Insurance Awareness Quiz for LIC AAO- Set 17

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 international body that provides political risk insurance.
   A) International Development Association (IDA)
   B) International Finance Corporation (IFC)
   C) Multilateral Investment Guarantee Agency (MIGA)
   D) International Centre for Settlement of Investment Disputes (ICSID)
   
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   Option C
   Explanation: MIGA is an international financial institution which offers political risk insurance and credit enhancement guarantees. 
2. The IRDA allowed the entry of private sector into the Indian Insurance sector in which year?
   A) 2000
   B) 2004
   C) 2009
   D) 2006
   
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   Option A
   Explanation: The insurance sector was opened for private participation in 2000 by IRDAI.
3. An insurance company that passes the part or all of its risks from its insurance policy portfolio to a reinsurance firm is known as ______________
   A) Relinquishing Company
   B) Renounced Company
   C) Dependent Company
   D) Ceding Company
   
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   Option D
   
4. Floater insurance does not provide insurance coverage to ______________
   A) Expensive Jewelleries
   B) Antique Equipments
   C) House
   D) Rare coins and collections
   
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   Option C
   Explanation: Floater insurance covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewelry to expensive stereo equipment
5. The owner of an asset who grants it at lease to another party is also known as_____________
   A) Lapse
   B) Lessor
   C) Lessee
   D) Libel
   
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   Option B
   
6. Which among the following companies completely acquired the business of ING Vysya Life Insurance?
   A) Exide Industries
   B) Aviva
   C) Reliance
   D) Met Life
   
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   Option A
   
7. The IndiaFirst Life Insurance Company is a joint venture between 2 Indian banks and UK based firm Legal & General. Name the two banks.
   A) UCO Bank and Andhra Bank
   B) Bank of Baroda and Punjab National Bank
   C) Punjab National Bank and United bank of India
   D) Bank of Baroda and Andhra Bank
   
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   Option D
   
8. How many entities in India are authorized to open Electronic Insurance Account?
   A) 4
   B) 10
   C) 1
   D) All Insurance companies
   
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   Option A
   Explanation: IRDA has granted the Certificate of Registration to four entities to act as ‘Insurance Repositories’ that are authorized to open e-Insurance Accounts.
9. HDFC ERGO General Insurance Company Limited is a joint venture between HDFC Ltd. and ERGO International AG. What is the stake of HDFC in the company?
   A) 62%
   B) 51%
   C) 49%
   D) 80%
   
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   Option B
   
10. Which among the following insurance company is based in Gurgaon?
    A) Max Bupa Health Insurance Company Limited
    B) HDFC General Insurance Company Limited
    C) Religare Health Insurance Company Limited
    D) Bharti AXA General Insurance Company Limited
    
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    Option C
    

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