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
   
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   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
   
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   Option D
   
4. The Unit Trust of India (UTI) was formed in which year?
   A) 1948
   B) 1964
   C) 1952
   D) 1976
   
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   Option B
   Explanation: 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
   
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   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
   
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   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
   
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   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
   
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   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
   
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   Option D
   Explanation: 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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