Insurance Awareness Questions – Set 1

Dear Aspirants,
Welcome to Insurance Awareness Questions in AffairsCloud.com. Here we are covering some important Insurance Awareness Questions & Answers with Explanations. Do study this questions thoroughly as it may prove to be helpful in upcoming exams and also in interviews.

1. Which government body regulates Insurance Industry?
   A. NFCG
   B. IRDAI
   C. CII
   D. FICCI
   
   Answer

   B. IRDAI
   Explanation:
   Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999. In 2014, IRDA has been renamed as “Insurance Regulatory and Development Authority of India”.
   
   
2. The headquarters of IRDAI is located in _______
   A. Mumbai
   B. Chennai
   C. Pune
   D. Hyderabad
   
   Answer

   D. Hyderabad
   Explanation:
   The headquarters of IRDAI is located in Hyderabad, Telangana. The Headquarters was shifted from Delhi in 2001.
   
   
   
3. ________ is the sole reinsurance company in the Indian Insurance market with over four decades of experience.
   A. NICL
   B. LIC
   C. Oriental Insurance
   D. GIC Re
   
   Answer

   D. GIC Re
   Explanation:
   GIC Re is a wholly owned company of Government of India.As a sole re-insurer in the domestic reinsurance market, GIC Re provides reinsurance to the direct general insurance companies in the Indian market.As of 2012 GIC Re ranked 14th largest Re insurer and 5th largest Aviation Re insurer in the world
   
   
   
4. The headquarters of LIC is located in _______
   A. Mumbai
   B. Chennai
   C. Pune
   D. Hyderabad
   
   Answer

   A. Mumbai
   Explanation:
   Life Insurance Corporation (LIC) is a state-owned insurance group and investment company head quartered in Mumbai. It is the largest insurance company in the country which was formed in 1956.
   
   
5. The headquarters of National Insurance Company Ltd (NIC) is located in _______
   A. Mumbai
   B. Chennai
   C. Pune
   D. Kolkata
   
   Answer

   D. Kolkata
   Explanation:
   National Insurance Company Ltd (NICL) is a state owned general insurance company head quartered in Kolkata was established in 1906 and nationalised in 1972. Apart from India, National Insurance Company also serves in Nepal
   
   
6. The headquarters of New India Assurance is located in _______
   A. Mumbai
   B. Chennai
   C. Pune
   D. Hyderabad
   
   Answer

   A. Mumbai
   Explanation:
   Mumbai based General Insurance Provider, New India Assurance is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations.It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
   
   
   
7. The headquarters of United India Insurance Ltd is located in _______
   A. Mumbai
   B. Chennai
   C. Pune
   D. Hyderabad
   
   Answer

   B. Chennai
   Explanation:
   United India Insurance Company Limited (UIICL) head quartered in Chennai was founded on 18th February 1938. The company has more than seven decades of experience in Non-life Insurance business.
   
   
8. The headquarters of Oriental Insurance Company is located in _______
   A. Mumbai
   B. New-Delhi
   C. Pune
   D. Hyderabad
   
   Answer

   B. New-Delhi
   Explanation:
   Oriental Insurance Company Ltd. is one of the public sector non-life insurance company in India. The headquarters of the company is located in New Delhi with 30 regional offices and more than 1800 active branches across the country.
   
   
9. The headquarters of Agriculture Insurance Company is located in _______
   A. Mumbai
   B. New-Delhi
   C. Pune
   D. Hyderabad
   
   Answer

   B. New-Delhi
   Explanation:
   Agriculture Insurance Company of India Limited is head quartered in New Delhi.It offers yield-based and weather-based crop insurance programs in almost 500 districts of India.
   
   
10. The headquarters of Export Credit Guarantee Corporation of India is located in _______
    A. Mumbai
    B. New-Delhi
    C. Pune
    D. Hyderabad
    
    Answer

    A. Mumbai
    Explanation:
    ECGC Limited is a company wholly owned by the Government of India based in Mumbai. It provides export credit insurance support to Indian exporters and is controlled by the Ministry of Commerce.
    
    

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