Insurance Awareness Quiz – Set 62
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.
- 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 was LIC established?
A) 1952
B) 1956
C) 1958
D) 1962
View answer
Option B
Explanation: 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. LIC is an Indian government owned insurance and investment corporation. 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.
- The life insurance business in India was nationalized in which year?
A) 1958
B) 1956
C) 1957
D) 1972
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Option B
Explanation: the life insurance sector in India was nationalized in the year 1956 with a view to spread life insurance 2 more areas of the country.
- Export credit guarantee corporation was setup in which year to provide credit risk insurance for the export services?
A) 1956
B) 1957
C) 1955
D) 1971
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Option B
Explanation: ECGC limited wholly owned by Government of India was set up in 1957 with the objective of promoting export from the country by providing credit risk insurance and related services for exports .
- The government has informed that the life insurance corporation is not going to be private eyes and only the initial public offering IPO will be issued. In which country insurance industry was nationalized?
A) Brazil
B) UK
C) USA
D) India
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Option D
Explanation: life insurance corporation was established on September 1st 1956 when the parliament of India passed the life insurance of India act which nationalized the insurance industry in India .
- How many life insurance companies collaborated to form the life insurance corporation?
A) 246
B) 245
C) 250
D) 247
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Option B
Explanation: The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies- 245 Indian and Foreign insurers in all.
- In which year the general insurance corporation subsidiaries were reconstructed as independent companies and at the same time general insurance corporation was converted into a national reinsurer?
A) 1999
B) 2001
C) 2000
D) 2002
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Option C
Explanation: in December 20 20 the subsidiaries of the general insurance corporation of India were reconstructed as independent companies and at the same time general insurance corporation was converted into a national reinsurer.
- In 1972 general insurance business was incorporated by amalgating 107 insurers into how many insurers?
A) 3
B) 4
C) 2
D) 5
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Option B
Explanation: in 1972 with the passing of general insurance business act the general insurance business was nationalized with effect from 1st January 1973 . 107 insurers world amalgamated and grouped into 4 companies namely National Insurance Company limited , new India assurance company limited , the oriental insurance company limited and the United India insurance company limited.
- Which was the first company to transact all classes of general insurance business in India?
A) oriental insurance company limited
B) Triton insurance company limited
C) Indian mercantile insurance limited
D) Bombay mutual insurance
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Option C
Explanation: in 1907 ,Indian mercantile insurance limited was setup and it was the first company to transact all classes of the general insurance business .
- Which among the following insurance company started the insurance business in India?
A) oriental life insurance company
B) National Insurance Company
C) life insurance corporation
D) all of these
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Option A
Explanation: in 1818 the advent of the life insurance business in India by the oriental life insurance company in Calcutta was started.
- What is the full form of EP, in relation to insurance sector?
A) earned premium
B) estimated premium
C) economic premium
D) employee platinum
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Option A
Explanation: the full form of EP is Earned Premium. The part of the premium collected by an insurance company against the policy that has been expired is called the earned premium.
