Insurance Related Quiz

1. Which of the following terms is Not used in the world of finance, banking and insurance?
1) Devaluation
2) Amnesty
3) Hard currency
4) Preference share
Ans-2

2. Which of the following organisations/ agencies frame the Monetary and Credit Policy which is followed by all banks in India?
1) Indian Bank's Association
2) Reserve Bank of india
3) Securities & Exchange Board of India
4) Government of India
5) Sinking fund
Ans-2

3. Which of the following is the best description of what insurance is? (Many times companies also communicate the same to the person interested in getting an insurance policy)
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
Ans-2

4. Which of the following types of companies/ organisations issue ULIP? (The ULIPS were recently in news)
1) Insurance companies
2) Banks
3) NABARD
4) RBI
5) All of these
Ans-1

5. Insurance business in India is regulated by which of the following authorities?
1) NFCG
2) IRDA
3) CII
4) FICCI
5) All of these
Ans-2

6. Which amongst the following is NOT an insurance company functioning in India?
1) ICICI Prudential
2) ING Vysya
3) ICICI Lombard
4) New India Assurance Company Limited
5) National Securities Depository Ltd.
Ans-5

7. Which of the following is the only public sector company in the filed of life insurance?
1) General Insurance Company
2) New India Assurance Company
3) Oriental Insurance Company
4) Sahara Life Insurance
5) Life Insurance Corporation of India
Ans-5

8. "A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against" is technically known as
1) Death coverage
2) Life Insurance
3) Savings for future
4) Provident Fund
5) None of these
Ans-2

9. 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
Ans-3

10. As we know, the Government is paying much attention to "Micro Finance" these days. Which of the following is one of the examples of Micro Finance?
1) Insurance for life
2) Investment in Mutual Funds
3) Self Help Groups
4) Letter of Credit
5) All of these
Ans-3

11. Which of the following insurance plan is not launched by LIC?
1) Jeevan Abhaya
2) Life Mahalife Gold Plan
3) Child Career Plan
4) Child Future Plan
5) Jeevan Saral
Ans-2

1. Which of the following terms is Not used in the world of finance, banking and insurance?
1) Devaluation
2) Amnesty
3) Hard currency
4) Preference share
Ans-2

2. Which of the following organisations/ agencies frame the Monetary and Credit Policy which is followed by all banks in India?
1) Indian Bank's Association
2) Reserve Bank of india
3) Securities & Exchange Board of India
4) Government of India
5) Sinking fund
Ans-2

3. Which of the following is the best description of what insurance is? (Many times companies also communicate the same to the person interested in getting an insurance policy)
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
Ans-2

4. Which of the following types of companies/ organisations issue ULIP? (The ULIPS were recently in news)
1) Insurance companies
2) Banks
3) NABARD
4) RBI
5) All of these
Ans-1

5. Insurance business in India is regulated by which of the following authorities?
1) NFCG
2) IRDA
3) CII
4) FICCI
5) All of these
Ans-2

6. Which amongst the following is NOT an insurance company functioning in India?
1) ICICI Prudential
2) ING Vysya
3) ICICI Lombard
4) New India Assurance Company Limited
5) National Securities Depository Ltd.
Ans-5

7. Which of the following is the only public sector company in the filed of life insurance?
1) General Insurance Company
2) New India Assurance Company
3) Oriental Insurance Company
4) Sahara Life Insurance
5) Life Insurance Corporation of India
Ans-5

8. "A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against" is technically known as
1) Death coverage
2) Life Insurance
3) Savings for future
4) Provident Fund
5) None of these
Ans-2

9. 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
Ans-3

10. As we know, the Government is paying much attention to "Micro Finance" these days. Which of the following is one of the examples of Micro Finance?
1) Insurance for life
2) Investment in Mutual Funds
3) Self Help Groups
4) Letter of Credit
5) All of these
Ans-3

11. Which of the following insurance plan is not launched by LIC?
1) Jeevan Abhaya
2) Life Mahalife Gold Plan
3) Child Career Plan
4) Child Future Plan
5) Jeevan Saral
Ans-2