Insurance Awareness Quiz for LIC AAO- Set 12

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.

1. What is the shareholding of National Agricultural and Rural Development Bank (NABARD) in Agriculture Insurance Company of India Limited (AIC)?
   A) 30%
   B) 35%
   C) 40%
   D) 45%
   
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   Option A
   Explanation: Indian General Insurance Corporation – 35 % ; National Agricultural and Rural Development Bank (NABARD) – 30 % ; National Insurance Company Limited – 8.75 %  ;The New India Assurance Company Limited – 8.75 % ;The Oriental Insurance Company Limited – 8.75 % ;United India Insurance Company Limited – 8.75 %  
2. The insurance is listed in which schedule to the Constitution of India?
   A) 3rd
   B) 14th
   C) 9th
   D) 7th
   
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   Option D
   Explanation: Insurance is a subject listed in the concurrent list in the Seventh Schedule to the Constitution of India where both center and states can legislate.
3. Since which year, IRDA started licensing private sector companies to conduct general insurance business in India?
   A) 1999
   B) 2001
   C) 2004
   D) 1992
   
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   Option B
   Explanation: In 2001, Private Sector Companies were also licensed by IRDA to conduct general insurance business in India.
4. Name the committee that recommended the entry of the private sector in the insurance business and also foreign companies be allowed entry by forming joint venture with Indian companies
   A) Malhotra Committee
   B) Gupte Committee
   C) Amphora Committee
   D) Banarji Committee
   
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   Option C
   
5. The Actuaries Act was passed in which year to regulate and develop the profession of Actuaries?
   A) 2006
   B) 1999
   C) 2000
   D) 1995
   
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   Option A
   
6. The first ever life insurance industry in India was set up in which city?
   A) Bombay
   B) Delhi
   C) Madras
   D) Calcutta
   
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   Option D
   
7. Which among the following was the first life insurance company in India to cater to the needs of Indians?
   A) Indian Mercantile Insurance Company Ltd
   B) Madras Equitable Life Insurance Society
   C) Bombay Mutual Life Assurance Society
   D) Oriental Life Insurance Company
   
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   Option C
   
8. The insurance law in India has its origin from which country?
   A) France
   B) United Kingdom
   C) United States
   D) Russia
   
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   Option B
   Explanation: Insurance law in India had its origins in the United Kingdom with the establishment of a British firm, the Oriental Life Insurance Company in 1818 in Calcutta
9. The first general insurance company was set up in which city of India?
   A) Delhi
   B) Madras
   C) Bombay
   D) Calcutta
   
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   Option D
   Explanation: The first general insurance company Triton Insurance Company Ltd. was promoted in 1850 by British nationals in Calcutta.
10. Which among the given is the first general insurance company in India to be set up by an Indian?
    A) Oriental Insurance Company Ltd
    B) Liberty General Insurance Company Ltd
    C) Indian Mercantile Insurance Company Ltd
    D) Star Health and Allied Insurance Company Ltd
    
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    Option C
    Explanation: The first general insurance company established by an Indian was Indian Mercantile Insurance Company Ltd. in Bombay in 1907

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