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Insurance MCQs | Insurance Multiple Choice Questions and Answers

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Questions
1 Which of the following types of companies/organisations issue ULIP?
A Insurance companies
B Banks
C NABARD
D RBI

Answer: Insurance companies
2 Which of the following is the only public sector company in the field of life insurance?
A General insurance company
B New India assurance company
C Oriental insurance company
D Life Insurance Corporation of India

Answer: Life Insurance Corporation of India
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3 Which of the following is the regulator of insurance sector in India?
A RBI
B AMFI
C IRDA
D SEBI

Answer: IRDA
4 Which of the following terms is NOT related to the insurance sector?
A Indemnity
B Coverage
C Misuse Alert
D Annuity

Answer: Misuse Alert
5 Which of the following insurance companies gives the slogan Prithvi, Agni, Jal, Akash - Sab ki Surakhsa Hamare Paas?
A Life Insurance Corporation
B Oriental Insurance Company
C New India Assurance
D General Insurance Company

Answer: Oriental Insurance Company
6 With which of the fields is actuarial science associated?
A Insurance
B Banking
C Micro-finance
D Space technology

Answer: Insurance
7 What does the term FSDC, used in financial sectors stand for?
A Financial Security and Development Council
B Financial Stability and Development Council
C Fiscal Security and Development Convention
D Fiscal Stability and Development Council

Answer: Financial Stability and Development Council
8 On which one of the following issues can SEBI penalize any company in India? 1. Violation of Banking Regulation Act 2. Violation of foreign portfolio investment guidelines 3. For violation of Negotiable Instrument Act
A Only 1
B Only 2
C Only 3
D All the three

Answer: Only 2
9 Expand the term CCEA as used in administrative circles
A Cabinet Committee on External Affairs
B Cabinet Committee on Economic Affairs
C Cabinet Council on External Affairs
D Cabinet Council on Economic Affairs

Answer: Cabinet Committee on Economic Affairs
10 Foreign exchange reserves of India are kept in the custody of which of the following?
A Reserve bank of India
B All public sector banks
C Foreign banks in India
D Government treasury

Answer: Reserve bank of India
11 Which of the following was the parent company of New India Assurance ?
A LIC
B GIC
C Oriental Insurance Co. Ltd.
D United India Insurance

Answer: GIC
12 In Insurance policies we always find a date which is “Date of Maturity”. What does it mean?
A This is the date on which the policy was sold to the customer/person insured
B This is the date on which the policy holder will have to submit his/her claim seeking the amount of the policy. Otherwise the company will not make any payment to him/her
C This is the date on which the contract between the person and insurance company will come to an end
D None of these

Answer: This is the date on which the contract between the person and insurance company will come to an end
13 Which of the following terms is Not used in the world of finance, banking and insurance?
A Devaluation
B Amnesty
C Hard currency
D None of these

Answer: Amnesty
14 The Non Government organizations(NGO) helps the insurance industry mainly in
A Linking third party administrators
B Promotional activities
C Drafting new regulations
D Linking buyers and sellers

Answer: Linking buyers and sellers
15 A missing person is considered to be dead after how many years of missing ?
A 3years
B 5years
C 15 years
D 7years

Answer: 7years
16 Which Insurance Company started its operation in the year in which India got Independence?
A UIICL
B GIC
C LIC
D OICL

Answer: OICL
17 The punch line of the advertisement of which of the following organization is “Jindagi ke sath bhi Jindagi ke bad bhi” ?
A New India Assurance
B General Insurance Corporation
C ICICI Prudential
D Life Insurance Corporation Of India

Answer: Life Insurance Corporation Of India
18 If an organization wishes to venture into Insurance Business it has to obtain a licence first from which of the following ?
A Indian Banks Association (IBA)
B Security and Exchange Board of India (SEBI)
C Tariff Advisory Committee (TAC)
D Insurance Regulatory and Development Authority of India (IRDAI)

Answer: Insurance Regulatory and Development Authority of India (IRDAI)
19 Which of the following was the parent company of New India Assurance ?
A LIC
B GIC
C Oriental Insurance Co. Ltd.
D United India Insurance

Answer: GIC
20 The New India Assurance Company was established in 1919 by
A Dorab Tata
B G. D. Birla
C Jamunalal BajaJ
D Kamlapat Singhania

Answer: Dorab Tata