Insurance Awareness Quiz for LIC AAO- Set 14

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. A company licensed by IRDA for maintaining data of insurance policies in electronic form on behalf of Insurers is known as ____________
   A) Insurance Repository 
   B) Insurance Miner
   C) Demat Insurance Company
   D) Insurance Warehouse
   
   View answer

   Option A
   
2. A policy holder can open how many e Insurance Account (e IA) to keep policies in electronic mode?
   A) Unlimited
   B) Three
   C) Two
   D) One
   
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   Option D
   Explanation: A policy holder should open an e Insurance Account (e IA) with one of the Insurance Repositories to be able to buy and keep policies in electronic mode. An individual can have only one e IA with any one of the Insurance Repositories.
3. Which among the following entities offers export credit insurance protection to exporters against payment risks?
   A) IRDA
   B) ECGC Limited
   C) ESIC
   D) AIC Limited
   
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   Option B
   Explanation: It provides a range of credit risk insurance covers to exporters against loss in export of goods and services exported on credit.
4. The Agriculture Insurance Company of India Limited (AIC) was set up in which year?
   A) 1982
   B) 1999
   C) 2002
   D) 2014
   
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   Option C
   Explanation: AIC was incorporated on 20 December 2002
5. The Employment State Insurance (ESI) Act of 1948 is applicable to all establishments having __________or more workers.
   A) 25
   B) 50
   C) 20
   D) 10
   
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   Option D
   Explanation: The act was initially intended for factory workers but later became applicable to all establishments having 10 or more workers. As on 31 March 2016, the total beneficiaries are around 82.8 million
6. A product offered by insurance companies that provides both insurance and investment product under a single integrated plan is known as_____________
   A) Unit Linked Insurance Plan
   B) Endowment policy
   C) Money Back Policy 
   D) Term Life Insurance
   
   View answer

   Option A
   
7. How many Reinsurance companies have been identified by IRDAI?
   A) 4
   B) 2
   C) 1
   D) 5
   
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   Option B
   Explanation: ITI Reinsurance Limited and General Insurance Corporation of India
8. Name the Indian Insurance company which was recently honoured with the Golden Peacock Innovative Product/Services Award 2019?
   A) Acko General Insurance Limited
   B) Bajaj Allianz General Insurance
   C) IFFCO TOKIO General Insurance
   D) Reliance Health Insurance Limited
   
   View answer

   Option A
   
9. The first Employees’ State Insurance (ESI) Scheme was inaugurated in which city?
   A) Chennai
   B) Delhi
   C) Kanpur
   D) Mysore
   
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   Option C
   Explanation: The scheme was inaugurated in Kanpur on 24th February 1952 (ESIC Day) by then Prime Minister Pandit Jawahar Lal Nehru.
10. Which among the following is IRDAI recognized apex body of licensed Insurance Brokers?
    A) IBBI
    B) FICCI
    C) IAI
    D) IBAI
    
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    Option D
    Explanation: Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956. The main objects of IBAI are to promote interaction among the Insurance/Re-insurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI 

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