Insurance Related GK Questions for New India Assurance Exam 2017

Insurance related GK Questions
study material useful for upcoming New India Assurance Exam 2017 and other Insurance Exams.

1. The term ‘Front-end load’ is associated with–
(A) term deposits (B) term loans (C) insurance policies (D) mutual funds (Ans : D)

2. The 'SBI Life Insurance Company Limited' is a joint venture life insurance company between State Bank of India and–
(A) BNP Paribas Assurance (B) Standard Life Insurance Company
(C) Prudential Life Insurance Company (D) Life Insurance Corporation of India (Ans : A)

3. Which of the following authorities is approached for insurance related complaints?
(A) Governing Body of Insurance Council (GBIC) (B) Insurance Regulatory and Development Authority of India (IRDA)
(C) Insurance Ombudsman (D) National Insurance Corporation Limited (NICL) (Ans : B)

4. Which of the following is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations?
(A) United India Insurance Company Limited (B) Oriental Fire and General Insurance Company Limited
(C) New India Assurance Company Limited (D) Agriculture Insurance Company of India (Ans : C)

5. Which of the following organisation process insurance claims or certain aspects of employed benefit plans for a separate entity?
(A) Insurance broker (B) Insurance surveyor (C) Third party owner (D) Third party administrator (Ans : D)

6. The amount to be paid for a contract of insurance to the insurance company, that is the sum that a person pays monthly, quarterly or annually according to their plan, in return of the coverage he / she has taken from the insurance company is known as–
(A) Certain Loss (B) Uncertain Loss (C) Claim amount (D) Premium (Ans : D)

7. In insurance sector, FDI is raised from 26% to–
(A) 47% (B) 50% (C) 49% (D) 40% (Ans : C)

8. Which of the following is not related to the insurance sector?
(A) Indemnity (B) Coverage (C) Misuse Alert (D) Annuity (Ans : C)

9. A complaint can be lodged with the insurance ombudsman by an aggrieved–
(A) corporate policy holder (B) trust/association holding an insurance policy
(C) sole-proprietor of a firm holding the insurance policy (D) individual policy holder (Ans : D)

10. Situations when the insurance company passes some part of or all risks to another–
(A) Reinsurance (B) Double-insurance (C) Co-insurance (D) Void-insurance (Ans : A)

11. When an insurer passes some part of or all risks to another insurer called Re-insurer, this type of insurance is called–
(A) Self Insurance (B) Dual Insurance (C) Void Insurance (D) Re-insurance (Ans : D)

12. Which of the following is one of the main functions of RBI?
(A) Regulations of the Stock Markets (B) Regulation of Life Insurance
(C) Regulation of General Insurance (D) Banker's Bank (Ans : D)

13. A general or life insurance policy with a sum assured of Rs. Fifty Thousand or less is known as a–
(A) Micro Insurance Policy (B) Plain Insurance Policy
(C) Standard Insurance Policy (D) Basic Insurance Policy (Ans : A)

14. The Ways and Means Advances (WAM) are short term advances to tide over temporary mismatches in receipts and payments which the RBI lends to–
(A) Public Sector Banks (B) Life Insurance Corporation of India
(C) State Bank of India (E) Government (Ans : E)

15. Which of the following types of companies / organisations issue ULIP?
(A) Insurance companies (B) Banks (C) NABARD (D) RBI (Ans : A)

16. A Life Insurance which provides coverage at a fixed rate of payments for a limited period of time is known as–
(A) Variable Life Insurance Policy (B) Term Life Insurance Policy
(C) Permanent Life Insurance Policy (D) Universal Life Insurance Policy (Ans : B)

17. The regulator of the insurance business in India is–
(A) PFRDA (B) IRDA (C) FMC (D) SEBI (Ans : B)

18. A company selling the insurance policy is known as the–
(A) Insurance Carrier (B) The Insurance Agent
(C) The Life Insured (D) Business Correspondent (Ans : B)

19. Which amongst the following is not an insurance company functioning in India ?
(A) ICICI prudential (B) ING Vysya (C) National Securities Depository Limited
(D) New India Insurance Company (Ans : C)

20. A life insurance policy which provides coverage at a fixed rate of payments for a limited period of times, is known as–
(A) Whole Life Insurance (B) Variable Universal Life Insurance
(C) Term Life Insurance (D) Universal Life Insurance (Ans : C)

21. An insurance purchased by agricultural producers to protect themselves against either the loss of their crops due to natural disasters or loss of revenue due to declines in the prices of agricultural commodities, is known as–
(A) Crop Insurance (B) Third Party Insurance
(C) Gap Insurance (D) Marine Insurance (Ans : A)

22. National Insurance Academy (NIA) is situated at–
(A) Hyderabad (B) New Delhi (C) Ahmedabad (D) Pune (Ans : D)

23. An agency which holds electronic records of insurance policies issued to individuals, is known as–
(A) Insurance Depository (B) Insurance Attorney
(C) Insurance Actuary (E) Insurance Repository (Ans : E)

24. The headquarters of the State Owned Life Insurance Corporation Limited is situated in–
(A) Gurgaon (B) Mumbai (C) Hyderabad (D) Kolkata (Ans : B)

25. With reference to which sector of Indian economy did the Economic Survey say that it is suffering from "double financial repression" ?
(A) Services sector (B) Infrastructure sector
(C) Banking sector (D) Only (A), (B) and (C) (Ans : C)