Insurance Awareness Quiz

1.Limit of FDI in Insurance sector

47% 50% 49% 51%

2.Largest Life Insurance Company in India is

The New India Assurance Company Limited Life Insurance Corporation of India (LIC) United India Insurance Company Limited National Insurance Company Limited

3.Which was oldest insurance company, found in 1906

LIC National Insurance Company Agriculture Insurance Company of India United India Insurance Comp

4.Life Insurance Corporation was found on

1 April, 1955 6 December, 1960 4 September, 1956 1 September, 1956

5.Headquarter of LIC is situated at

Kolkata Delhi Mumbai Hyderabad

2018 GK Quiz

1.What type of life insurance costs more?

Whole life insurance Term Life insurance Level Insurance Renewable term life

2.Most Americans with a life insurance policy are:

under insured over-insured adequately insured all of the above

3.Having a life insurance policy will benefit:

my spouse me my children all of the above

4.You must take a medical exam to qualify for life insurance:

Always Sometimes Never All of the above

5.How long does a term life insurance policy last?

Until you pass away – guaranteed for your entire lifetime. 

Between 15 and 45 years. For a period of 1, 5, 10, 15, 20, 25 or 30 years. Up to age 100.

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 Interview Questions & Answers

1. How can you contribute to the sales team?

When I first started working in insurance, cold calling was one of the most difficult aspects of the job because engaging people over the phone can be challenging. However, I worked closely with more experienced teammates to learn an effective sales pattern. Specifically, I learned not to lead with a sales pitch but to describe the benefits of insurance as a safety net when disaster strikes.

I also learned to strike up a conversation with potential clients, build rapport and listen to their concerns. That way I could tailor my approach and the package I offered to meet their needs. I have found these tactics to be very effective for making sales and building a loyal customer base, and I look forward to bringing these skills to your team.

2. In your position, you may end up working with potential clients who are skeptical about an insurance policy. What is your method for addressing negative reactions?

Hearing “no” for an answer is inevitable in insurance, and I view such scenarios as opportunities to learn about people’s interests and apprehensions. Above all, I strive to maintain a positive relationship with potential clients. Even if an individual initially is disinterested in buying an insurance policy, I have learned that if I strike up a conversation, I can encourage the person to discuss his or her concerns. Then, I can adjust my offer to make it more appealing. My sales approach means that even if some people choose not to sign up for a particular policy during the first conversation, they will remember their experiences with me in a favorable light and may come to my company in the future.

3. What are your strategies for maintaining a positive, trust-based relationship with customers?

I create and sustain positive relationships with customers by maintaining open lines of communication. If clients have questions or problems, I make a point of following up and providing well-researched answers. I view it as my duty to demonstrate integrity in all of my sales. I seek to answer questions honestly and solve problems rather than offer misleading misinformation. I uphold client trust by maintaining confidentiality. I do not reveal sensitive or personal information to other clients, coworkers, friends or family, and I consider silence to be the better part of discretion.

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

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

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

Insurance Awareness - GK

1.Whenever RBI does not open Market operation Transaction, actually it wishes to regulate which of the following?

Inflation only Liquidity in economy Borrowing powers of the banks Fow of Foreign Direct Investment

2.In economics, it is generally believed that the main objective of a Public Sector Financial Company like Bank is to

Employ more and more people 

Maximize total profits

Maximize total productions 

Provide financial service to the people of the nation of its origin across the country

3.In a Company, the use of price sensitive corporate information by the Company people to make gains or cover losses is known as

insider trading future trading foreign trading stock trading

4.Which of the following cannot be called as a debt Instrument as referred in financial transactions?

Certificate of Deposits Bonds stocks Commercial Papers

5.Which of the following Committees has given its recommendations on “Financial Inclusion"?

Rakesh Mohan Committee Rangarajan Committee sinha Committee None of these

GK Insurance quiz

1.Which of the following is NOT the name of a multinational bank?

BNP Paribas

British Bank of Middle East 

Standard Chartered Bank

Cathay Pacific

2.Which of the following terms is NOT associated with banking operations?

Repo Rate

Prime Lending rate

Equator

Corporate Finance

3.Which of the following schemes was launched to promote exports of agricultural produce and their value added products in India?

Vishesh Krishi and Gram Udyog Yojana 

Financial Inclusion Scheme

Rastriya Krishi Vikash Yojana

None of these

4.As per the instructions given by the RBI, now all banks are required to provide which of the following in all its branches mandatorily?

Note Sorting Machines

Special Counters for senior Citizens

Service sector 

All of these

5.Which of the following terms is NOT used in the field of Banking & Finance?

Overdraft

Base Line

RTGS 

GBC

Banking Awareness Questions

1.Which of the following terms is used in banking and finance?

Abiotic

Demand Deposit

Fat scales

A diabetic

2.Names of which of the following rates/ratios cannot be seen in financial newspapers?

Bank rate

Repo Rate

Cash Reserve Ratio

Pulse Ratio

3.Who amongst the following can take benefit of the Social Security Fund established by the Govt. of India for unorganized workers?

Primary school teacher

Employee of Sugar Factory

Taxtile Mazdoor

Rickshaw Puller

4.Who amongst the following was never a Governor of the RBI ?

Bimal Jalan

Y.V. Reddy 

Arup Roy Choudhary 

D. Subbarao

5.Which of the following in NOT the name of a bank having branches in India?

