Insurance Awareness Quiz – Set 3

Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions will guide you in all insurance exams like LIC (AAO/ADO), NIACL, UIIC, IRDA and other exams. So  attempt them now.

1. What does U stands for in ULIP with respect to insurance sector?
   A) Unique
   B) Unit
   C) Umbrella
   D) Ultimate
   
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   Option B
   Explanation: Unit Linked Insurance Plans
2. How many public sector life insurance companies are functional in India?
   A) 1
   B) 2
   C) 3
   D) 4
   
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   Option A
   Explanation: Only LIC is the single public sector life insurance company in India
3. Bombay Mutual Life Assurance Society was the first life insurance company in India to insure Indian lives. It was set up in which year?
   A) 1890
   B) 1832
   C) 1818
   D) 1870
   
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   Option D
   Explanation:Bombay Mutual Life Assurance Society was the first Indian life insurance company in the year 1870
4. The Indian Life Assurance Companies Act was passed in which year to regulate life insurance business in India?
   A) 1930
   B) 1919
   C) 1912
   D) 1925
   
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   Option C
   Explanation: In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed.
5. The Indian Insurance Companies Act was enacted in which year?
   A) 1912
   B) 1928
   C) 1936
   D) 1949
   
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   Option B
   Explanation: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
6. The National Insurance Academy is located in which city?
   A) Kolkata
   B) New Delhi
   C) Pune
   D) Hyderabad
   
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   Option C
   Explanation: The National Insurance Academy is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.
7. The National Insurance Company Limited is a type of __________ insurance company
   A) General Insurance
   B) Life Insurance
   C) Re-Insurance
   D) Both A & B
   
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   Option A
   
8. An insurance product that pays out income to the holder at specified intervals usually after retirement is known as ___________
   A) Paid Up
   B) Annuity
   C) Premium
   D) Claim
   
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   Option B
   
9. The General Insurance Corporation of India (GIC) was notified as the Indian Reinsurer in which year?
   A) 2014
   B) 1987
   C) 1999
   D) 2000
   
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   Option D
   
10. Who is the present CMD of National Insurance Company Limited (NICL)?
    A) K. Sanath Kumar
    B) G. Srinivasan
    C) Tajinder Mukherjee 
    D) SS Mallikarajuna Rao
    
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    Option C