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Insurance Quiz for LIC ADO 2015 and All upcoming Insurance exams Set 1

By
AC Team 1
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Hello Aspirants. Welcome to Online Insurance Quiz section in Affairs cloud, which is useful for LIC ADO 2015,UIIC assaistant,OICl AO and many more upcoming insurance exams. We have included Some questions that are repeatedly asked in exams !!

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  1. The central office of the Life Insurance Corporation of India (LIC) is located at
    (A) Kolkata
    (B) New Delhi
    (C) Chennai
    (D) Pune
    (E) Mumbai
    ANS- E

  2. Which of the following is not the name of an Insurance Scheme launched by the Government of India
    (A) Janashree Bima Yojana
    (B) Krishi Shramik Sarnajik Suraksha Yojana
    (C) Shiksha Sahyog Yojana
    (D) Varsha Bima Yojana
    (E) National Saving Scheme Programme
    Answer.- D

  3. The Life Insurance Corporation Of India has how many Zonal offices in India ?
    (A) Five
    (B) Eight
    (C) Ten
    (D) Fifteen
    (E) None of these
    ANS- B

  4. As per the news published in various newspapers, Life Insurance policies may become paperless in the near future. This means
    1) LIC will not insure any person here after as it has already reached its peak
    2) LIC will not ask for any documents from a person who wishes to purchase an Insurance policy
    3) All policy related documents and policy certificates will henceforth be available in electronic form and not in their present physical
    4) LIC henceforth will not entertain any claim or complaint in written form or on paper. Things should be in electronic condition.
    5) None of these
    Answer – 3

  5. The punch line of the advertisement of which of the following organization is “Jindagi ke sath bhi Jindagi ke bad bhi” ?
    (A) New India Assurance
    (B) General Insurance Corporation
    (C) ICICI Prudential
    (D) Life Insurance Corporation Of India
    (E) None of these
    ANS- D

  6. Which of the following insurance companies writes its punch line in the advertisements “Insurance is the subject matter of solicitation” ?
    (A) CIC
    (B) LIC
    (C) ING Vysya Life InsuranceCo.
    (D) Tata AIG Life Insurance Co
    (E) None of these
    Answer – B

  7. If an organization wishes to venture into Insurance Business it has to obtain a licence first from which of the following ?
    (A) Indian Banks Association (IBA)
    (B) Security and Exchange Board of India (SEBI)
    (C) Tariff Advisory Committee (TAC)
    (D) Insurance Regulatory and Development Authority of India (IRDAI)
    (E) None of these
    ANS- D

  8. Which of the following was the parent company of New India Assurance ?
    (A) LIC
    (B) GIC
    (C) Oriental Insurance Co. Ltd.
    (D) United India Insurance
    (E) None of these
    Answer – B

  9. The New India Assurance Company was established in 1919 by
    (A) Dorab Tata
    (B) G. D. Birla
    (C) Jamunalal BajaJ
    (D) Kamlapat Singhania
    (E) None of these
    Answer – A

  10. Which of the following is largest Non Life Insurance Company in India ?
    (A) ICICI Lombard General Insurance Company Ltd.
    (B) United India Insurance Company Ltd.
    (C) General Insurance Company Ltd.
    (D). New India Assurance Company Ltd.
    (E) None of these
    Answer – D

  11. Which of the following Insurance Companies was launched with NABARD as one of its promoter’s with 30% stake in it ?
    (A) General Insurance Corporation Ltd.
    (B) National Insurance Cornpany Ltd.
    (C) Agriculture Insurance Company Ltd,
    (D) SBI Life Insurance Company Ltd.
    (E) None of these
    Answer – A

  12. Which of the following words/ terms is closely associated with the insurance business
    (A) Archives
    (B) Donation
    (C) Actuary
    (D) Quest
    (E) All are associated with insurance
    Answer – C

  13. Which of the following is the best description of what insurance is?
    1) Insurance = Collective bearing of risk
    2) Insurance = Paying for other’s mistake
    3) Insurance = Taking from ‘A’ to pay ‘B’
    4) Insurance = Paying for something which will never happen
    5) All of these
    Answer – 1

  14. Which of the following correctly describes what the ‘Bancassurance’ is
    1. It is an arrangement whereby the branches of a bank sell / distribute insurance products of an insurance company.
    2. It is a new product developed/ launched by the banks in which the risks of the high value customers are covered for any losses to their property and/or lives through an insurance cover.
    3. It is a new product launched by some banks by which they are providing insurance cover to exporters/ importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major currencies.
    (A) Only 1
    (B) Only2
    (C) Only 3
    (D) All 1, 2 and 3
    (E) None of these
    Answer – A

  15. In Insurance policies we always find a date which is “Date of Maturity”. What does it mean?
    1) This is the date on which the policy was sold to the customer/person insured.
    2) This is the date on which the policy holder will have to submit his/her claim
    seeking the amount of the policy. Otherwise the company will not make any
    payment to him/her.
    3) This is the date on which the contract between the person and insurance company will come to an end.
    4) The date on which the insurance company makes the final payment to the
    insured person which is normally fifteen days after the “payment due date”.
    5) None of these
    Answer – 3