General Awareness Quiz for ECGC PO & Bank Mains Exams 2021- 10th February |

Q1 What is Bancassurance?
(a)An insurance scheme to insure bank deposits
(b)An insurance scheme exclusively for the employee’s banks
(c)A bank deposit scheme exclusively for employees of insurance companies
(d)A composite financial service offering both bank and insurance products
(e)None of these

Q2 What are the benefits of bancassurance?
(a)Diversification of Customer Portfolio
(b)Improved Profitability & Non-interest Fee Income
(c)Customer Loyalty and Retention
(d)Increased Customer Lifetime Value
(e)All of these

Q3 What are the 4 types of insurance?
(a)Life
(b)Health
(c)Long-term disability
(d)Auto insurance
(e)All of the above

Q4 When did bancassurance start in India?
(a)August 3rd 2000
(b)August 4rd 2000
(c)August 5rd 2000
(d)August 6rd 2000
(e)August 7rd 2000

Q5 ___________ is the amount of Funds borrowed by the government to meet the expenditures.
(a)Capital Deficit
(b)Fiscal Deficit
(c)Current Account Deficit
(d)Current Loan
(e)Merchant banking

Q6 Insurance service provided by various banks is commonly known as ______.
(a)Portfolio management
(b)Investment banking
(c)Bancassurance
(d)Merchant banking
(e)Mutual Funds

Q7 The headquarters of General Assurance Public Sector Association of India (GIPSA) is situated in______.
(a)Bengaluru
(b)New Delhi
(c)Chennai
(d)Kolkata
(e)Mumbai

Q8 What do you mean by ‘Additional Insured’?
(a)Property insurance
(b)Liability insurance
(c)Both A and B
(d)Home insurance
(e)None of The Above

Q9 Many a time we come across a term in banking sector “Retail Banking”. What does it really mean?
(a)Foreign Currency Account
(b)Only to big corporate and business houses
(c)Only to Self Help Groups for their Survival
(d)Only to individual customers in an integrated manner
(e)Entirely to agricultural sector only

Q10 Which of the following is the biggest non-life insurer in entire Afro-Asia region?
(a)New India Assurance
(b)Life Insurance Corporation of India
(c)United India Insurance Company
(d)General Insurance Company
(e)None of these

Q11 Which bank has signed bancassurance pact with SBI Life Insurance to offer comprehensive financial planning solution to its customers?
(a)Syndicate Bank
(b)Canara Bank
(c)Punjab National Bank
(d)Allahabad Bank
(e)Bank of Baroda

Q12 Which is the provision of Insurance product by a bank?
(a)Credit
(b)Bancassurance
(c)Loan
(d)Mortgage
(e)None of these

Q13 What are the different types of Insurance Coverage?
(a)General or Non-life Insurance
(b)Life Insurance
(c)Partly secured paper
(d)Paper insurance
(e)None of these

Q14. IFRS stands for________.
(a)Initial Financial Reporting standards
(b)International Financial Reporting standards
(c)Indian Financial Regulation System
(d)International Financial Reporting System
(e)None of these

Q15. What is the role of bancassurance?
(a)Fully secured instrument
(b)Any govt. dept. of state and central
(c)Providing crop loans to the farmers
(d)Agreement between banks and insurance companies
(e)None of these

Solution:

S1.Ans(d)
Sol. Bancassurance is a composite financial service offering both bank and insurance products.

S2.Ans(e)
Sol. Advantages of Bancassurance for Banks are
-Diversification of Customer Portfolio
-Improved Profitability & Non-interest Fee Income
-Customer Loyalty and Retention
-Increased Customer Lifetime Value
-Cost-effective Use of Existing Resources
-Specialized Training for Tellers and Branch Staff.

S3.Ans(e)
Sol. The four types of insurance Most experts agree that life, health, long-term disability, and auto insurance.

S4.Ans(a)
Sol. The Government of India notification (Banking Regulation Act) dated August 3rd 2000, laid out the Bancassurance clearance.

S5.Ans(b)
Sol. Fiscal Deficit is the amount of Funds borrowed by the government to meet the expenditures.

S6.Ans(c)
Sol. Insurance service provided by various banks is commonly known as Bancassurance.

S7.Ans(b)
Sol. The headquarters of General Assurance Public Sector Association of India (GIPSA) is situated in New Delhi.

S8.Ans(c)
Sol. Additional Insured’ is the status associated mainly with property insurance and liability insurance

S9.Ans(d)
Sol. Retail Banking mean Only to individual customers in an integrated manner.

S10.Ans(a)
Sol. New India Assurance is the biggest non-life insurer in entire Afro-Asia region except Japan.

S11.Ans(d)
Sol. Allahabad Bank and SBI Life Insurance came together and signed a bancassurance pact.

S12.Ans(b)
Sol. Bancassurance is a term referring to selling of insurance through a bank’s established distribution channel.

S13.Ans(c)
Sol. Insurance policy is categorized into two-General or Non-life Insurance and Life Insurance.

S14.Ans(b)
Sol. IFRS stands for International Financial Reporting standards is a set of accounting standard developed by independent.

S15.Ans(d)
Sol. Bancassurance refers to an agreement between banks and insurance companies. insurance companies sell their products through the bank’s outlet. It can benefit banks and insurance companies, as well as customers.

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