McqMate
| 1. |
The life insurance business in India was first started in which year? |
| A. | 1827 |
| B. | 1845 |
| C. | 1818 |
| D. | 1832 |
| Answer» C. 1818 | |
| 2. |
Name the first life insurance company to function in India |
| A. | United India Insurance Company |
| B. | Bombay Mutual Life Assurance Society |
| C. | Agriculture Insurance Company of India |
| D. | Oriental Life Insurance Company |
| Answer» D. Oriental Life Insurance Company | |
| 3. |
Which among the following is the first Indian life insurance company to begin operations in India? |
| A. | Bombay Mutual Life Assurance Society |
| B. | Empire of India Life Assurance Company |
| C. | Albert Life Assurance |
| D. | Royal Insurance |
| Answer» A. Bombay Mutual Life Assurance Society | |
| 4. |
The Life Insurance Companies Act was passed in which year? |
| A. | 1919 |
| B. | 1912 |
| C. | 1900 |
| D. | 1902 |
| Answer» B. 1912 | |
| 5. |
Which among the following is the oldest existing insurance company in India? |
| A. | National Insurance Company |
| B. | Life Insurance Corporation of India |
| C. | New India Assurance Company |
| D. | United India Insurance Company |
| Answer» A. National Insurance Company | |
| 6. |
The Life Insurance Corporation of India (LIC) came into existence in which year? |
| A. | 1962 |
| B. | 1949 |
| C. | 1956 |
| D. | 1947 |
| Answer» C. 1956 | |
| 7. |
Name the first General Insurance Company in India? |
| A. | ECGC Ltd |
| B. | United India Insurance Company Limited |
| C. | Indian Mercantile Insurance Ltd |
| D. | riton Insurance Company Ltd |
| Answer» D. riton Insurance Company Ltd | |
| 8. |
The Insurance Act to govern both life insurance and non-life insurance was passed in which year? |
| A. | 1929 |
| B. | 1938 |
| C. | 1949 |
| D. | 1934 |
| Answer» B. 1938 | |
| 9. |
The Life Insurance Business in India was nationalized in which year? |
| A. | 1956 |
| B. | 1949 |
| C. | 1938 |
| D. | 1962 |
| Answer» A. 1956 | |
| 10. |
The General Insurance Business in India was nationalized in which year? |
| A. | 1925 |
| B. | 1962 |
| C. | 1973 |
| D. | 1949 |
| Answer» C. 1973 | |
| 11. |
IRDA Act was passed in which year by the Government of India? |
| A. | 1992 |
| B. | 2002 |
| C. | 2000 |
| D. | 1999 |
| Answer» D. 1999 | |
| 12. |
The IRDA was incorporated as a statutory body on ? |
| A. | 2001-04-30 00:00:00 |
| B. | 2002-07-01 00:00:00 |
| C. | 1999-12-31 00:00:00 |
| D. | 2000-04-19 00:00:00 |
| Answer» D. 2000-04-19 00:00:00 | |
| 13. |
What is the FDI limit in the Insurance sector? |
| A. | 0.26 |
| B. | 0.49 |
| C. | 1 |
| D. | 0.74 |
| Answer» B. 0.49 | |
| 14. |
Which section of Insurance Act, 1938 grants power to IRDA to frame regulations? |
| A. | Section 114A |
| B. | Section 111B |
| C. | Section 110A |
| D. | Section 112B |
| Answer» A. Section 114A | |
| 15. |
The board of IRDAI consists of how many members? |
| A. | 10 |
| B. | 5 |
| C. | 4 |
| D. | 8 |
| Answer» A. 10 | |
| 16. |
Who is the Chairman of the IRDAI? |
| A. | Sujay Banarji |
| B. | P. J. Joseph |
| C. | Praveen Kutumbe |
| D. | Subhash C. Khuntia |
| Answer» D. Subhash C. Khuntia | |
| 17. |
Which of the following is a reinsurance company in India? |
| A. | The Oriental Insurance Company |
| B. | General Insurance Corporation of India |
| C. | Agriculture Insurance Company of India |
| D. | SBI General Insurance |
| Answer» B. General Insurance Corporation of India | |
| 18. |
How many insurance companies were merged to form the Life Insurance Corporation of India? |
