Insurance Awareness Quiz – Set 61
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.
- Any such transaction, in which any property is transferred in the name of one person and payment is made by another person is known as:
A) Benami transaction
B) Black Money
C) Hawala
D) Money Laundering
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Option A
Explanation: In Benami Transaction, a property is transferred or held by one person (Mr A, the ‘Benamidar’) and the consideration for such property is paid by another person (mr. B, the ‘beneficial owner’).
- Mutual funds are regulated in this country by which organization?
A) IRDA
B) NABARD
C) SEBI
D) RBI
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Option C
Explanation: a mutual fund is a type of investment company that pulls money from many investors and invests the money in stock, bond, money market instruments, other securities are even cash. All asset management companies including mutual funds are regulated by SEBI.
- Shagun gift is an insurance policy. It has been launched by_________
A) SBI General Insurance
B) HDFC Bank
C) ICICI Lombard general insurance company
D) General Insurance Axis Bank
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Option A
Explanation: SBI general insurance is one of the leading general insurance companies in India which has announced the launch of first of its kind offering Shagun gift, an insurance, it is a unique gift of personal accident policy.
- The government has informed that the life insurance corporation is not going to be privatized and only the initial public offering, IPO will be issued. In which year LIC was established?
A) 1952
B) 1956
C) 1958
D) 1960
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Option B
Explanation: the government has informed that the life insurance corporation is not going to be privatized and only the initial public offering will be issued . It was established on September 1, 1956 when the parliament of India passed the life insurance of India act that nationalized the insurance industry in India.
- Which of the following regulatory bodies regulate the insurance sector in India?
A) TRAI
B) NABARD
C) FSSAI
D) IRDAI
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Option D
Explanation: IRDAI is the organization which regulates the insurance sector in India.
- Which among the following is a policy that offers both options of investment as well as insurance?
A) Unit Linked Insurance Plan
B) Health Insurance
C) Term Insurance
D) Motor Insurance
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Option A
Explanation: Unit linked insurance plan is such th….in various instruments such as bonds, stocks, etc. along with insurance cover.
- Under the unit linked insurance plan what is the lock in. In years?
A) 2 years
B) 3 years
C) 4 years
D) 5 years
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Option D
Explanation: ULIP is the life insurance plan in which the insurer provides risk cover, as well as the investment option to the policyholder in which part of the installment goes for the investment and part of the installment, goes for the securing life of the policyholder.
- Which of the following is not a public sector insurance company?
A) United India Insurance Company
B) The New India Assurance Company Limited
C) SBI Life Insurance
D) General Insurance Corporation of India
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Option C
Explanation: SBI life is an Indian life insurance company that was started as a joint venture between the State Bank of India and French financial institution BNP Paribas Cardiff. Hence SBI Life Insurance is not a public sector insurance company.
- The word ‘Assurance’ is used for:
A) Life Insurance
B) Fire Insurance
C) Marine Insurance
D) Medical Insurance
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Option A
Explanation: the term assurance is used in the insurance industry that too in term insurance policies. In a life insurance policy, the policyholder is given assurance that he will receive compensation in case of a certain event like death or disability. The word is used for life insurance.
- Which of the following insurance companies is not a subsidiary of India?
A) National Insurance Company limited
B) Oriental Insurance Company Limited
C) The New India Insurance Company Limited
D) IFFCO Tokio General Insurance Limited
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Option D
Explanation: IFFCO Tokio General Insurance Limited is not a subsidiary of India.
