Insurance Awareness Quiz for LIC AAO- Set 16

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. Name the first private sector life insurance company in India
   A) ICICI Prudential Life Insurance
   B) HDFC Life
   C) Birla Sun Life Insurance
   D) Bajaj Allianz Life Insurance
   
   View answer

   Option B
   
2. What is the maximum age requirement to apply for the Pradhan Mantri Suraksha Bima Yojana?
   A) 70 years
   B) 65 years
   C) 60 years
   D) 55 years
   
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   Option A
   Explanation: Minimum age- 18 years
3. What is the total number of life insurance companies operating in India?
   A) 20
   B) 28
   C) 19
   D) 24
   
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   Option D
   Explanation: See the updated list here – https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129&mid=3.1.9
4. The SBI Life Insurance is a joint venture between the State Bank of India and __________
   A) AXA
   B) Met Life
   C) BNP Paribas Cardif
   D) Aviva
   
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   Option C
   
5. Which is the first Private Sector Reinsurance Company in India?
   A) Shriram Reinsurance Limited
   B) ITI Reinsurance Limited
   C) Cigna Reinsurance Limited
   D) Star Reinsurance Limited
   
   View answer

   Option B
   Explanation: It is the first and only private sector Reinsurance Company in India 
6. A combination of two or more individual polices into a single policy is known as ____________
   A) Combined Policy
   B) Group Policy
   C) Multiple Policy
   D) Package Policy
   
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   Option D
   
7. Which among the following is a 100% Indian owned life insurance company?
   A) Exide Life Insurance Company
   B) HDFC Life Insurance
   C) Bajaj Allianz Life Insurance
   D) Reliance Nippon Life Insurance
   
   View answer

   Option A
   Explanation: Exide Life Insurance Company Limited, is a 100% Indian owned life insurance company, owned by the Exide Industries while rest are joint ventures with other countries.
8. The IRDA established ‘Institute of Insurance and Risk Management’ is located in which city?
   A) Mumbai
   B) Hyderabad
   C) Kolkata
   D) New Delhi
   
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   Option B
   
9. How many Insurance Repositories are functional in India?
   A) 8
   B) 6
   C) 5
   D) 4
   
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   Option D
   Explanation: IRDA originally issued licenses to five entities to act as Insurance Repositories, however, SHCIL Projects Limited surrendered its Insurance Repository license in September 2015. The remaining four are:

   • CDSL Insurance Repository Limited (CDSL IR)
   • Karvy Insurance Repository Limited
   • National Insurance-policy Repository
   • CAMS Insurance Repository Services Limited

10. Which among the following is the first insurance company in India to be listed on NSE and BSE?
    A) HDFC Life
    B) General Insurance Corporation of India
    C) ICICI Prudential Life Insurance
    D) SBI Life
    
    View answer

    Option C
    

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