Insurance Awareness Quiz for LIC AAO- Set 4

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. How many public sector non life insurance companies are there in India?
   A) 1
   B) 3
   C) 5
   D) 6
   
   View answer

   Option D
   Explanation: The New India Assurance Company Limited; United India Insurance Company Limited; The Oriental Insurance Company Limited; National Insurance Company Limited; Agriculture insurance company of India limitedand ECGC Ltd. (Formerly Export Credit Guarantee Corporation of India Ltd.)
2. The sole national re-insurer of India, General Insurance Corporation of India (GIC Re) has its headquarter at__________
   A) New Delhi
   B) Mumbai
   C) Kolkata
   D) Chennai
   
   View answer

   Option B
   
3. ‘E@Secure’ is a cyber insurance policy for individuals launched by which company?
   A) Bajaj Allianz General Insurance
   B) ICICI Lombard
   C) HDFC Ergo
   D) TATA AIG
   
   View answer

   Option C
   
4. Who is the Chairman and MD of ECGC Ltd.
   A) Alamelu T. Lakshmanachari
   B) Geetha Muralidhar
   C) K Sanath Kumar
   D) A V Girija Kumar
   
   View answer

   Option B
   
5. The Oriental Insurance Company Ltd was founded in which year?
   A) 1929
   B) 1952
   C) 1938
   D) 1947
   
   View answer

   Option D
   Explanation: September 12, 1947 in Mumbai
6. What should be the minimum paid up capital of an entity to start re-insurance business in India?
   A) Rs 200 crore
   B) Rs 100 crore
   C) Rs 500 crore
   D) Rs 300 crore
   
   View answer

   Option A
   Explanation: The minimum equity capital requirement is Rs 100 crore for life insurance or general insurance and Rs 200 crore for a person exclusively in the business of re-insurance
7. The Insurance Laws (Amendment) Bill, 2008 has amended which among the following acts?
   A) Insurance Act, 1938
   B) General Insurance Business (Nationalisation) Act, 1972
   C) Insurance Regulatory and Development Authority Act, 1999
   D) All the above
   
   View answer

   Option D
   
8. How many Insurance Ombudsman are functional in India?
   A) 21
   B) 17
   C) 9
   D) 15
   
   View answer

   Option B
   Explanation: There are at present 17 Insurance Ombudsman in different locations  
9. A person with expertise in measurement and management of risk and uncertainty in insurance business is known as ________
   A) Actuary
   B) Insurer
   C) Agent
   D) Claimant
   
   View answer

   Option A
   Explanation: A person with expertise in field of economics, statistics and mathematics, who helps in risk assessment and estimation of premium rates for insurance business 
10. The Oriental Insurance Company Ltd does not has its branch in which of the following countries?
    A) Nepal
    B) Kuwait
    C) UAE
    D) France
    
    View answer

    Option D
    Explanation: The company also has branches in Nepal, Kuwait, and Dubai. 

Click Here for More Insurance Awareness Quiz