Insurance Awareness Quiz for NICL AO Mains 2017

Dear Readers,

Insurance-Awareness-Quiz-for-NICL-AO-Mains-2017

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

Q1. Sun Life Financial Inc plans to increase its stake from 26 per cent to 49 per cent 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

S1. Ans.(d)
Sol. Canada-based Sun Life Financial Inc plans to increase its stake from 26 per cent to 49 per cent 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).

Q2. 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

S2. Ans.(a)
Sol. The term ‘Health Insurance’ relates to a type of insurance that essentially covers your medical expenses. A health insurance policy like other policies is a contract between an insurer and an individual/group in which the insurer agrees to provide specified health insurance cover at a particular “premium” subject to terms and conditions specified in the policy.

Q3. The General insurance industry was nationalised in _________ and 107 insurers were grouped and amalgamated into four Companies. 
(a) 1949
(b) 1956
(c) 1972
(d) 1982
(e) 1988

S3. Ans.(c)
Sol. The General insurance industry was nationalised in 1972 and 107 insurers were grouped and amalgamated into four Companies – National Insurance Co. Ltd., The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd.

Q4. Where is the head office of United India Insurance Company Limited?
(a) Pune
(b) Kolkata
(c) Mumbai
(d) New Delhi
(e) Chennai

S4. Ans.(e)
Sol. Chennai, Tamil Nadu is the head office of United India Insurance Company Limited

Q5. Who is the present Chairman cum Managing Director of Oriental Insurance Company Ltd? 
(a) VK Sharma
(b) AV Girija Kumar
(c) G Srinivasan
(d) Alamelu T Lakshmanachari
(e) None of the given options is true

S5. Ans.(b)
Sol. A V Girija Kumar is the present Chairman cum Managing Director of New Delhi-based Oriental Insurance Company Ltd.

Q6. In which among the following year United India Insurance Company Limited was incorporated? 
(a) 1919
(b) 1972
(c) 1956
(d) 1949
(e) 1938

S6. Ans.(e)
Sol. United India Insurance Company Limited was incorporated in 1938.

Q7. Insurance firm AIA Group Ltd has decided to increase its stake in Tata AIA Life Insurance Co Ltd, a joint venture owned by Tata Sons Ltd and AIA Group from 26 per cent to _________ per cent.
(a) 51 percent 
(b) 100 percent 
(c) 74 percent 
(d) 49 percent 
(e) None of the given options is true

S7. Ans.(d)
Sol. Insurance firm AIA Group Ltd has decided to increase its stake in Tata AIA Life Insurance Co Ltd, a joint venture owned by Tata Sons Ltd and AIA Group from 26 per cent to 49 per cent.

Q8. Insurance of ___________ means insurance of buildings, machinery, stocks etc against Fire and Allied Perils, Burglary Risks and so on. 
(a) wealth
(b) demand
(c) property
(d) capital
(e) general

S8. Ans.(c)
Sol. 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 specialised 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.

Q9. General Insurance Corporation of India (GIC Re) is a wholly owned company of-
(a) Finance Ministry
(b) Government of India
(c) IRDA
(d) LIC
(e) RBI

S9. Ans.(b)
Sol. General Insurance Corporation of India (GIC Re) is a wholly owned company of Government of India.

Q10. What is the authorised capital of General Insurance Corporation of India (GIC)?
(a) Rs.1000 crore
(b) Rs.500 crore 
(c) Rs.2000 crore 
(d) Rs.100 crore 
(e) Rs.5000 crore

S10. Ans.(a)
Sol. The authorised capital of General Insurance Corporation of India (GIC) is Rs.1000 crore while the paid-up equity capital of the company is Rs.430 crore.

Q11. 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

S11. Ans.(a)
Sol. The New India Assurance Company Limited (NIACL) was founded by Sir Dorabji Tata on July 23rd, 1919 and nationalised in 1973 with the merger of Indian companies.

Q12. 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) AV Girija Kumar

S12. Ans.(b)
Sol. VK Sharma is the present Chairman of Life Insurance Corporation of India (LIC).

Q13. Which among the following public sector banks has announced that BNP Paribas Cardiff is keen to increase its stake from 26 per cent to 36 per cent?
(a) ICICI Bank
(b) Indian Bank
(c) State Bank of India
(d) Punjab National Bank
(e) Bank of Baroda

S13. Ans.(c)
Sol. State Bank of India has announced that BNP Paribas Cardiff is keen to increase its stake in SBI Life Insurance from 26 per cent to 36 per cent. Once the foreign joint venture partner increases its stake to 36 per cent, SBI’s stake in SBI Life will get diluted to 64 per cent.

Q14. The Government of __________ has launched the Atal-AmritAbhiyan 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

S14. Ans.(b)
Sol. The Government of Assam has launched the Atal-AmritAbhiyan 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).

Q15. 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

S15. Ans.(a)
Sol. The agent is the insurance company representative who sells policies on behalf of the insurer. An independent agent represents more than one company; a captive agent represents only one company.

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