Banking General Awareness Insurance Question Bank

done Insurance Sector Total Questions - 20

• question_answer1)
  Which of the following types of companies/ organisations issue ULIP?
  A)
  Insurance companies done clear
  B)
  Banks done clear
  C)
  NABARD done clear
  D)
  RBI done clear
  E)
  All of these done clear
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• question_answer2)
  If an insurance policy holder is not satisfied with the award of the insurance ombudsman, he / she can approach to_?
  A)
  Courts of law done clear
  B)
  Consumer forums done clear
  C)
  Either a or b done clear
  D)
  The award of insurance ombudsman cannot be challenged done clear
  E)
  Govt done clear
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• question_answer3)
  Which one of the following is the example of Insurance depositories?
  A)
  Central Insurance Repository Limited (CIRL) done clear
  B)
  Karvy Insurance repository Limited done clear
  C)
  NSDL Database Management Limited done clear
  D)
  All of these done clear
  E)
  None of these done clear
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• question_answer4)
  Which of the following is correct full form of IGMS with reference to insurance sector?
  A)
  Integrated Grievance Management System done clear
  B)
  Internal Grievance Management System done clear
  C)
  Important Grievance Management System done clear
  D)
  Integral Grievance Management System done clear
  E)
  Insurance Grievance Management System done clear
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• question_answer5)
  Which Insurance policy gives holder the benefits of both Insurance and Investment?
  A)
  Term Insurance Policies done clear
  B)
  Money-back Policies done clear
  C)
  Unit-linked Investment Policies done clear
  D)
  Pension Policies done clear
  E)
  Reinsurance Policies done clear
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• question_answer6)
  Which of the following cannot be ensured?
  A)
  Property (both movable and immovable) done clear
  B)
  Result of any competition done clear
  C)
  liability towards others done clear
  D)
  dishonesty done clear
  E)
  cash done clear
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• question_answer7)

  Select the correct statement from the following: (1) Premium is the fixed amount of sum paid ova the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance. (2) Underwriting is the consideration of material fact to asses the risk and to take the decision whether to accept the risk for insurance contract and if so at what rate of premium. (3) Reinsurance is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies called Reinsurance. (4) Deductible is the amount, which the insured has to bear in all cases and this amount is first, deducted from the total assessed payable claims amount before determining insurance company's liability.

  A)
  1, 2 & 3 done clear
  B)
  1, 2 & 4 done clear
  C)
  1, 3 & 4 done clear
  D)
  2, 3 & 4 done clear
  E)
  All are correct done clear
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• question_answer8)
  FPR stands for:
  A)
  Final Proposal Report done clear
  B)
  First Proposal Report done clear
  C)
  First Premium Receipt done clear
  D)
  Final Premium Receipt done clear
  E)
  None of the above done clear
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• question_answer9)
  Who is responsible to bear the cost of Medical Checkups when the person for whom the policy have been applied?
  A)
  Insurance Company done clear
  B)
  the person for whom the policy have been applied done clear
  C)
  Proposer done clear
  D)
  The Sales Officer done clear
  E)
  any of the above done clear
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• question_answer10)

  Select the correct statement in respect to Marine Insurance: (1) It coveres the goods in transit from one place to another through Sea (2) It coveres the goods in transit from one place to another through Rail & Road (3) It coveres the goods in transit from one place to another through Air (4) It does not covere the goods in transit from one place to another through a any possible combination of Sea, Rail, Road and Air.

  A)
  1, 2 & 3 done clear
  B)
  1, 2 & 4 done clear
  C)
  1, 3 & 4 done clear
  D)
  2, 3 & 4 done clear
  E)
  All arc correct done clear
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• question_answer11)
  Which of the following works as Re-Insurer in India?
  A)
  National Insurance Co. Ltd.  done clear
  B)
  The Oriental Insurance Co. Ltd. done clear
  C)
  General Insurance Corporation of India done clear
  D)
  Export Credit Guarantee Corporation of India Ltd. done clear
  E)
  The New India Assurance Co. Ltd. done clear
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• question_answer12)
  IRDAI was incorporated as a statutory body on -
  A)
  06 January 2000 done clear
  B)
  01 April 1999 done clear
  C)
  19 April 1999 done clear
  D)
  01 April 2000 done clear
  E)
  19 April 2000 done clear
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• question_answer13)
  Insurance works on the principal of Indemnity it means:
  A)
  Under this insurance contract both the parties should have faith over each other. As a client it is the duty of the insured to disclose all the facts to the insurance company. Any fraud or misrepresentation of facts can result into cancellation of the contract. done clear
  B)
  That an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. done clear
  C)
  Under this principle of insurance, the insured must have interest in the subject matter of the insurance. Absence of interest makes the contract null and void. done clear
  D)
  It enables the insured to claim the amount from the third party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss. done clear
  E)
  None of the above done clear
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• question_answer14)
  Which of the following is covered under General Insurance:
  A)
  Term Plans done clear
  B)
  ULIPs done clear
  C)
  Mediclaim Policies done clear
  D)
  b and c both done clear
  E)
  None of the above done clear
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• question_answer15)
  Select the wrong statement from the following:
  A)
  Insurance follow the 'Law of Large Numbers' done clear
  B)
  Principal of 'Probability' is required to followed. done clear
  C)
  The Principal of Subrogation is applicable to Life Insurance only. done clear
  D)
  General Insurance has wider scope and penetration in India as compared to Life Insurance. done clear
  E)
  Actuarial science is used to decide the rate of premium for both Life and Non- Life insurance. done clear
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• question_answer16)
  The concept of indemnity is based on the key principle that policyholders should be prevented from.
  A)
  Making false insurance claims. done clear
  B)
  Insuring existing losses. done clear
  C)
  Paying excessively for insurance cover. done clear
  D)
  Profiting from insurance done clear
  E)
  None of these done clear
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• question_answer17)
  Which among the following is a non-traditional life insurance product?
  A)
  Endowment insurance done clear
  B)
  General insurance done clear
  C)
  Whole life insurance done clear
  D)
  Term assurance done clear
  E)
  None of these done clear
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• question_answer18)
  Under what circumstances would the policyholder need to appoint an appointee?
  A)
  Policyholder is a Politician done clear
  B)
  Insured is minor done clear
  C)
  Nominee is a minor done clear
  D)
  Policyholder is in Army done clear
  E)
  None of these done clear
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• question_answer19)
  IRDAI stands for ______.
  A)
  Issuance Regulatory & Development Authority of India. done clear
  B)
  International Regulatory & Development Authority of India. done clear
  C)
  Indian Regulatory & Development Authority of India. done clear
  D)
  Income Regulatory & Development Authority of India. done clear
  E)
  Insurance Regulatory & Development Authority of India. done clear
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• question_answer20)
  Which of the below party is not eligible to enter into a life insurance contract?
  A)
  Business owner done clear
  B)
  House wife done clear
  C)
  Government employee done clear
  D)
  Private employee done clear
  E)
  Minor done clear
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