Insurance Awareness Quiz – Set 51

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. Who is the head of the committee formed by IRDAI to review the regulatory framework on microinsurance?
   A) Suresh Mathur
   B) Pankaj Tiwari
   C) Ajit D Warakari
   D) Subhasis Ghosh
   
   View answer

   Option A
   Explanation: The Insurance Regulatory and Development Authority of India (IRDAI) has set up a 13-member committee to review the regulatory framework on microinsurance and recommend measures to increase the demand for these insurance products. IRDAI Executive Director Suresh Mathur will be the Chairman of the committee. 
2. Webassurance is a new insurance product launched by which bank for its customers?
   A) HDFC Bank
   B) Punjab National Bank
   C) State Bank of India
   D) Canara Bank
   
   View answer

   Option D
   Explanation: Public Sector Bank, Canara Bank in association with its life insurance partner, Canara HSBC Oriental Bank of Commerce Life Insurance has announced the launch of ‘Webassurance’.
3. Name the Health Insurance company that has launched the ‘AnyTimeHealth (ATH)’ machines in partnership with HDFC Bank.
   A) Oriental Insurance
   B) Max Bupa Health Insurance
   C) Aditya Birla Health Insurance
   D) Religare Health Insurance
   
   View answer

   Option B
   Explanation: HDFC Bank and Max Bupa (insurance company) have launched a ‘‘AnyTimeHealth (ATH)’ machines. ATH machine is completely automated, technology-based model which allows customers to avail health assessment and buy a policy instantly, without any manual intervention. 
4. The Star Union Dai-ichi Life Insurance is a joint venture between which Indian banks apart from Japan’s Dai-ichi Life Insurance Company?
   A) Allahabad Bank and Bank of India
   B) Bank of Baroda and United Bank of India
   C) Bank of India and Union Bank of India
   D) Punjab National Bank and Union Bank of India
   
   View answer

   Option C
   Explanation: Star Union Dai-Ichi Life Insurance is a JV between BoI (holds 28.96 per cent), Union Bank of India (holds 25.10 per cent), and Japan’s Dai-ichi Life Insurance Company ( holds 45.94 per cent) 
5. Who among the following has become the first female to be appointed as the Zonal Manager of Life Insurance Corporation of India for South Central Zone
   A) Mini Ipe
   B) Rajni Patwardhan
   C) Sarojini Dikhale
   D) Usha Sangwan
   
   View answer

   Option A
   Explanation: Mini Ipe has been appointed as the Zonal Manager of Life Insurance Corporation of India for South Central Zone. with this, she has become the first woman zonal manager (in-charge) of LIC. Before this, she has worked as Executive Director (International Operations) of LIC.  
6. Cyber Defence Insurance is a new insurance product launched by which firm?
   A) Reliance General Insurance
   B) United India Insurance Company
   C) Max Bupa Health Insurance
   D) SBI General Insurance
   
   View answer

   Option D
7. Who among the following has been felicitated with the ‘Freedom of the City of London’ to promote insurance ties between India and UK?
   A) M Sashikala
   B) Usha Ramaswamy
   C) Alice G. Vaidyan
   D) Reena Bhatnagar
   
   View answer

   Option C
   Explanation: Alice G. Vaidyan, the Chairman and Managing Director of the General Insurance Corporation (GIC) of India (GIC Re), has been awarded with the ‘Freedom of the City of London’ in recognition of her work to promote insurance ties between India and the UK. 
8. IRDAI has mandated all the insurance companies to devise a mechanism for sharing  status of claims with policyholders with effect from________
   A) 1 June 2019
   B) 1 July 2019
   C) 1 May 2019
   D) 1 August 2019
   
   View answer

   Option B
   
9. Which among the following banks has recently announced to sell its 25.05% equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life)?
   A) Bank of India
   B) Union Bank of India
   C) Bank of Baroda
   D) United Bank of India
   
   View answer

   Option A
   Explanation: Bank of India (BoI) has announced that it will sell 25.05% equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life) at a floor price of Rs. 170.50 per share.
10. What is the Share of Canara Bank in Canara HSBC OBC Life Insurance?
    A) 15%
    B) 23%
    C) 26%
    D) 51%
    
    View answer

    Option D
    Explanation: Canara HSBC OBC Life is jointly owned by two public sector banks Canara Bank (51 percent) and Oriental Bank of Commerce (23 per cent) and HSBC Insurance (Asia Pacific) Holdings (26 per cent).

Read Insurance Awareness Topics

Attempt More Insurance Awareness Quiz