Insurance Awareness Quiz for NICL AO Mains 2017

Dear Readers,


Just a few days are left for NICL AO Exam. It is time to pace up your preparation of Insurance Awareness for NICL AO Mains Exam. These Insurance questions will also help you in preparing for other upcoming Banking or Insurance recruitment examination.

Q1. _____________ a/an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
(a) Insurance
(b) Banking
(c) Market Risk
(d) Premium
(e) Prompt Corrective Action (PCA)

Q2. In which among the following year the Life Insurance sector and Life Insurance Corporation came into existence?
(a) 1949
(b) 1935
(c) 1951
(d) 1962
(e) 1956

Q3. IRDA was constituted as a _________ to regulate and develop the insurance industry in 1999. 
(a) Regulatory body
(b) Amendment body
(c) autonomous body
(d) All of the above
(e) None of the given options is true

Q4. An insurance ________ is the amount of money that an individual or business must pay for an insurance policy.
(a) premium
(b) agent
(c) health insurance
(d) broker
(e) clause

Q5. In 1993, the Government set up a committee under the chairmanship of _________ former Governor of RBI, to propose recommendations for reforms in the insurance sector.
(a) Gorwala Committee 
(b) RN Malhotra
(c) B Sivaraman Committee
(d) Rangarajan Committee
(e) None of the given options is true

Q6. IRDA stands for-
(a) Insurance Regulatory and Department Authority 
(b) Insurance Regulatory and Development Assembly 
(c) Insurance Regulatory and Development Association
(d) Insurance Regulatory and Development Authority
(e) Insurance Regulatory and Development Agency 

Q7. In which year, the IRDA was incorporated as a statutory body? 
(a) April 2000
(b) April 2001
(c) April 2002
(d) April 2003
(e) April 2004

Q8. Name the organisation, which regulates the Indian insurance industry to protect the interests of the policyholders and work for the orderly growth of the industry.
(a) IRDA
(b) RBI
(c) SEBI
(e) LIC

Q9. Frames regulations for the insurance industry in terms of Section ________ of the Insurance Act 1938 from the year 2000 has registered new insurance companies in accordance with regulations.
(a) section 124C
(b) section 194B
(c) section 114A
(d) section 127E
(e) section 118A

Q10. What is the functions and duties of IRDA?
(a) Registering and regulating insurance companies
(b) Promoting professional organisations in insurance.
(c) Regulating investment of policyholders’ funds by insurance companies.
(d) All of the above
(e) None of the given options is true

Q11. ____________ is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc.
(a) Health Insurance 
(b) Life Insurance
(c) Motor Insurance 
(d) Travel Insurance 
(e) Group Insurance

Q12. ULIP is a life insurance product, which provides risk cover for the policyholder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. What is the meaning of "I" in ULIP? 
(a) Insurance
(b) Initial
(c) Investment
(d) Installment
(e) None of the given options is true

Q13. Net asset value NAV is the value per share of a mutual fund or an exchange-traded fund (ETF) on a specific date or time.
NAV stands for-
(a) Net Asset Voice
(b) Nominal Asset Value 
(c) Non Asset Value 
(d) Net Agency Value  
(e) Net Asset Value

Q14. In ________ insurance, schemes are offered by insurance companies to provide certain classes of individuals, the benefit of insurance coverage at moderate cost.
(a) group insurance
(b) motor insurance
(c) travel insurance
(d) life insurance
(e) health insurance

Q15. ____________ a/an is the section of an insurance policy dealing with various coverages, exclusions, duties of the insured, locations covered and conditions that terminate coverage.
(a) Actuary
(b) Broker
(c) Agent
(d) Clause
(e) None of the given options is true

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