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

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

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

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

General Insurance Quiz

1.Which is a fixed amount for a covered service in health sector ?

.Coinsurance Deductible Copay Health Insurance

2.A deductible is usually mentioned in

Rupee Dollar Euro Any currency

3.The amount of risk retained by an insurance company that is not re-insured is called

Retention Uninsurable risk Reinsure Insurable risk

4.The Coinsurance is specified by

All of the below Equity Ratio Percentage

5.In BCAR, C related with __________

Capital Currency Customer Claim

GK Insurance quiz

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?

Underwriter Merchant Banker Forex dealers Registrars

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

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

Insurance GK Questions

1.Which of the following services are not provided by a Bank?

Issuing Bank Drafts 

Deposting Money 

Sale of post cards and postal stamps 

Lockers for valueable items/ documents

2.The loan given by a bank to a person to purchase house is called

Project

Business Loan

Credit Loan 

Top up Loan

3.Which of the following is an example of cashless purchase?

ATM withdrawal 

Credit Card 

Debit Card 

All of these

4.Which of the following programmes has the Govt. of India launched to develop comprehensive rural infrastructure in the country?

Bharat Nirman 

Indira Aawas Yojana 

Watershed Development Programme

None of these

5.The name of which of the following great leaders is now associated with National Rural Employment Guarantee Scheme?

Indira Gandhi 

Mahatma Gandhi 

Jawaharlal Nehru 

None of these

Insurance GK Questions

1.What does Collateral Security mean?

Securities in the form of goods pledged for Cash Credits 

Securities given to banks for loans against approved securities 

Securities in the form of shares blue chip companies

Security given to banks over and above the primary security

2.When trading takes place among members of a stock Exchange as create false volumes and rigging the prices of shares, it is known as

Spot Trading

Future Trading

Circular Trading

Insider Trading

3.When two parties make an arrangement to exchange future cash flows, it is called

Options

Arbitrage

Swap

Futures

4.Exporters in India get insurance cover and risk cover from which of the following organizations?

SIDBI

NABARD

ECGC 

RBI

5.The govt. of India does not provide and direct financial assistance to which of the following schemes?

Mahatma Gandhi National Rural Employment Guarantee scheme.

Rural Health mission 

India Aawas Yojana

Jeevan sathi Yojana

Insurance GK Questions

1.The creation of over the counter exchange of India (OTC) would help the introduction of a multi-tiered

Exports 

Securities

Small Scale Industries

Housing

2.Truncation of cheque means

The cheque in the paper form will be retained by the collecting banker and he will submit only a computerised statement to the Clearing House

Entire clearing operations would be done only through computers

Cheque will be scanned and the electronic image, instead of physical cheque, will be transmitted in the clearing cycle

Debiting the drawer's account through internet banking

3.What is a convertible Bond?

It is a mix of Debt and Equity

Bond holder has an option to convert debt into equity on a fixed date

The conversion price is predetermined 

All of the above

4.What are External commercial Borrowings?

Indian companies can borrow on global market through Bank loan or issue of debt paper 

The debt can be repaid by reconversion of rupee funds into foreign currency 

A and B both 

None of the above

5.What is Gilts?

Securities issued by government or Treasuries 

They do not have any credit Risk 

A and B both

None of the above

Financial Awareness Quiz

1.When the common people of a nation start getting very high salary or wages , the consumption of the goods likeeatables and white goods, also start increasing .This situation brings which of the following types of inflation in the economy?

1. Cost-push inflation

2. Demand pulls inflation

3. Low inflation

Only 1 & 3 Only 2 Only 3 All of these

2.Which of the following decisions taken by the RBI will promote the concept of financial inclusion in the country?

To appoint some additional entities as business correspondents 

To collect reasonable service charges from the customer in a transparent manner for providing the services

To ask the banks to open at least 50 new accounts daily in non-serviced areas 

Only A & B'

3.Bank Rate means the rate of interest

Charged by commercial banks from borrowers

At which commercial banks discounted bills of their borrowers 

Allowed by commercial banks on their deposits 

At which RBI purchases or rediscounts bills of exchange of commercial banks

4.Agricultural Term Loan is repaid out of

cash accrual 

sale proceeds of crop 

net incremental income 

annual savings of the farmer

5.Which of the following is/are true about the “sub-Prime crisis"? 

1. It is a Mortgage Crisis referring to credit default by the borrowers

2. Sub-Prime Borrowers were those borrowers who were rated low and were high-risk borrowers

3. This crisis originated of negligence in credit rating of the borrowers

Only 1 Only 2 Only 3 All of these

Banking and Insurance Quiz

1.A Banking Ombudsman will not entertain credit card limits which are older than ?

6 months 9 months 12 months 3 months

2.India Insurance vision 2025 was released by ?

LIC IRDA Finance commission SEBI

3.Which of the following rates are not fixed by RBI ?

PLR SLR CRR Repo Rate

4.Which Insurance company crossed Rs.1 Trillion AUM ?

HDFC LIC NIC ICICI Prudential Life Insurance

5.Which of the following is the selective Control Method ?

Open Market Operations CRR RBI Directives Bank rate

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

Insurance GK Questions

1.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

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

Kolkata Mumbai Chennai New Delhi

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

5 8 10 15

4.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)

5.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