| A. | 200 |
| B. | 176 |
| C. | 245 |
| D. | 125 |
| Answer» C. 245 | |
| 19. |
What does U stands for in ULIP with respect to insurance sector? |
| A. | Unique |
| B. | Unit |
| C. | Umbrella |
| D. | Ultimate |
| Answer» B. Unit | |
| 20. |
How many public sector life insurance companies are functional in India? |
| A. | 1 |
| B. | 2 |
| C. | 3 |
| D. | 4 |
| Answer» A. 1 | |
| 21. |
Bombay Mutual Life Assurance Society was the first life insurance company in India to insure Indian lives. It was set up in which year? |
| A. | 1890 |
| B. | 1832 |
| C. | 1818 |
| D. | 1870 |
| Answer» D. 1870 | |
| 22. |
The Indian Life Assurance Companies Act was passed in which year to regulate life insurance business in India? |
| A. | 1930 |
| B. | 1919 |
| C. | 1912 |
| D. | 1925 |
| Answer» C. 1912 | |
| 23. |
The Indian Insurance Companies Act was enacted in which year? |
| A. | 1912 |
| B. | 1928 |
| C. | 1936 |
| D. | 1949 |
| Answer» B. 1928 | |
| 24. |
The National Insurance Academy is located in which city? |
| A. | Kolkata |
| B. | New Delhi |
| C. | Pune |
| D. | Hyderabad |
| Answer» C. Pune | |
| 25. |
The National Insurance Company Limited is a type of insurance company |
| A. | General Insurance |
| B. | Life Insurance |
| C. | Re-Insurance |
| D. | ALL |
| Answer» A. General Insurance | |
| 26. |
An insurance product that pays out income to the holder at specified intervals usually after retirement is known as |
| A. | Paid Up |
| B. | Annuity |
| C. | Premium |
| D. | Claim |
| Answer» B. Annuity | |
| 27. |
The General Insurance Corporation of India (GIC) was notified as the Indian Reinsurer in which year? |
| A. | 2014 |
| B. | 1987 |
| C. | 1999 |
| D. | 2000 |
| Answer» D. 2000 | |
| 28. |
How many public sector non life insurance companies are there in India? |
| A. | 1 |
| B. | 3 |
| C. | 5 |
| D. | 6 |
| Answer» D. 6 | |
| 29. |
The sole national re-insurer of India, General Insurance Corporation of India (GIC Re) has its headquarter at |
| A. | New Delhi |
| B. | Mumbai |
| C. | Kolkata |
| D. | Chennai |
| Answer» B. Mumbai | |
| 30. |
Who is the Chairman and MD of ECGC Ltd. |
| A. | Alamelu T. Lakshmanachari |
| B. | Geetha Muralidhar |
| C. | K Sanath Kumar |
| D. | A V Girija Kumar |
| Answer» B. Geetha Muralidhar | |
| 31. |
The Oriental Insurance Company Ltd was founded in which year? |
| A. | 1929 |
| B. | 1952 |
| C. | 1938 |
| D. | 1947 |
| Answer» D. 1947 | |
| 32. |
What should be the minimum paid up capital of an entity to start re-insurance business in India? |
| A. | Rs 200 crore |
| B. | Rs 100 crore |
| C. | Rs 500 crore |
| D. | Rs 300 crore |
| Answer» A. Rs 200 crore | |
| 33. |
The Insurance Laws (Amendment) Bill, 2008 has amended which among the following acts? |
| A. | Insurance Act, 1938 |
| B. | General Insurance Business (Nationalisation) Act, 1972 |
| C. | Insurance Regulatory and Development Authority Act, 1999 |
| D. | iven All |
| Answer» D. iven All | |
| 34. |
How many Insurance Ombudsman are functional in India? |
| A. | 21 |
| B. | 17 |
| C. | 9 |
| D. | 15 |
| Answer» B. 17 | |
| 35. |
A person with expertise in measurement and management of risk and uncertainty in insurance business is known as |
| A. | Actuary |
| B. | Insurer |
| C. | Agent |
| D. | Claimant |
| Answer» A. Actuary | |
| 36. |
The Oriental Insurance Company Ltd does not has its branch in which of the following countries? |
| A. | Nepal |
| B. | Kuwait |
