causa Proxima

INSURANCE AWARENESS QUESTIONS & ANSWERS

1."Refund Banker Scheme" has been launched by

IBA RBI SEBI Income Tax Department

2.Bank can issue a duplicate of a lost demand draft at the request of the

Payee holder Purchaser Either A or C

3.A cheque can be paid in cash even after business hours when it is presented by

a person known to bank officials 

any person

the drawer

the payee

4.The amount of advance which may be granted against the security of a life insurance policy depends on

the amount of the insurance policy

the surrender value of the policy 

the paid-up value of the policy 

the total amount of premiums paid

5.Consent of RBI is necessary before transferring funds from one chest to another because

RBI is the owner of the Chest

RBI arranges transit insurance 

Police protection is arranged 

Details to be kept a secret

GK and Banking Awareness

1.The main watchdog of international trade is

IMF World Bank GATT IFC

2.Which one of the following has largest network, accounts and annual deposits?

IDBI ICICI Post office saving bank IOB

3.The Interest Rate Policy is a component of

Fiscal Policy Monetary Policy Trade Policy Direct Control

4.Credit Guarantee Fund Trust for Small Industries has been set up on the recommendations of

Narasimham Committee Ghosh Committee Chore Committee Kapoor Committee

5.In respect of composite term, loans granted to village industries, refinance are obtained from

NABARD SIDBI IDBI RBI

Insurance Questions

1.Records, as per Banking Regulation Act, 1949 means

Vouchers Account Opening Forms Ledgers / Registers All of these

2.The Indicative Time Norm for issuing of demand draft has been stipulated at

5 minutes 10 mintues 15 mintues 20 mintues

3.In which year, the Tiwari Committee recommanded for establishment of Special Tribunals for Banks dues recovery?

1981 1987 1991 1995

4.As per the guidelines issued by the SEBI, the permanent Account Number (PAN) is a must for which of the following?

Demat Accounts All Savings Bank Accounts All Housing Loan Accounts All Current Accounts

5.The first Indian RRB that is sponsored by the Union Bank that has achieved core banking solution is

Kheladi Grameen Bank Riddhi Siddhi Grameen Bank Rewa Siddhi Grameen Bank The Rewa-Dahej Bank

Banking and Economy

1.As we know the RBI is the apex Bank of India, similarly the apex Bank of USA is called

Federal Reserve The Central Bank of USA Bank of America All of the above

2.The regulator of Micro Finance in India is

Finance Ministry Reserve Bank of India State Bank of India None of these

3.Banker's right of set off can be immediately exercised in case of

Insolvency of the borrower Lunacy of the borrower Death of the borrower All of these

4.Banks do not purchase/discount

Accommodation Bills Documentary Bills Usance Bills Clean Bills

5.The biggest international financial center in the world is

Frankfurt Geneva London New York

INSURANCE AWARENESS QUESTIONS & ANSWERS

1.In Bullion Market

Gold is purchased and sold

Books are purchased and sold

Animals are purchased and sold 

None of these

2.Non-Banking assets include

Property seized by the bank

Auction sale of the customer's property

Band Building 

Both A and B

3.Micro credit started from

USA India Bangladesh Japan

4.The Bank of Calcutta, Bank of Bombay and Bank of Madras were merged in 1921 to form

Imperial Bank of India

Reserve Bank of India

Bank of India

Union Bank of India

5.Production and consumption takes place at about the same time. This is a characteristic of

Manufacturing sector

Agriculture sector 

Service sector

All of the above

GK and Banking Awareness

1.The RBI has given its permission for cash withdrawal at "POS terminals." What is the full form of "POS"?

Permitted on Sale Potential of Service Point of Sale Permission of Sale

2."The Doing Business Report" is prepared by which of the following organization every year?

Asian Development Bank World Bank International Monetary Fund World Trade Organisation

3."Yen" is the currency of

China south Korea North Korea None of these

4.A new Foreign Bank Sarasin & Co. has launched its operations in India recently.This is a bank based in:

USA Switzerland France None of these

5.The Head of the Reserve Bank of India is designated as the

Chief Executive Officer Managing Director Chief Banking Officer None of these

INSURANCE AWARENESS QUESTIONS & ANSWERS

1.SGL Account is

Subsidiary General Ledger

It is maintained by public Debt Office of RBI 

Banks maintain exclusively GOvernment Securities Accounts All of the above

2.Know Your Customer (KYC) guidelines are as per the provisions of

Section 35 of Negotiable Instruments Act, 1881 

Section 35A of Banking Regulation Act, 1949

Section 35A of RBI Act, 1934 

IBA guidelines

3.Maximum period for which a commercial paper can be issued is

3 months

6 months

1 year 

2 years

4.Out of the "non-customer facing activities" given below, which of the following has been moved out of the branch to the maximum extent?

Issue of demand drafts 

Processing of loans 

Clearing of cheques 

Opening of Savings Accordingly, the three

5.What does "Round Tripping" in Foreign Direct Investment (FDI) relate to?

Using FDI funds inside the country

Using FDI funds outside the country 

Domestic funds used outside the country 

None of the above

Insurance GK Questions

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 correctly describes what the ‘Bancassurance’ is

It is an arrangement whereby the branches of a bank sell / distribute insurance products of an insurance company. 

It is a new product developed/ launched by the banks in which the risks of the high value customers are covered for any losses to their property and/or lives through an insurance cover. 

It is a new product launched by some banks by which they are providing insurance cover to exporters/ importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major currencies. 

None of these

3. 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.

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 

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

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

Jeevan Abhaya 

Life Mahalife Gold Plan 

Child Career Plan 

Jeevan Saral

Banking Awareness

1.Which Insurance policy gives holder the benefits of both Insurance and Investment?
Term Insurance Policies Money-back Policies Unit-linked Investment Policies Pension Policies

2.Which among the following is the correct full form of ESIC?
Employee’s State Insurance Corporation Employer’s State Insurance Corporation External State Insurance Corporation Exact State Insurance Corporation

3.Under ESIC, Employer contribution rate and Employee contribution rate respectively is
4.75% & 1.75% 1.75 % & 4.75% 12% & 12% none

4.The process of identifying and classifying the degree of risk represented by a proposed insured. As per insurance sector, what does the term stands for?
Underwriting Collateralized Mortgage Obligation Actuary Annuity

5.A person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate. In terms of insurance, what does a person stands for?
Merchant Banker Forex dealers Underwriter Registrars

Insurance GK

1.Insurance company transfers the insurance which cannot bear by them to which of the following ?
TPAs Bancassurance Reinsurance Actuaries

2.Which of the following is customer of a Reinsurer?
Insurance Companies High Networth Individual Licenced Insurance Agents NGOs

3.The Non Government organizations(NGO) helps the insurance industry mainly in
Linking third party administrators Promotional activities Drafting new regulations Linking buyers and sellers

4.Investment by foreign direct investors in to Insurance companies is restricted to what percent?
22% 24% 30% 26%

5.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

INSURANCE AWARENESS QUESTIONS & ANSWERS

1.Which of the following insurance plan is not launched by LIC?
Jeevan Abhaya Life Mahalife Gold Plan Child Career Plan Jeevan Saral

2.Which of the following terms is Not used in the world of finance, banking and insurance?
Devaluation Amnesty Hard currency Sinking fund

3.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 One Girl Child only Three only

4.Which of the following schemes launched in the year 2000 by the LIC replaced social Securitty 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

5.Which of the following Scheme was launched by the LIC to provide life insurance protection, perodical 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