Insurance Awareness Quiz – Set 57

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 Life Insurance in its modern form came to India for the first time from which country?
   A) Germany
   B) France
   C) England
   D) United States
   
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   Option C
   Explanation: Life Insurance in its modern form came to India from England in the year 1818.
2. Name the first ever Life Insurance Company to be functional in India?
   A) Oriental Life Insurance Company
   B) Hindustan Co-operative Insurance Company
   C) Life Insurance Corporation of India
   D) SBI Life Insurance Company
   
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   Option A
   Explanation: Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. 
3. Which among these is the first Indian life insurance company, set up with the purpose to insure Indian lives?
   A) Bharat Insurance Company
   B) Bombay Mutual Life Assurance Society
   C) Life Insurance Corporation of India
   D) United India Life Insurance Company
   
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   Option B
   Explanation: Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870,
4. The Bharat Insurance Company was established in which of these years?
   A) 1906
   B) 1717
   C) 1896
   D) 1962
   
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   Option C
   Explanation: 1896
5. The legislation to regulate insurance business in India was passed in which year?
   A) 1976
   B) 1912
   C) 1818
   D) 1945
   
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   Option B
   Explanation: Prior to 1912 India had no legislation to regulate insurance business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed.
6. The Life Insurance Companies Act was passed in which year?
   A) 1912
   B) 1958
   C) 1925
   D) 1947
   
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   Option A
   Explanation: In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business. … The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year.
7. In which year was the Life Insurance Corporation of India formed?
   A) 1956
   B) 1960
   C) 1948
   D) 1962
   
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   Option A
   Explanation: Life Insurance Corporation of India was created on 1st September, 1956
8. The Hindustan Co-operative Insurance Company was set up in the year 1907 in which city?
   A) Delhi
   B) Bombay
   C) Madras
   D) Calcutta
   
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   Option D
   Explanation: In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. 
9. As per the Life Insurance Companies Act, 1912, the premium rate tables and periodical valuations of companies was to be certified only by an _____________.
   A) Policy Holder
   B) Actuary
   C) Underwriters
   D) Nominee
   
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   Option B
   Explanation:The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. An actuary is a professional who assesses and manages the risks of financial investments, insurance policies and other potentially risky ventures.
10. In India, the Oriental Life Insurance Company was set up by Europeans in which city?
    A) Bombay
    B) Madras
    C) Calcutta
    D) Delhi
    
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    Option C
    Explanation: Oriental Life Insurance Company started by Europeans in Calcutta 

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