Welcome to Insurance Awareness Questions in AffairsCloud.com. Here we are covering some important Insurance Awareness Questions & Answers with Explanations. It will help you to know the important terms, condition, definitions and abbreviation related with Insurance
- In 1818, India’s first insurance company Oriental Life Insurance Company has established in which city ?
5.None of theseAnswer – 3.Kolkata
In 1818, Oriental Life Insurance Company started by Europeans in Calcutta
- In which year, the Indian Life Assurance Companies Act came into force ?
5.None of theseAnswer – 4.1912
In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business
- Which insurance company is the first general insurance company in India ?
1.The Oriental Insurance Company
3.New India Assurance
4.Triton Insurance Company Ltd
5.None of theseAnswer – 4.Triton Insurance Company Ltd
Triton Insurance Company Ltd is the first general insurance company established in the year 1850 in Calcutta by the British.
- What is ULIP ?
1.Unity-liked insurance plans
2.Unit-linked insurance policy
3.Unit-linked insurance plans
4.Universal-linked insurance plans
5.None of theseAnswer – 3.Unit-linked insurance plans
A ULIP or unit linked insurance plan is a market-linked product that aggregates the very best of investment and insurance. It is a plan which is linked to the capital market and offers flexibility to invest in equity or debt funds as per risk appetite.
- ______________ is an extension of endowment plans
1.Health insurance policy
2.Money back policy
3.Term insurance policy
4.General insurance policy
5.None of theseAnswer – 2.Money back policy
Money back policies are basically an extension of endowment plans wherein the policy holder receives a fixed amount at specific intervals throughout the duration of the policy.
- A demand made by the insured, or the insured’s beneficiary, for payment of the benefits is known as
5.None of theseAnswer -1.Claim
An insurance claim is a formal request to an insurance company asking for a payment based on the terms of the insurance policy. The insurance company reviews the claim for its validity and then pays out to the insured or requesting party (on behalf of the insured) once approved.
- A risk or damage covered by an insurance policy is called as ______________
5.None of theseAnswer – 4.Peril
Peril is a specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.
- The maturity age of a whole life policy is ____________
5.None of theseAnswer – 1.100
A whole life policy is said to “mature” at death or the maturity age of 100, whichever comes first
- Which committee is associated with insurance sector ?
3.A C Shah Committee
4.A Ghosh Committee
5.None of theseAnswer – 1.Malhotra Committee
In 1993, the first step towards insurance sector reforms was initiated with the formation of Malhotra Committee, headed by former Finance Secretary and RBI Governor R.N. Malhotra. The committee was formed to evaluate the Indian insurance industry and recommend its future direction with the objective of complementing the reforms initiated in the financial sector.
- The first ULIP was launched by which of the following ?
1.United India Insurance Company
2.Unit Trust of India
4.National Insurance Company
5.None of theseAnswer – 2.Unit Trust of India
The first ULIP was launched by Unit Trust of India (UTI), with the Government of India opening up the insurance sector to foreign investors in 2001