Q1. ____________, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured.
(a) Cashier
(b) Broker
(c) Agent
(d) Customer
(e) Banker
S1. Ans.(b)
Sol. Broker, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured. The broker may also be an agent of the insurer for purposes of policy collection and delivery of the policy.
(a) 1956
(b) 1949
(c) 1934
(d) 1919
(e) 1906
S2. Ans.(e)
Sol. National Insurance Company Limited (NICL) was incorporated in the year 1906. After nationalization it was merged, along with 21 foreign and 11 Indian companies, to form National Insurance Company Ltd.
Sol. National Insurance Company Limited (NICL) was incorporated in the year 1906. After nationalization it was merged, along with 21 foreign and 11 Indian companies, to form National Insurance Company Ltd.
Q3. Agriculture Insurance Company Of India Limited’ (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under-
(a) Companies Act, 1956
(b) IRDA Act, 1999
(c) Reserve Bank of India Act, 1934
(d) SEBI Act, 1992
(e) None of the given options is true
S3. Ans.(a)
Sol. Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under the Companies Act, 1956 on 20th December 2002.
Sol. Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under the Companies Act, 1956 on 20th December 2002.
Q4. The written insurance contract that may include all clauses, riders and endorsements. It is called?
(a) Liabilities
(b) Premium
(c) Installment
(d) Policy
(e) Assets
S4. Ans.(d)
Sol. Policy is the written insurance contract that may include all clauses, riders and endorsements.
Sol. Policy is the written insurance contract that may include all clauses, riders and endorsements.
Q5. UHIS has launched by the Government of India is already in existence for persons and families below the poverty line with the element of subsidy from the Government. UHIS stands for-
(a) Universal Health Insurance System
(b) Universal Health Insurance Service
(c) Universal Health Insurance Scheme
(d) Universal Health Insurance Solutions
(e) Universal Health Insurance Scenario
S5. Ans.(c)
Sol. The Universal Health Insurance Scheme (UHIS) has launched by the Government of India is already in existence for persons and families below the poverty line with element of subsidy from the Government. In addition, the Rashtriya Swasthya Bima Yojana (RSBY) was also rolled out from by the Government to provide the health insurance coverage for Below Poverty Line (BPL) families.
Sol. The Universal Health Insurance Scheme (UHIS) has launched by the Government of India is already in existence for persons and families below the poverty line with element of subsidy from the Government. In addition, the Rashtriya Swasthya Bima Yojana (RSBY) was also rolled out from by the Government to provide the health insurance coverage for Below Poverty Line (BPL) families.
Q6. Agriculture Insurance Company of India Limited (AIC) was incorporated in which year?
(a) 20th December 1999
(b) 20th December 2007
(c) 20th December 1992
(d) 20th December 2004
(e) 20th December 2002
S6. Ans.(e)
Sol. Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under the Companies Act, 1956 on 20th December 2002.
Sol. Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under the Companies Act, 1956 on 20th December 2002.
Q7. IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956. What is the meaning of "B" in IBAI?
(a) Basel
(b) Broadcasting
(c) Board
(d) Brokers
(e) Banking
S7. Ans.(d)
Sol. Insurance Brokers Association of India (IBAI) was incorporated as a Company under Section 25 of the Companies Act, 1956.
Sol. Insurance Brokers Association of India (IBAI) was incorporated as a Company under Section 25 of the Companies Act, 1956.
Q8. Where is the head office of Agriculture Insurance Company of India Limited (AIC)?
(a) Hyderabad
(b) Mumbai
(c) New Delhi
(d) Kolkata
(e) Chennai
S8. Ans.(c)
Sol. The head office of Agriculture Insurance Company of India Limited (AIC) is in New Delhi.
Sol. The head office of Agriculture Insurance Company of India Limited (AIC) is in New Delhi.
Q9. Nippon Life Insurance has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million) in order to increase its stake in Reliance Life Insurance from 26 per cent to 49 per cent. Nippon Life Insurance based in-
(a) Germany
(b) Japan
(c) Canada
(d) USA
(e) France
S9. Ans.(b)
Sol. Nippon Life Insurance, Japan’s second largest life insurance company, has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million) in order to increase its stake in Reliance Life Insurance from 26 per cent to 49 per cent.
Sol. Nippon Life Insurance, Japan’s second largest life insurance company, has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million) in order to increase its stake in Reliance Life Insurance from 26 per cent to 49 per cent.
