Insurance Awareness Quiz – Set 52

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. Which among the following is not considered as a national debt?
   A) Life Insurance Policies
   B) Long term Government Bonds
   C) National Savings Certificates
   D) Provident Funds
   
   View answer

   Option A
   
2. Identify the wrong option with respect to the joint venture between Indian and foreign companies in insurance sector
   A) ICICI Bank – Prudential Life Insurance
   B) HDFC – MetLife India Insurance
   C) Bajaj – Allianz Life Insurance
   D) Bharti – AXA Life Insurance
   
   View answer

   Option B
   Explanation: PNB MetLife India Insurance
3. Which Indian leader is behind the foundation of the Employment State Insurance (ESI) Act?
   A) Rajiv Gandhi
   B) Vallabhbhai Patel
   C) Swami Vivekananda
   D) Dr.B R Ambedkar
   
   View answer

   Option D
   Explanation: In March 1943, Dr.B R Ambedkarwas appointed by the Government of India to create a report on the health insurance scheme for industrial workers.^[2]The report became the basis for the Employment State Insurance (ESI) Act of 1948
4. How many state owned general insurance companies are there in India?
   A) 6
   B) 3
   C) 4
   D) 2
   
   View answer

   Option C
   Explanation: National Insurance Company, New India Assurance , The Oriental Insurance Company and United India Insurance Company
5. In insurance, ___________ determines the size of a company’s capital relative to all risks it has taken
   A) Solvency Ratio
   B) Profit Margin
   C) Quick Margin
   D) Current Ratio
   
   View answer

   Option A
   Explanation: The solvency ratio of an insurance company is the size of its capital relative to all risks it has taken
6. ZestMoney has collaborated with which insurance company to launch first ever insurance against EMI for its customers?
   A) ICICI Lombard
   B) Digit Insurance
   C) SBI General Insurance
   D) Bharti AXA General Insurance
   
   View answer

   Option B
   Explanation: ZestMoney has partnered with Digit Insurance to offer insurance against EMIs to its 5 million customer base. ZestMoney is a Bengaluru based digital lending startup.
7. Who is the Secretary General of the General Insurance Council?
   A) R Chandrasekaran
   B) Varun Dua
   C) Mayank Bathwal
   D) T.L. Alamelu
   
   View answer

   Option A
   Explanation: MN Sarma, has been elected as the new Secretary General of the General Insurance Council.  He will take over the charge in August 2019.
8. All insurance companies are required to maintain a solvency ratio of ___________ percent at all times
   A) 50%
   B) 100%
   C) 200%
   D) 150%
   
   View answer

   Option D
   
9. The insurance tool MyPQ has been launched by which company?
   A) Aditya Birla Sun Life Insurance
   B) Aviva Life Insurance Company
   C) Max Life Insurance Company
   D) PNB MetLife India Insurance
   
   View answer

   Option C
   Explanation: Max Life Insurance Company has launched a unique proprietary tool, ‘My Protection Quotient’ (MyPQ) to gauge the level of an individual’s financial protection.
10. The total rate of contribution towards the Employees’ State Insurance scheme has been reduced to 4% from the earlier 6.5%. This new rate will be effective from _____________
    A) September 1
    B) July 1
    C) December 1
    D) August 1
    
    View answer

    Option B
    

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