Insurance Awareness Quiz – Set 29

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. The topic of this quiz is Insurance Ombudsman.

  1. With the nationalization of General Insurance Corporation of India (GIC) 107 insurers were amalgamated and formed into __________ companies
    A) 4
    B) 10
    C) 1
    D) 8
    View answer
    Option A
  2. The four subsidiaries of General Insurance Corporation (GIC) were converted into independent companies in which year?
    A) 1999
    B) 2002
    C) 2000
    D) 2005
    View answer
    Option C
  3. Under which type of life insurance policy, insured receive periodic payments over the policy term and full sum assured in case of death during the policy term.
    A) Term Insurance
    B) Whole Life Policy
    C) Endowment Plan
    D) Money Back Policy
    View answer
    Option D
  4. The Unit Trust of India (UTI) was formed in which year?
    A) 1948
    B) 1964
    C) 1952
    D) 1976
    View answer
    Option B
    The Government of India made a financial set up i.e. ‘The Unit Trust of India’ by passing special Unit Trust of India Act 1963, on 1st of February 1964.
  5. Marine insurance, Engineering insurance, Energy insurance or Liability insurance are the types of____________
    A) Commercial insurance
    B) Home insurance
    C) Money back insurance
    D) Travel insurance
    View answer
    Option A
  6. ____________ is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss in place of buying an insurance policy from a third party.
    A) Under-insurance
    B) Double insurance
    C) Self-insurance
    D) Indemnity Insurance
    View answer
    Option C
  7. The portions of the obligations in an insurance company’s policy portfolio that are transferred to a reinsurer is known as___________
    A) Cession
    B) Commission
    C) Profit Ratio
    D) Annuity
    View answer
    Option A
  8. The amount of risk or liability that is covered for an individual or entity by an insurer in the event of unforeseen occurrences by way of insurance services is known as_________
    A) Premium
    B) Insurance coverage
    C) Policy period
    D) Risk
    View answer
    Option B
  9. The Motor Insurance policy of the General insurance is categorized into how many types?
    A) three
    B) one
    C) five
    D) two
    View answer
    Option D
    Third Party Liability Cover and Comprehensive Motor Insurance Policy
  10. What was the initial capital of the Unit Trust of India (UTI)?
    A) Rs 8 crore
    B) Rs 2 crore
    C) Rs 5 crore
    D) Rs 10 crore
    View answer
    Option C

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