| C. | UAE |
| D. | France |
| Answer» D. France | |
| 37. |
The United India Insurance Company has its headquarter in which city? |
| A. | Kolkata |
| B. | New Delhi |
| C. | Mumbai |
| D. | Chennai |
| Answer» D. Chennai | |
| 38. |
The Insurance Regulatory and Development Authority (IRDA) Act was passed in which year? |
| A. | 1999 |
| B. | 2000 |
| C. | 1998 |
| D. | 1997 |
| Answer» A. 1999 | |
| 39. |
The General Insurance Corporation of India (GIC) was converted into a national re-insurer in which year? |
| A. | 1995 |
| B. | 2000 |
| C. | 2014 |
| D. | 1999 |
| Answer» B. 2000 | |
| 40. |
How many companies were merged to form the United India Insurance Company (UIIC)? |
| A. | 12 |
| B. | 19 |
| C. | 22 |
| D. | 20 |
| Answer» C. 22 | |
| 41. |
Selling of insurance products through banks is known as |
| A. | Banking Insurance |
| B. | Inclusive Banking |
| C. | Third Party Banking |
| D. | Bancassurance |
| Answer» D. Bancassurance | |
| 42. |
The person who is specified by the insured to receive the insurance policy in case premature death is called a . |
| A. | Nominee |
| B. | Insured |
| C. | Insurer |
| D. | Appointee |
| Answer» A. Nominee | |
| 43. |
The fixed amount of money paid by the insured to the insurance company regularly is called . |
| A. | Capital |
| B. | Annuity |
| C. | Premium |
| D. | Value |
| Answer» C. Premium | |
| 44. |
Which among the following banks is a subsidiary of the Life Insurance Corporation of India (LIC)? |
| A. | UCO Bank |
| B. | IDBI Bank |
| C. | Vijaya Bank |
| D. | Dena Bank |
| Answer» B. IDBI Bank | |
| 45. |
The Insurance plan under which a number of employees and their dependents are insured under a single policy is known as ? |
| A. | Group insurance |
| B. | Co Insurance |
| C. | Double Insurance |
| D. | Self Insurance |
| Answer» A. Group insurance | |
| 46. |
Which among the following insurance companies is not based in Mumbai? |
| A. | The New India Assurance Company Limited (NIACL) |
| B. | General Insurance Corporation of India (GIC Re) |
| C. | ECGC Ltd |
| D. | United India Insurance Company Limited |
| Answer» D. United India Insurance Company Limited | |
| 47. |
Life Insurance Corporation of India(LIC) was formed in which year? |
| A. | 1912 |
| B. | 1950 |
| C. | 1952 |
| D. | 1956 |
| Answer» D. 1956 | |
| 48. |
What is the name of Satellite offices of Life Insurance Corporation of India (LIC)? |
| A. | SAMPARK |
| B. | SAMADHAN |
| C. | SAMPOORNA |
| D. | SHATABDI |
| Answer» A. SAMPARK | |
| 49. |
Where is the headquarters of Life Insurance Corporation of India (LIC) located? |
| A. | Delhi |
| B. | Pune |
| C. | Mumbai |
| D. | Chennai |
| Answer» C. Mumbai | |
| 50. |
In which year Life Insurance Business in India was nationalized? |
| A. | 1956 |
| B. | 1958 |
| C. | 1960 |
| D. | 1966 |
| Answer» A. 1956 | |
| 51. |
What is the slogan of Life Insurance Corporation of India (LIC)? |
| A. | Ek Shagun Zindagi Ke Naam |
| B. | Rest Assured with Us |
| C. | Muskurate Raho |
| D. | Yogakshemam Vahaamyaham |
| Answer» D. Yogakshemam Vahaamyaham | |
| 52. |
In which bank has Life Insurance Corporation of India (LIC) bought 51% stake recently? |
| A. | HDFC Bank |
| B. | ICICI Bank |
| C. | IDBI Bank |
| D. | IDFC First Bank |
| Answer» C. IDBI Bank | |
| 53. |
What percentage of annual profit does Life Insurance Corporation of India (LIC) pays to Central government? |
| A. | 0.02 |
| B. | 0.05 |
| C. | 0.07 |
| D. | 0.1 |
| Answer» B. 0.05 | |
