Insurance Awareness Quiz for LIC AAO- Set 5

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. The United India Insurance Company has its headquarter in which city?
   A) Kolkata
   B) New Delhi
   C) Mumbai
   D) Chennai
   
   View answer

   Option D
   Explanation: United India Insurance Company is an Indian general insurance company, headquartered in Chennai.
2. The Insurance Regulatory and Development Authority (IRDA) Act was passed in which year?
   A) 1999
   B) 2000
   C) 1998
   D) 1997
   
   View answer

   Option A
   
3. The General Insurance Corporation of India (GIC) was converted into a national re-insurer in which year?
   A) 1995
   B) 2000
   C) 2014
   D) 1999
   
   View answer

   Option B
   
4. How many companies were merged to form the United India Insurance Company (UIIC)?
   A) 12
   B) 19
   C) 22
   D) 20
   
   View answer

   Option C
   Explanation:Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company
5. Selling of insurance products through banks is known as __________
   A) Banking Insurance
   B) Inclusive Banking
   C) Third Party Banking
   D) Bancassurance
   
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   Option D
   
6. The person who is specified by the insured to receive the insurance policy in case
   premature death is called a ___________.
   A) Nominee
   B) Insured
   C) Insurer
   D) Appointee
   
   View answer

   Option A
   
7. The fixed amount of money paid by the insured to the insurance company regularly is
   called __________.
   A) Capital
   B) Annuity
   C) Premium
   D) Value
   
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   Option C
   
8. Which among the following banks is a subsidiary of the Life Insurance Corporation of India (LIC)?
   A) UCO Bank
   B) IDBI Bank
   C) Vijaya Bank
   D) Dena Bank
   
   View answer

   Option B
   
9. The Insurance plan under which a number of employees and their dependents are insured under a single policy is known as____________?
   A) Group insurance
   B) Co Insurance
   C) Double Insurance
   D) Self Insurance
   
   View answer

   Option A
   
10. Which among the following insurance companies is not based in Mumbai?
    A) The New India Assurance Company Limited (NIACL)
    B) General Insurance Corporation of India (GIC Re)
    C) ECGC Ltd
    D) United India Insurance Company Limited
    
    View answer

    Option D
    

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