State Bank of India

Naively Lignite Corporation

Barclays

HSBC

Banking and Insurance Quiz

1.Currency Chest Slip is serially numbered at the beginning of each year from

January to December 

March to April 

April to march

July to June

2.Difference between buying and selling rates of a currency is known as

Forward Rate 

Bid-ask Rate 

Spot Rate 

None of these

3.EEFC account can be opened in the form of

Current Account, SB Account and TDR 

Current Account and SB Account 

Current Account only 

None of the above

4.Government securities are issued for a maximum period of

10 years 

15 years 

25 years 

30 years

5.The Securities and Exchange Board of India (SEBI), a statutory autonomous body, aims to

promote a fair and healthy securities market 

protect investor's rights 

prevent malpractices in a mobilisation of resources through capital 

all of the above

Banking and Economy

1.Which of the following organisations/ agencies controls the monetary policy of our country?

SEBI

Planning Commission 

RBI 

Union Ministry of Finance

2.Negative lien is

a right of the bank to take possession of all the assets hypothecated to the bank in the case of default by the borrower a special type of lien on the shares of public limited companies 

a declaration of the borrower to the effect that his assets are free from encumbrance and that he shall not encumber or dispose them of without bank's permission

None of the above

3.What is securitisation?

A process which converts conventional credit into tradable Treasure Assets 

Credit receivable of the Bank can be converted into Bonds, i.e. pass through certificates 

These certificate can be traded in the market 

All of the above

4.Busy Season Credit Policy refers to the period

February - August 

June - December 

March - September 

October -March

5.Consumer Protection Act, 1986 does not cover

failure to open accounts 

failure to issue drafts

sanction of loans

ATMs

Banking Awareness Questions

1.Cash Reserve Ratio (CRR) is maintained in the form of

Investment in Money Market 

Government Securities

Balance with RBI 

All of the above

2.Computer system failure is classified in the risk category of

Credit Risk

Operational Risk

Technology Risk 

Security Risk

3.Credit facility sanctioned for purchasing, processing and packing of goods meant for export is known as

packing credit 

bridge finance 

forfaiting 

None of these

4.How is Base Rate calculated?

a host of factors, like cost of deposits, administrative costs, profitability of a bank in the previous financial year are taken into account 

certain parameters with stipulated weights are considered while calculating a lender's Base Rate 

cost of deposit has the highest weight in calculating Base Rate All of the above

5.A commercial bank is prohibited from issuing a bank draft payable to bearer by the provisions contained in

The Negotiable Instruments Act, 1881 

The Reserve Bank of India Act, 1934 

The Companies Act, 1956 

The Banking Regulation Act, 1979

GK Insurance quiz

1.What do we mean by Green Shoe Option?

It is the shoe which is green in colour 

It is type of carbon credit rights that the nation has to purchase to get the right to emit carbon 

It gives the underwriter the right to sell investors more shares than originally planned 

The global warming of the earth

2."Micro Credits" are loans

granted to distressed persons (other than farmers) to pre-pay their debt to non- institutional lenders against appropriate collateral provided by banks 

not exceeding Rs.50,000 per borrower provided by banks 

both A and B

none of the above

3.Who was the Finance Minister when 14 Banks were nationalised on 19th July, 1969?

Mrs. Indira Gandhi 
Morarji Desai 
C. Subramaniam 
Pranab Mukherjee

4.Counter guarantee means a guarantee obtained by

banks from customers on whose behalf the banks have to issue guarantees in favour of third parties, such as Government department, Public bodies, Corporations etc, 
banks from ECGC covering export risk
banks from the beneficiary of the guarantee in whose favour the guarantee is to be issued 
All of the above

5.By "Technical NPA", it means

a loan account becoming NPA for non-renewal 
a loan account becoming NPA for not obtaining stock statements 
non-recording the due after re-phasing/restructuring of a loan account
All of the above

Banking Awareness

1.When was the Imperial Bank of India nationalized?

1948 1950 1955 1969

2.Most banks are offering teaser rates on home loans. What does it mean?

The rates keep fluctuating during the period of loan with high uncertainty 

The initial rate is offered at a rate lower than the prevailing market rate for a few months and then gradually keeps increasing

The initial rate is higher than the current market rate with offer of lower rates at a later date

Home loan borrowers of shorter duration are given preferential rate

3.There are many security features which are regularly being explained and stressed to check against forged currency notes. One of them is Intaglio printing. What is it?

It is specialized printing of Rs.1,000 and Rs. 500 denomination currency notes. It is raised printing on the currency notes of RBI seal, Ashoka Pillar emblem etc. It is printing on special printing press of RBI It is printing through special inks of the security features on curency etc.

4.What is 'NIKKEI'?

Share Price Index of Tokyo share market 

Name of Japanese Central Bank

Japanese name of the country's Planing Commission 

Foreign Exchange market of Japan

5.NABARD was established on the recommendation of

Public Accounts Committee

Shivaraman Committee

Narasimham Committee 

Khandelwal Committee

Current Economics Quiz

1."Token money" means

coins where the value of metal in them is equal to the value attached to them by law 

coins where the value of metal in them is less then the value attached to them by law 

coins where the value of metal in them is more than the value of metal attached to them by law 

money represented by the tokens of specified values issued by the Reserve Bank of India

2."Bulls and Bears" term is used in

bullion markets vegetable markets stock exchange commodity markets

3.The definition of the priority sector was first formalised in 1972 by

Planning Commission National Development Council Reserve Bank of India Ministry of Finance, Government of India

4.Liquidity ratio is fixed by the Reserve Bank of India under the powers conferred on it by

Reserve Bank of India Act, 1934 Companies Act, 1956 Banking Regulation Act, 1949 Special Powers given by the Union Ministry of Finance

5.Dalal Street is in

Kolkata - famous for jute market Mumbai - famous for stock exchange market Delhi -famous for Kabari (Waste goods) market Bangalore - famous for race course