| 54. |
What percentage of annual profit does Life Insurance Corporation of India (LIC) pays its policy holder? |
| A. | 0.6 |
| B. | 0.85 |
| C. | 0.65 |
| D. | 0.95 |
| Answer» D. 0.95 | |
| 55. |
The Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by |
| A. | Life Insurance Corporation of India |
| B. | Insurance Regulatory and Development Authority of India |
| C. | Employees’ Provident Fund Organisation |
| D. | Pension Fund Regulatory and Development Authority |
| Answer» A. Life Insurance Corporation of India | |
| 56. |
The insurance in which risks are shared between multiple insurers is known as |
| A. | Dual Insurance |
| B. | Co Insurance |
| C. | Self Insurance |
| D. | Reinsurance |
| Answer» B. Co Insurance | |
| 57. |
The Insurance companies provide an option of reactivating the lapsed policy, within a specific period of time post the grace period. This period is known as |
| A. | Extended Period |
| B. | Lapsed Period |
| C. | Revival Period |
| D. | Renewed Period |
| Answer» C. Revival Period | |
| 58. |
An insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment is termed as |
| A. | Indemnity Insurance |
| B. | Business Default Insurance |
| C. | Risk Hall Insurance |
| D. | Entrepreneur Hall Insurance |
| Answer» A. Indemnity Insurance | |
| 59. |
The situation where the benefits of insurance policy gets terminated due to non-payment of premium is called as |
| A. | Surrender |
| B. | Lapse |
| C. | Terminate |
| D. | Dormant |
| Answer» B. Lapse | |
| 60. |
What does ‘Paid Up’ policy means in insurance? |
| A. | Policy that requires no further premium payments and continues to provide benefits till maturity. |
| B. | Policy that provide a life cover for a specific term |
| C. | Policy for which the premium is paid in a single period together |
| D. | Policy in which the premium gets reduced over a period of time and benefit increases till maturity |
| Answer» A. Policy that requires no further premium payments and continues to provide benefits till maturity. | |
| 61. |
Which among the following is an accidental insurance scheme? |
| A. | PMJJBY |
| B. | PMFBY |
| C. | PMSBY |
| D. | PMVVY |
| Answer» C. PMSBY | |
| 62. |
Which among the following options is not correct? |
| A. | 1948 – Introduction of The Insurance Act |
| B. | 1956 – Nationalization of Life Insurance business |
| C. | 1972 – General Insurance Business (Nationalization) Act was passed |
| D. | 2000 – GIC was converted into National Re-insurer |
| Answer» A. 1948 – Introduction of The Insurance Act | |
| 63. |
The General Insurance Business (Nationalization) Amendment Act was passed in which year? |
| A. | 2000 |
| B. | 2002 |
| C. | 1999 |
| D. | 1998 |
| Answer» B. 2002 | |
| 64. |
GIC was formed in pursuance of which section of General Insurance Business (Nationalization) Act (GIBNA)? |
| A. | Section 8(1) |
| B. | Section 7(1) |
| C. | Section 9(1) |
| D. | Section 2(1) |
| Answer» C. Section 9(1) | |
| 65. |
GIC was founded on |
| A. | 1938-07-01 00:00:00 |
| B. | 1994-01-31 00:00:00 |
| C. | 1959-04-25 00:00:00 |
| D. | 1972-11-22 00:00:00 |
| Answer» D. 1972-11-22 00:00:00 | |
| 66. |
The General Insurance Corporation of India (GIC) was incorporated as a private company under which act? |
| A. | Insurance Act 1938 |
| B. | General Insurance Business (Nationalisation) Act, 1972 |
| C. | Companies Act, 1956 |
| D. | Insurance Regulatory and Development Authority Act, 1999 |
| Answer» C. Companies Act, 1956 | |
