Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions and answers will guide you in all insurance exams like LIC (AAO/ADO), NIACL assistant and AO, UIIC, IRDA and other Bank PO exams and all competitive exams. So attempt these multiple choice questions now based on the exam pattern syllabus.
- LIC’s Executive Board consists of how many Managing Directors?
- CAGR is a measure to determine the rate of increase or decrease of investment over multiple time period in a business. What does it stands for?
A) Compound Annual Growth Rate
B) Cost Accounting Growth Ratio
C) Credit Analysis Gross Return
D) Calculative Annual Gross Rate
- The IRDAI (Re-insurance) Regulations, 2018 (“Regulations”), which came into force on January 1, 2019, repeal which of the following regulations?
A) IRDAI (General Insurance – Reinsurance) Regulations, 2016
B) IRDAI (Life Insurance – Reinsurance) Regulations, 2013
C) Both A & B
D) None of the above
- Which among the following is the First Private Sector Reinsurance Company in India to be wholly promoted by Indian Entrepreneurs?
A) Munich Re
B) ITI Re
C) Gen Re
D) SCOR SE
- Which of the given insurance covers are compulsory by law in India?
A) Motor Vehicle Insurance
B) DICGC Insurance
C) Employees’ State Insurance
D) All of the above
- The banks can withdraw from DICGC coverage after a period of__________
A) One year
B) Two years
C) Five years
D) Cannot Withdraw
- The Insurance Act 1938 restricts the insurers to reject a claim in life insurance policy on any ground, including frauds or misrepresentation, after a period of ____________
A) Five years
B) Three years
C) Two years
D) Six years
- Which Section of the Insurance Act 1938, allows the life insurers to call a policy into question, within the initial 3 years, on the ground of misrepresentation or fraud?
A) Section 27
B) Section 32
C) Section 45
D) Section 12
- What is the duration of time provided by RBI to LIC to reduce its stake in IDBI Bank by 10 percent?
A) 12 years
B) 10 years
C) 5 years
D) 8 years
- Under the Prime Minister’s Crop Insurance Scheme, farmers will have to pay a uniform premium of _______ percent for Kharif crops?