Q10. ___________ insurance gives protection to the vehicle owner against damages to his/her vehicle and pays for any Third Party Liability determined as per law against the owner of the vehicle.
(a) Motor Insurance
(b) Travel Insurance
(c) Group Insurance
(d) Life Insurance
(e) Health Insurance
S10. Ans.(a)
Sol. Motor insurance gives protection to the vehicle owner against (i) damages to his/her vehicle and (ii) pays for any Third Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory requirement. The owner of the vehicle is legally liable for any injury or damage to third party life or property caused by or arising out of the use of the vehicle in a public place. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Motor Vehicles Act, 1988.
Sol. Motor insurance gives protection to the vehicle owner against (i) damages to his/her vehicle and (ii) pays for any Third Party Liability determined as per law against the owner of the vehicle. Third Party Insurance is a statutory requirement. The owner of the vehicle is legally liable for any injury or damage to third party life or property caused by or arising out of the use of the vehicle in a public place. Driving a motor vehicle without insurance in a public place is a punishable offence in terms of the Motor Vehicles Act, 1988.
Q11. Which among the following companies has not contributed towards the share capital of Agriculture Insurance Company of India Limited (AIC)?
(a) Insurance Regulatory and Development Authority of India (IRDAI)
(b) General Insurance Corporation of India (GIC)
(c) National Bank for Agriculture and Rural Development (NABARD)
(d) Oriental Insurance Company Limited (OICL)
(e) National Insurance Company Limited (NICL)
S11. Ans.(a)
Sol. Promoters (Share Holding) of Agriculture Insurance Company of India Limited (AIC) is given below:-
General Insurance Corporation of India - 35 %
National Bank for Agriculture And Rural Development (NABARD) - 30 %
National Insurance Company Limited - 8.75 %
The New India Assurance Company Limited - 8.75 %
The Oriental Insurance Company Limited - 8.75 %
United India Insurance Company Limited - 8.75 %
Sol. Promoters (Share Holding) of Agriculture Insurance Company of India Limited (AIC) is given below:-
General Insurance Corporation of India - 35 %
National Bank for Agriculture And Rural Development (NABARD) - 30 %
National Insurance Company Limited - 8.75 %
The New India Assurance Company Limited - 8.75 %
The Oriental Insurance Company Limited - 8.75 %
United India Insurance Company Limited - 8.75 %
Q12. Where is the head office of National Insurance Company Limited (NICL)?
(a) Hyderabad
(b) Kolkata
(c) New Delhi
(d) Mumbai
(e) Chennai
S12. Ans.(b)
Sol. The Head Office of National Insurance Company Limited (NICL) is in Kolkata.
Sol. The Head Office of National Insurance Company Limited (NICL) is in Kolkata.
Q13. What is the authorised capital of National Insurance Company Limited (NICL)?
(a) Rs.1500 crore
(b) Rs.100 crore
(c) Rs.200 crore
(d) Rs.500 crore
(e) Rs.1000 crore
S13. Ans.(c)
Sol. The authorized capital and paid-up equity capital of the National Insurance Company Limited (NICL) is Rs.200 crore and Rs.100 crore respectively.
Sol. The authorized capital and paid-up equity capital of the National Insurance Company Limited (NICL) is Rs.200 crore and Rs.100 crore respectively.
Q14. IRDAI has allowed insurers to invest up to ___________ in Additional Tier 1 (AT1) bonds, that are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors for the banks.
(a) 25 per cent
(b) 30 per cent
(c) 20 per cent
(d) 10 per cent
(e) 15 per cent
S14. Ans.(d)
Sol. IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds, that are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors for the banks.
Sol. IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds, that are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible investors for the banks.
Q15. Who is the present Chairman of IRDAI?
(a) Harsh Kumar Bhanwala
(b) Kshatrapati Shivaji
(c) Urjit Patel
(d) Ajay Tyagi
(e) T S Vijayan
S15. Ans.(e)
Sol. Mr. T S Vijayan took charge as Chairman of Insurance Regulatory & Development Authority of India in February 2013. Since then Mr. Vijayan has been playing a key role in various initiatives for enhancing insurance awareness and making insurance affordable to all sections of population. He has also taken various measures for optimum utilization of technology in the insurance space.
Sol. Mr. T S Vijayan took charge as Chairman of Insurance Regulatory & Development Authority of India in February 2013. Since then Mr. Vijayan has been playing a key role in various initiatives for enhancing insurance awareness and making insurance affordable to all sections of population. He has also taken various measures for optimum utilization of technology in the insurance space.
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