| 67. |
With the nationalization, the General Insurance business in India was merged into how many companies? |
| A. | 10 |
| B. | 9 |
| C. | 7 |
| D. | 4 |
| Answer» D. 4 | |
| 68. |
How many insurance companies were nationalized under the General Insurance Business (Nationalization) Act (GIBNA) 1972? |
| A. | 107 |
| B. | 255 |
| C. | 98 |
| D. | 130 |
| Answer» A. 107 | |
| 69. |
Before GIC became the sole Re-Insurer in India, it had how many fully owned subsidiary companies? |
| A. | 3 |
| B. | 1 |
| C. | 2 |
| D. | 4 |
| Answer» D. 4 | |
| 70. |
What is the share of Government of India in the GIC of India (GIC Re)? |
| A. | 0.7025 |
| B. | 1 |
| C. | 0.5111 |
| D. | 0.8578 |
| Answer» D. 0.8578 | |
| 71. |
General Insurance Corporation of India (GIC) has its foreign branches in how many countries? |
| A. | 1 |
| B. | 2 |
| C. | 3 |
| D. | None |
| Answer» C. 3 | |
| 72. |
Which among the given is the wholly owned subsidiary of GIC Re? |
| A. | GIC-Bhutan RE Ltd. |
| B. | GIC Re South Africa Ltd. |
| C. | Agricultural Insurance Company of India Ltd |
| D. | GIC |
| Answer» B. GIC Re South Africa Ltd. | |
| 73. |
The New India Assurance Company Limited was founded in which year? |
| A. | 1928-03-02 00:00:00 |
| B. | 1922-12-18 00:00:00 |
| C. | 1932-01-28 00:00:00 |
| D. | 1919-07-23 00:00:00 |
| Answer» D. 1919-07-23 00:00:00 | |
| 74. |
The headquarter of The New India Assurance Company Ltd is located in which city? |
| A. | Kolkata |
| B. | Chennai |
| C. | Mumbai |
| D. | Delhi |
| Answer» C. Mumbai | |
| 75. |
Who is the founder of The New India Assurance Company Ltd? |
| A. | Pallonji Mistry |
| B. | Sir Dorabji Tata |
| C. | Ardeshir Godrej |
| D. | S.K. Burman |
| Answer» B. Sir Dorabji Tata | |
| 76. |
The New India Assurance Company Ltd is a type of company |
| A. | General Insurance Company |
| B. | Life Insurance Company |
| C. | Pension Regulator |
| D. | Asset Reconstruction |
| Answer» A. General Insurance Company | |
| 77. |
The United India Insurance Company (UIIC) Limited was incorporated on |
| A. | 1919-12-31 00:00:00 |
| B. | 1946-01-25 00:00:00 |
| C. | 1938-02-18 00:00:00 |
| D. | 1952-03-09 00:00:00 |
| Answer» C. 1938-02-18 00:00:00 | |
| 78. |
UIIC was nationalised in which year? |
| A. | 1956 |
| B. | 1972 |
| C. | 1999 |
| D. | 2000 |
| Answer» B. 1972 | |
| 79. |
How many companies were merged with the United India Insurance Company Limited with nationalization? |
| A. | 20 |
| B. | 14 |
| C. | 19 |
| D. | 22 |
| Answer» D. 22 | |
| 80. |
The headquarter of UIIC is in which city? |
| A. | Kolkata |
| B. | Mumbai |
| C. | Chennai |
| D. | Hyderabad |
| Answer» C. Chennai | |
| 81. |
The Oriental Insurance Company Limited was incorporated in which year? |
| A. | 1938-07-15 00:00:00 |
| B. | 1942-04-30 00:00:00 |
| C. | 1954-01-21 00:00:00 |
| D. | 1947-09-12 00:00:00 |
| Answer» D. 1947-09-12 00:00:00 | |
| 82. |
Where is the headquarter of The Oriental Insurance Company Ltd located? |
| A. | New Delhi |
| B. | Mumbai |
| C. | Chennai |
| D. | Kolkata |
| Answer» A. New Delhi | |
| 83. |
When was the National Insurance Company Limited (NICL) incorporated? |
| A. | 1906-12-05 00:00:00 |
| B. | 1984-07-18 00:00:00 |
| C. | 1938-11-22 00:00:00 |
| D. | 1919-04-30 00:00:00 |
| Answer» A. 1906-12-05 00:00:00 | |
| 84. |
Where is the headquarter of NICL located? |
| A. | Hyderabad |
| B. | Mumbai |
| C. | Kolkata |
| D. | Jaipur |
| Answer» C. Kolkata | |
| 85. |
