Insurance Awareness Quiz for IRDA Exam

Insurance Awareness Quiz for upcoming IRDA Exam

insurance awareness quiz

Q1. The insurance industry of India consists of:
a) 52 Insurance Companies
b) 62 Insurance Companies
c) 35 Insurance Companies
d) None of These

Q2. Currently, Number of Life Insurance Companies running in India are:
a) 26
b) 25
d) None of These

Q3. How many Non - Life Insurance Companies are running in India:
a) 26
b) 28
c) 32
d) None of These

Q4. Insurance Institute of India (I.I.I.) was established in India in:
a) 1956
b) 1955
c) 1972
d) None of These

Q5. Insurance Institute of India was formerly known as:
a) Imperial Indian Insurance Institute
b) Federation of Insurance Institute
c) National Insurance Institute
d) None of These

Q6. Among the Life Insurance Companies, Which is sole public sector company:
a) Bharti AXA Life Insurance
b) Life Insurance Corporation of India (LIC)
c) United Life Insurance of India
d) None of These

Q7. How many Non - life insurance companies are public sector insurers:
a) 8
b) 6
c) 12
d) None of These

Q8. FIPB stands for:
a) Financial Investment Promotion Board
b) Federation of Investment Promotion Board
c) Foreign Investment Promotion Board
d) None of These

Q9. Out of 49% FDI in Insurance sector, how much % is under Automatic Route:
a) 29%
b) 26%
c) 30%
d) None of THese

Q10. Out of 49% FDI in Insurance sector, how much % need FIPB's approval:
a) 29%
b) 25%
c) 23%
d) None of These

Q11.  For mis-selling Insurance Products, Insurance Agents will be fined for:
a) Rs. 10,000
b) Rs. 100,000
c) Rs. 50,000
d) None of These


For mis-selling, insurance company can be held liable for Rs. 1 Crore

Q12. An unauthorized agents whose only job is to dupe unsuspecting customers will be fined ________ for their scams:
a) Rs. 45 Lakh
b) Rs. 50 Lakh
c) Rs. 10 Lakh
d) None of These

Q13. Non - Compliance of IRDA's rule and regulations can result in _______in fines for companies:
a) Rs. 10 Crores
b) Rs. 25 Crores
c) Rs. 50 Crores
d) None of These

Q14. Guarantee or assurance to put the insured in the same position in which he was immediately prior to the happening of the uncertain event (Except Life Insurance) is known as:
a) Principle of Subrogation
b) Principle of Indemnity
c) Principle of Utmost Good Faith
d) None of These

Q15. General Insurance Corporation of India was incorporated on:
a) 24 December, 1975
b) 22 November, 1972
c) 10 April, 1965

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