Insurance Awareness Quiz – Set 1 

Insurance Awareness Quiz: We have created quiz on Insurance Awareness  which are most important for insurance exams. These questions will guide you in all insurance exams like LIC (AAO/ADO), NIACL, UIIC, IRDA and other exams. So  attempt them now.

1. The life insurance business in India was first started in which year?
   A) 1827
   B) 1845
   C) 1818
   D) 1832
   
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   Option C
   
2. Name the first life insurance company to function in India
   A) United India Insurance Company 
   B) Bombay Mutual Life Assurance Society 
   C) Agriculture Insurance Company of India 
   D) Oriental Life Insurance Company 
   
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   Option D
   Explanation: It was started in Calcutta for Europeans communities
3. Which among the following is the first Indian life insurance company to begin operations in India?
   A) Bombay Mutual Life Assurance Society
   B) Empire of India Life Assurance Company
   C) Albert Life Assurance
   D) Royal Insurance
   
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   Option A
   Explanation: Bombay Mutual Life Assurance Society
4. The Life Insurance Companies Act was passed in which year?
   A) 1919
   B) 1912
   C) 1900
   D) 1902
   
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   Option B
   
5. Which among the following is the oldest existing insurance company in India?
   A) National Insurance Company
   B) Life Insurance Corporation of India
   C) New India Assurance Company
   D) United India Insurance Company
   
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   Option A
   Explanation: The oldest existing insurance company in India is the National Insurance Company, which was founded in 1906, and is still in business.
6. The Life Insurance Corporation of India (LIC) came into existence in which year?
   A) 1962
   B) 1949
   C) 1956
   D) 1947
   
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   Option C
   Explanation: Founded on 1 September 1956
7. Name the first General Insurance Company in India?
   A) ECGC Ltd
   B) United India Insurance Company Limited
   C) Indian Mercantile Insurance Ltd
   D) Triton Insurance Company Ltd
   
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   Option D
   Explanation: It was set up in the year 1850 in Calcutta by the British
8. The Insurance Act to govern both life insurance and non-life insurance was passed in which year?
   A) 1929
   B) 1938
   C) 1949
   D) 1934
   
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   Option B
   Explanation: The Insurance Act, 1938 was the first legislation governing both life insurance and non-life insurance
9. The Life Insurance Business in India was nationalized in which year?
   A) 1956
   B) 1949
   C) 1938
   D) 1962
   
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   Option A
   Explanation: 19^th January 1956. All 245 insurance companies operating then in the country were merged into one entity, the Life Insurance Corporation of India.
10. The General Insurance Business in India was nationalized in which year?
    A) 1951
    B) 1962
    C) 1973
    D) 1949
    
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    Option C
    Explanation: 1 January 1973