Insurance Awareness

1.Which Insurance Company started its operation in the year in which India got Independence?
UIICL GIC LIC OICL

2.Who was the actual Pioneer of LIC?
Debendranath Tagore S.K.Roy. Surendranath Tagore A.K.Roy.

3.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

4.The Total Business of 4 Public Sector General Insurance Company in 2013-14
40000cr. 41000cr. 42000cr. 45000cr.

5.NIACL’s pioneer was:
Sir Jamshedji Tata Sir Dorabji Tata Sir Ratan Tata None of these

Insurance services

1.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

2.A missing person is considered to be dead after how many years of missing ?
3 years 5 years 15 years 7 years

3.A insurer advertises through daily news paper . What type of marketing is
cross selling policy selling Solicitation of Policy Insurance selling

4.MWP- If the policy is endorsed under MWP – then the beneficiaries are wife and ?
ex-wife children mother parents

5.How is complaint to be launched with an insurance ombudsman?
Made face to face made in writing through newspaper advertisement orally over the phone

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

Insurance Q&A

1.Which of the following types of companies/ organisations issue ULIP?
Insurance companies Banks NABARD RBI

2.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.

3.Insurance business in India is regulated by which of the following authorities?
NFCG IRDA CII FICCI

4.“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

5.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