Insurance Questions for OICL AO Mains and AIC AO 2017

Dear Readers,


Insurance Awareness for OICL AO Exam 2017

Just a few days are left for OICL AO Mains It is time to pace up your preparation of Insurance Awareness for OICL AO Mains and AIC AO. These questions related to Insurance Awareness will also help you in preparing for other upcoming banking and Insurance recruitment examination.

Q1. ____________ 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

Q2. 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

Q3. 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

Q4. 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

Q5. ____________ 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

Q6. In which among the following year the New India Assurance Company Limited (NIACL) was founded?
(a) 1919
(b) 1973
(c) 1949
(d) 1956
(e) 1988

Q7. Who is the present Chairman of Life Insurance Corporation of India (LIC)?
(a) Urjit R Patel
(b) VK Sharma
(c) MS Sahoo
(d) Alice G. Vaidyan
(e) A V Girija Kumar

Q8. Which among the following public sector banks has announced that BNP Paribas Cardiff is keen to increase its stake from 26 percent to 36 percent?
(a) ICICI Bank
(b) Indian Bank
(c) State Bank of India
(d) Punjab National Bank
(e) Bank of Baroda

Q9. The Government of __________ has launched the Atal-Amrit Abhiyan health insurance scheme, which would offer comprehensive coverage for six disease groups to the below-poverty line (BPL) and above poverty line (APL) families, with annual income below Rs 500,000 (US$ 7,500).
(a) Uttar Pradesh
(b) Assam
(c) West Bengal
(d) Bihar
(e) Uttarakhand

Q10. The insurance company representative who sells policies on behalf of the insurer, is called? 
(a) Agent
(b) Broker
(c) Applicant
(d) Compulsory
(e) None of the given options is true

Q11. Which of 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)

Q12. Where is the head office of National Insurance Company Limited (NICL)?
(a) Hyderabad
(b) Kolkata
(c) New Delhi
(d) Mumbai
(e) Chennai

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 

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 percent 
(b) 30 percent 
(c) 20 percent 
(d) 10 percent
(e) 15 percent 

Q15. Who is the present Chairman of IRDAI?
(a) Harsh Kumar Bhanwala
(b) Kshatrapati Shivaji
(c) Urjit Patel
(d) Ajay Tyagi
(e) TS Vijayan



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