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Insurance Awareness Questions – Set 27

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Welcome to Insurance Awareness Questions in 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

  1. Insurance is listed in which schedule of the Indian constitution ?
    1.Eighth Schedule
    2.Sixth Schedule
    3.Seventh Schedule
    4.Fifth Schedule
    5.None of these
    Answer – 3.Seventh Schedule
    Explanation :
    Insurance refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government.

  2. Which of the following will provide “insurance repository” services  ?
    2.EXIM Bank
    5.None of these
    Answer – 4.IRDA
    Explanation :
    “Insurance Repository” means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in Electronic form on behalf of Insurers.

  3. Which act was the first legislation governing all forms of insurance to provide strict state control over insurance business ?
    1.Insurance Act of 1938
    2.General Insurance Business Act of 1972
    3.Life Insurance Corporation Act
    4.Insurance Act of 1988
    5.None of these
    Answer – 1.The Insurance Act of 1938
    Explanation :
    The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business

  4. The Institute of Insurance and Risk Management is located in _________________
    3.New Delhi
    5.None of these
    Answer – 4.Hyderabad
    Explanation :
    The Institute of Insurance and Risk Management, Hyderabad, was established by the regulator IRDA. The institute offers Postgraduate diploma in Life, General Insurance, Risk Management and Actuarial Sciences

  5. In which year, the Actuaries Act was passed by Indian government ?
    5.None of these
    Answer – 2.2006
    Explanation :
    In 2006, the Actuaries Act was passed by parliament to give the profession statutory status on par with Chartered Accountants, Notaries, Cost & Works Accountants, Advocates, Architects and Company Secretaries.

  6. The Indian insurance industry is governed by which of the following act ?
    1.IRDA Act 1999
    2.Life Insurance Corporation Act, 1956
    3.General Insurance Business(Nationalisation) Act, 1972
    4.Insurance Act, 1978
    5.All of these
    Answer – 5.All of these
    Explanation :
    The Indian insurance industry is governed by the Insurance Act, 1978, the General Insurance Business(Nationalisation) Act, 1972, Life Insurance Corporation Act, 1956 and Insurance Regulatory and Development Authority Act, 1999.

  7. The head office of Insurance Institute of India is in
    4.New Delhi
    5.None of these
    Answer – 1.Mumbai
    Explanation :
    The Insurance Institute of India is an insurance education society of professionals established in 1955 in Mumbai for the purpose of imparting insurance education to persons engaged or interested in insurance

  8. In which state, the Institute of Actuaries of India is situated ?
    4.New Delhi
    5.None of these
    Answer –2.Maharashtra
    Explanation :
    The Institute of Actuaries of India, is the sole professional body of actuaries in India, and was formed in September 1944. It was formed by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006.It is located in Mumbai, Maharashtra.

  9. What is the minimum capital required to set up an insurance business ?
    1.Rs.500 Cr
    2.Rs.100 Cr
    3.Rs.200 Cr
    4.Rs.400 Cr
    5.None of these
    Answer – 4.Rs.400 Cr
    Explanation :
    A minimum capital of US$80 million(Rs.400 Crore) is required by legislation to set up an insurance business.

  10. National Insurance Academy is located in which city of India ?
    5.None of these
    Answer – 1.Pune
    Explanation :
    National Insurance Academy, Pune, specialized in teaching, conducting research and providing consulting services in the insurance sector. NIA offers a two-year PGDM programme in insurance. NIA was founded as Ministry of Finance initiative with capital support from the then public insurance companies, both Life (LIC) and Non-Life (GIC, National, Oriental, United & New India).