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 ExamThese Insurance questions will also help you in preparing for other upcoming Banking or Insurance recruitment examination.

Q1. ___________ is the economic device whereby the individual or business pays a cost (premium) in exchange for protection against financial loss.
(a) Coverage
(b) Insured
(c) Endorsement
(d) Exclusion
(e) Insurance

S1. Ans.(e)
Sol. Insurance is the economic device whereby the individual or business pays a cost (premium) in exchange for protection against financial loss. The agreement is a contract also known as an insurance policy.

Q2. There are at present ________ Insurance Ombudsman in different locations and any person who has a grievance against an insurer.
(a) 19
(b) 20
(c) 15
(d) 17
(e) 13

S2. Ans.(d)
Sol. There are at present 17 Insurance Ombudsman in different locations and any person who has a grievance against an insurer, may himself or through his legal heirs, nominee or assignee, make a complaint in writing to the Insurance ombudsman within whose territorial jurisdiction the branch or office of the insurer complained against or the residential address or place of residence of the complainant is located.

Q3. The Insurance Ombudsman scheme was created by the Government of India for individual _________________ to have their complaints settled out of the courts' system in a cost-effective, efficient and impartial way.
(a) customers
(b) agents
(c) policyholders
(d) bankers
(e) None of the given options is true

S3. Ans.(c)
Sol. The Insurance Ombudsman scheme was created by the Government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way.

Q4. Which among the following banks has inked pact with the state-owned general insurer The New India Assurance Company Ltd to sell policies through its branches?
(a) Punjab National Bank
(b) Canara Bank
(c) ICICI Bank
(d) SBI
(e) HDFC Bank

S4. Ans.(b)
Sol. Canara Bank has inked pact with the state-owned general insurer The New India Assurance Company Ltd. to sell policies through its branches. The pact allows Canara Bank to offer non-life insurance products to its customers across metros and tier II and III cities through the bank’s extensive network of over 6,000 branches.

Q5. Which company has announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorise, prioritise and respond to customer emails sent to the private insurer?
(a) HDFC Life
(b) NICL
(c) Reliance 
(d) TCS
(e) Wipro

S5. Ans.(a)
Sol. HDFC Life announced the launch of an artificial intelligence-based application 'SPOK' that can automatically read, understand, categorise, prioritise and respond to customer emails sent to the private insurer.

Q6. You can approach the Insurance Ombudsman with the complaint if, insurance company not responded your query for how many days?
(a) 30 days
(b) 40 days
(c) 50 days
(d) 60 days
(e) 90 days

S6. Ans.(a)
Sol. ou can approach the Ombudsman with the complaint if:
You have first approached your insurance company with the complaint and
1. They have rejected it
2. Not resolved it to your satisfaction or
3. Not responded to it at all for 30 days
4. Your complaint pertains to any policy you have taken in your capacity as an individual and

5. The value of the claim including expenses claimed is not above Rs 30 lakhs.

Q7. GIC Re has become the first reinsurer to open an office at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). Where is the head office of GIC Re?
(a) New Delhi
(b) Mumbai
(c) Kolkata
(d) Bengaluru
(e) Chennai

S7. Ans.(b)
Sol. GIC Re has become the first reinsurer to open an office at India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City). Mumbai is the head office of GIC Re.

Q8. Prime Minister Narendra Modi has unveiled the new scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) on-
(a) 13th January 2015
(b) 13th January 2013
(c) 13th January 2016
(d) 13th January 2017
(e) 13th January 2014

S8. Ans.(c)
Sol. India is the land of farmers where the maximum proportion of rural population depends on agriculture. Hon'ble Prime Minister Shri Narendra Modi has unveiled the new scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) on 13th January 2016.

Q9.  The “Central Government Health Scheme” (CGHS) provides comprehensive health care facilities for the Central Govt. employees and pensioners and their dependents residing in CGHS covered cities. CGHS started in-
(a) 1949
(b) 1962
(c) 1969
(d) 1954
(e) 1965

S9. Ans.(d)
Sol. The “Central Government Health Scheme” (CGHS) provides comprehensive health care facilities for the Central Govt. employees and pensioners and their dependents residing in CGHS covered cities. Started in New Delhi in 1954, Central Govt. Health Scheme is now in operation in many cities of India.

Q10. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is Indian Government’s accidental insurance cover which was announced in the 2015 Budget. The annual premium of PMSBY is scheme is _________ excluding the service tax. 
(a) Rs.30 
(b) Rs.45
(c) Rs.28
(d) Rs.56
(e) Rs.12

S10. Ans.(e)
Sol. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is Indian Government’s accidental insurance cover which was announced in the 2015 Budget This scheme is available to those between the ages of 18 and 70 years and they must have a bank account. The annual premium of the scheme is Rs.12 excluding the service tax.

Q11. RSBY (Rashtriya Swasthiya Bima Yojana) has been launched to provide health insurance coverage for BPL families. BPL stands for-?
(a) Banking Poverty Line 
(b) Below Poverty Level 
(c) Below Production Line 
(d) Base Poverty Line 
(e) Below Poverty Line

S11. Ans.(e)
Sol. RSBY (Rashtriya Swasthiya Bima Yojana) has been launched to provide health insurance coverage for Below Poverty Line (BPL) families.

Q12. Beneficiaries need to pay only ________ as registration fee under Rashtriya Swasthiya Bima Yojana while Central and State Government pays the premium to the insurer selected by the State Government on the basis of a competitive bidding.
(a) Rs.100 
(b) Rs.50 
(c) Rs.150 
(d) Rs.30
(e) Rs.10

S12. Ans.(d)
Sol. Beneficiaries need to pay only Rs. 30/- as registration fee under Rashtriya Swasthiya Bima Yojana while Central and State Government pays the premium to the insurer selected by the State Government on the basis of a competitive bidding.

Q13. Name the scheme which is a multidimensional social security system tailored to provide socio-economic protection to worker population and their dependants covered under the scheme. 
(a) Aam Aadmi Bima Yojana (AABY)
(b) Central Government Health Scheme (CGHS)
(c) Employees’ State Insurance Scheme (ESIS)
(d) Rashtriya Swasthiya Bima Yojana (RSBY)
(e) Universal Health Insurance Scheme (UHIS)

S13. Ans.(c)
Sol. Employees’ State Insurance Scheme of India (ESIS) is a multidimensional social security system tailored to provide socio-economic protection to worker population and their dependants covered under the scheme. Besides full medical care for self and dependants, that is admissible from day one of insurable employment, the insured persons are also entitled to a variety of cash benefits in times of physical distress due to sickness, temporary or permanent disablement etc.

Q14. Janashree Bima Yojana (JBY) was launched on-
(a) 10th August 2002
(b) 10th August 2000
(c) 10th August 2004
(d) 10th August 2006
(e) 10th August 2008

S14. Ans.(b)
Sol. Janashree Bima Yojana (JBY) was launched on 10th August 2000. The Scheme replaced Social Security Group Insurance Scheme (SSGIS) and Rural Group Life Insurance Scheme (RGLIS).

Q15. In Insurance world, a cause of loss is known as?
(a) Peril
(b) Tort
(c) Risk
(d) Negligence
(e) Deductible

S15. Ans.(a)
Sol. The basic and broad causes of loss forms are named perils forms. They provide coverage for loss from only the particular causes that are listed in the policy as covered.

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