General Insurance Solved MCQs

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
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