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. _____________ 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/an _________ 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. Sun Life Financial Inc plans to increase its stake from 26 percent to 49 percent in Birla Sun Life Insurance Co Ltd, a joint venture with Aditya Birla Nuvo Ltd, through buying of shares worth Rs 1,664 crore (US$ 244.14 million). Sun Life Financial Inc based in-
(a) USA
(b) Germany
(c) Japan
(d) Canada
(e) France
Q7. The term _______________ relates to a type of insurance that essentially covers your medical expenses. 
(a) Health Insurance
(b) Life Insurance
(c) Travel Insurance
(d) Group Insurance
(e) Motor Insurance
Q8. The General insurance industry was nationalized in _________ and 107 insurers were grouped and amalgamated into four Companies. 
(a) 1949
(b) 1956
(c) 1972
(d) 1982
(e) 1988
Q9. Where is the head office of United India Insurance Company Limited?
(a) Pune
(b) Kolkata
(c) Mumbai
(d) New Delhi
(e) Chennai
Q10. Who is the present Chairman cum Managing Director of Oriental Insurance Company Ltd? 
(a) VK Sharma
(b) A V Girija Kumar
(c) G Srinivasan
(d) Alamelu T Lakshmanachari
(e) None of the given options is true
Q11. ____________, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured. 
(a) Cashier
(b) Broker
(c) Agent
(d) Customer
(e) Banker

Q12. In which among the following year National Insurance Company Limited (NICL) was incorporated?
(a) 1956
(b) 1949
(c) 1934
(d) 1919
(e) 1906
Q13. Agriculture Insurance Company Of India Limited’ (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under- 
(a) Companies Act, 1956
(b) IRDA Act, 1999
(c) Reserve Bank of India Act, 1934
(d) SEBI Act, 1992
(e) None of the given options is true

Q14. The written insurance contract that may include all clauses, riders and endorsements. It is called?
(a) Liabilities
(b) Premium
(c) Installment
(d) Policy
(e) Assets
Q15. UHIS has launched by the Government of India is already in existence for persons and families below the poverty line with the element of subsidy from the Government. UHIS stands for-
(a) Universal Health Insurance System
(b) Universal Health Insurance Service
(c) Universal Health Insurance Scheme
(d) Universal Health Insurance Solutions
(e) Universal Health Insurance Scenario



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