NIACL AO Mains 2019 - Insurance Questions for Mains | 23rd February

Dear Aspirants,

niacl-ao-insurance-questions-for-main-exam

 NIACL AO Insurance Questions for Mains 

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



Q1. A _________________ is a person who has an insurance policy with an insurance company.
ADO
Policyholder
Assistant Administrative Officer
Insurance Agent
Premium
Solution:
Policyholder definition: A policyholder is a person who has an insurance policy with an insurance company.

Q2. TPA is a person or organization that processes claims and performs other administrative services in accordance with a service contract, usually in the field of employee benefits. What is the full form of TPA?
Third Party Allowed
Treaty Party Administration
Third Panel Administration
Third Party Assistant
Third Party Administration
Solution:
A Third Party Administrator (TPA) is a person or organization that processes claims and performs other administrative services in accordance with a service contract, usually in the field of employee benefits.

Q3. Who are responsible for clerical completion of all claim files in insurance sector?
Insurance Agent
Frequency-Severity Matrix
Claim Service Representative
Third Party Administration
Assistant Administrative Officer
Solution:
Claim Service Representative- Also called CSR; they are responsible for clerical completion of all claim files.

Q4. ____________________ offers cover for third party liabilities (Bodily Injury / Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith.
Public Liability Insurance
Negotiated Dealing System
Trade Related Investment Measures
Board for Industrial and Financial Reconstruction
Insurance Regulatory and Development
Solution:
Public Liability Insurance or PLI offers cover for third party liabilities (Bodily Injury/Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith.

Q5. ___________________ is the written insurance contract that may include all clauses, riders and endorsements.
Pooling
Peril
Premium
Policy
Physical Hazard
Solution:
Policy is the written insurance contract that may include all clauses, riders and endorsements.

Q6. The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules ______________ to set-up and facilitate the Institution of Insurance Ombudsman in India.
2015
2016
2014
2018
2017
Solution:
The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules, 2017, to set-up and facilitate the Institution of Insurance Ombudsman in India. The Executive Council of Insurers consists of nine members including the Chairperson.

Q7. The four public sector general insurance companies have been implementing UHIS for improving the access of health care to poor families. What is the full form of UHIS?
Usually Health Insurance Scheme
Unique Health Insurance Scheme
Universal Health Insurance Service
Universal Health Insurance Scheme
Universal Health Insurance Security
Solution:
Universal Health Insurance Scheme (UHIS)- The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families.

Q8. Who is the present Chairman of Office of the Executive Council of Insurers?
Sudhir Shyam
Nilesh Sathe
Hemant Bhargava
Sanjeev Nautiyal
SS Gopalarathnam
Solution:
MEMBERS OF THE EXECUTIVE COUNCIL OF INSURERS (Office of the Executive Council of Insurers). Sri Hemant Bhargava, C-in-C, LIC of India - Chairman.

Q9. The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from ___________________ to ____________________ for an individual.
Rs 300 to Rs 500
Rs 100 to Rs 200
Rs 400 to Rs 500
Rs 300 to Rs 800
Rs 1000 to Rs 1200
Solution:
The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from Rs.100 to Rs.200 for an individual, Rs.300 for a family of five and Rs.400 for a family of seven, without any reduction in benefits.

Q10. IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956 in-
2001
1999
2005
1998
2003
Solution:
Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001. IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the members.

Q11. What is risk in insurance sector?
The funds an insurance company sets aside to pay for reported but outstanding claims
Voluntary programs that are available from the government or private firms
The uncertainty concerning the occurrence of a financial loss
 A course or principle of action adopted or proposed by an organization or individual.
Avoiding the risk altogether
Solution:
Risk- The uncertainty concerning the occurrence of a financial loss.

Q12. The main objects of IBAI are to promote interaction among the Insurance/Re-insurance Broker members. IBAI stands for-
Insurance Banking Association of India
Insurance Brokers Assembly of India
Insurance Brokers Agency of India
Insurance Brokers Association of Institute
Insurance Brokers Association of India
Solution:
The main objects of Insurance Brokers Association of India (IBAI) are to promote interaction among the Insurance/Re-insurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training and research in all fields of insurance and re-insurance and represent the interests of Brokers with other organizations.

Q13. __________________ is a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.
Actuary
Applicant
Agent
Assuming Company
Assets
Solution:
Actuary- A professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.

Q14. Where is the Corporate Office of Insurance Brokers Association of India?
Gurugram
Pune
New Delhi
Mumbai
Lucknow
Solution:
Mumbai is the Corporate Office of Insurance Brokers Association of India.

Q15. _____________ is a term which is private wrong against a person for which the injured person may recover damages, i.e. monetary compensation in insurance sector.
Premium
Tort
Loss
Agency
Policy
Solution:
Tort is conduct that harms other people or their property. It is a private wrong against a person for which the injured person may recover damages, i.e. monetary compensation. The injured party may sue the wrongdoer (tortfeasor) to recover damages to compensate for the harm or loss incurred.

               

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