NIACL AO Mains 2019 - Insurance Questions for Mains | 22nd February

Dear Aspirants,

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 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. Who is the present Chairman of IRDAI?
TS Vijayan
Subhash Chandra Khuntia
Ajay Tyagi
HK Bhanwala
David Rasquinha
Solution:
Dr Subhash Chandra Khuntia assumed office of Chairman, Insurance Regulatory and Development Authority of India in May 2018.

Q2. Name the insurance that is insurance of buildings, machinery, stocks etc against Fire and Allied Perils, Burglary Risks and so on.
Health Insurance
Property Insurance
Motor Insurance
Life Insurance
Travel Insurance
Solution:
Insurance of property means insurance of buildings, machinery, stocks etc against Fire and Allied Perils, Burglary Risks and so on. Goods in transit via Sea, Air, Railways, Roads and Courier can be insured under Marine Cargo Insurance. Hulls of ship and boats can be insured under Marine Hull Insurance. Further, there are specialized policies available such as Aviation Insurance Policy for insurance of planes and helicopters. Thus Property Insurance is a very vast category of General Insurance and the type of cover that you need depends upon the type of property you are seeking to cover.

Q3. Where is the headquarters of IRDAI?
Bengaluru
Mumbai
New Delhi
Chennai
Hyderabad
Solution:
The Headquarters of IRDAI is in Hyderabad.

Q4. Which of the following are the charges to provide for the cost of insurance coverage under the plan?
Policy Charges
Administration Charges
Surrender Charges
Fund Switching Charge
Mortality Charges
Solution:
Mortality Charges- These are charges to provide for the cost of insurance coverage under the plan. Mortality charges depend on number of factors such as age, amount of coverage, state of health etc.

Q5. The IRDAI was incorporated as a statutory body in-
April 2000
May 2001
December 1999
August 1991
January 2003
Solution:
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.

Q6. ________________ is a percentage of the premium appropriated towards charges before allocating the units under the policy.
Premium Allocation Charge
Mortality Charges
Surrender Charges
Fund Switching Charge
Service Tax Deduction
Solution:
Premium Allocation Charge is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses.

Q7. ULIP is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. What is the full form of ULIP?
Unit Linked Insurance Policy
Unit Linked Instant Plan
Universal Linked Insurance Plan
Unit Linked Insurance Plan
Unique Linked Insurance Plan
Solution:
ULIP (Unit Linked Insurance Plan) is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. As a single integrated plan, the investment part and the protection part can be managed according to specific needs and choices.

Q8. In insurance, IBNR claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. What is the meaning of "I" in IBNR?
Initial
Institute
Insurance
Incurred
Indian
Solution:
In insurance, incurred but not reported (IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an estimate.

Q9. _______________ is the method by which firms evaluate potential losses and take action to reduce or eliminate such threats.
Risk Retention
Risk Management
Risk control
Risk Transfer
Risk Avoidance
Solution:
Risk control is the method by which firms evaluate potential losses and take action to reduce or eliminate such threats.

Q10. From which year the General Insurance Council has been constituted under section 64C of the Insurance Act, 1938?
2000
2002
2001
2004
2003
Solution:
The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI). The General Insurance Council is an important link between the Insurance Regulatory and Development Authority of India and the non-Life insurance industry. It also pushes for the Industry’s issues with the Government. While the Council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders.

Q11. Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas is the slogan of-
General Insurance Corporation of India
Oriental Insurance Company Limited
United India Insurance Company
New India Assurance Company Limited
National Insurance Company Limited
Solution:
Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas is the slogan of Oriental Insurance Company Limited (OICL).

Q12. What is the tagline of Bajaj Allianz Life Insurance Company Limited?
Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas
Zimmedari ka humsafar
You click, we cover
Karo Zyada ka Iraada
Jiyo Befiqar
Solution:
The tagline of Bajaj Allianz Life Insurance Company Limited is "Jiyo Befiqar".

Q13. The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 by-
IRDAI
Government of India
Finance Ministry
NABARD
LIC
Solution:
The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI). The General Insurance Council is an important link between the Insurance Regulatory and Development Authority of India and the non-Life insurance industry. It also pushes for the Industry’s issues with the Government. While the Council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders.

Q14. Name the insurance that is refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.
Life Insurance
Travel Insurance
Motor Insurance
Umbrella Insurance
Flood Insurance
Solution:
Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies.

Q15. Where is the head office of General Insurance Council?
Pune
Chennai
Mumbai
New Delhi
Kolkata
Solution:
The Head Office of General Insurance Council is in Mumbai.

               



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