McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
| 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 | |
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