How many insurance companies were merged with National Insurance Company Limited after nationalization in 1972? |
| A. | 54 |
| B. | 19 |
| C. | 32 |
| D. | 28 |
| Answer» C. 32 | |
| 86. |
Apart from being a leading insurance provider in India, NICL also serves which other country? |
| A. | Nepal |
| B. | Sri Lanka |
| C. | Bhutan |
| D. | Bangladesh |
| Answer» A. Nepal | |
| 87. |
The headquarter of Agriculture Insurance Company Of India Limited (AIC) is located in which city? |
| A. | Bengaluru |
| B. | Pune |
| C. | New Delhi |
| D. | Hyderabad |
| Answer» C. New Delhi | |
| 88. |
What is the shareholding of National Agricultural and Rural Development Bank (NABARD) in Agriculture Insurance Company of India Limited (AIC)? |
| A. | 0.3 |
| B. | 0.35 |
| C. | 0.4 |
| D. | 0.45 |
| Answer» A. 0.3 | |
| 89. |
The insurance is listed in which schedule to the Constitution of India? |
| A. | 3rd |
| B. | 14th |
| C. | 9th |
| D. | 7th |
| Answer» D. 7th | |
| 90. |
Since which year, IRDA started licensing private sector companies to conduct general insurance business in India? |
| A. | 1999 |
| B. | 2001 |
| C. | 2004 |
| D. | 1992 |
| Answer» B. 2001 | |
| 91. |
Name the committee that recommended the entry of the private sector in the insurance business and also foreign companies be allowed entry by forming joint venture with Indian companies |
| A. | Malhotra Committee |
| B. | Gupte Committee |
| C. | Amphora Committee |
| D. | Banarji Committee |
| Answer» C. Amphora Committee | |
| 92. |
The first ever life insurance industry in India was set up in which city? |
| A. | Bombay |
| B. | Delhi |
| C. | Madras |
| D. | Calcutta |
| Answer» D. Calcutta | |
| 93. |
Which among the following was the first life insurance company in India to cater to the needs of Indians? |
| A. | Indian Mercantile Insurance Company Ltd |
| B. | Madras Equitable Life Insurance Society |
| C. | Bombay Mutual Life Assurance Society |
| D. | Oriental Life Insurance Company |
| Answer» C. Bombay Mutual Life Assurance Society | |
| 94. |
The insurance law in India has its origin from which country? |
| A. | France |
| B. | United Kingdom |
| C. | United States |
| D. | Russia |
| Answer» B. United Kingdom | |
| 95. |
The first general insurance company was set up in which city of India? |
| A. | Delhi |
| B. | Madras |
| C. | Bombay |
| D. | Calcutta |
| Answer» D. Calcutta | |
| 96. |
Which of the given insurance covers are compulsory by law in India? |
| A. | Motor Vehicle Insurance |
| B. | DICGC Insurance |
| C. | Employees’ State Insurance |
| D. | All |
| Answer» D. All | |
| 97. |
The banks can withdraw from DICGC coverage after a period of |
| A. | One year |
| B. | Two years |
| C. | Five years |
| D. | Cannot Withdraw |
| Answer» D. Cannot Withdraw | |
| 98. |
Which Section of the Insurance Act 1938, allows the life insurers to call a policy into question, within the initial 3 years, on the ground of misrepresentation or fraud? |
| A. | Section 27 |
| B. | Section 32 |
| C. | Section 45 |
| D. | Section 12 |
| Answer» C. Section 45 | |
| 99. |
What is the duration of time provided by RBI to LIC to reduce its stake in IDBI Bank by 10 percent? |
| A. | 12 years |
| B. | 10 years |
| C. | 5 years |
| D. | 8 years |
| Answer» A. 12 years | |
| 100. |
Under the Prime Minister’s Crop Insurance Scheme, farmers will have to pay a uniform premium of percent for Kharif crops? |
| A. | 0.015 |
| B. | 0.01 |
| C. | 0.05 |
| D. | 0.02 |
| Answer» D. 0.02 | |
Done Reading?