IRDA - Banking Awareness Quiz

In a seines of sharing banking awareness quiz for various topics. Today I am sharing IRDA quiz.
irda quiz

Q1. Which of the following is correct about requirements of Insurable risk:
a) Should be pure risk
b) Large number of exposure units
c) To predict average loss
d) To control moral hazard
e)Involves a chance of loss or no loss
f) All of the Above
g) None of These

Q2. IRDA stands for:
a) Indian Regulatory Development Authority
b) Insurance Regulatory Development Authority
c) Investment in Insurance Regulatory Development Authority
d) None of These

Q3. ________is the sole public sector company for life insurance:
a)  Standard Life Insurance Company
b) Bharti Axa Life Insurance
c) Life Insurance Corporation of India 
d) None of These

Q4. Insurance Industry of India consists of ________ insurance companies (As per August, 2015 update):
a) 53
c) 54
d) None of These

Q5. Currently _____life insurance companies are running in India:
a) 23
b) 24
c) 22
d) None of These

Q6. _____Non- life insurance companies are running in India:
a) 28
b) 29
c) 27
d) None of These

Q7. Out of 28 non - life insurance companies, 5 private sector insurers are registered to underwrite policies exclusively in health, personal accident and travel insurance segments. Which of the following is incorrect:
a) Apollo Munich Health Insurance Company Limited
b) Max Bupa Health Insurance Company Limited
c) Religare Health Insurance Company Limited
d) Cigna TTK Health Insurance Company Limited
e) Star Health and Allied Insurance Company Limited 
f) Divine and Soul Insurance Company Limited 
g) None of These 

Q8. Which among the following is incorrect pair:
a) LIC - Life Insurer
b) Export Credit Guarantee Corporation of India - Credit Insurance
c) Agriculture Insurance Company Limited - Crop Insurance
d) None of These

Q9.The Government of India issued an Ordinance on 19 January, 1956 nationalized the Life Insurance sector and Life insurance corporation (LIC) came into existence in the same year but LIC starts its operations from ______:
a) 1 September , 1956
b) 1 August, 1956
c) 1 January, 1956
d) None of These

Q10. The principle of 'utmost good faith' applicable to which of the following contracts of insurance:
a) Fire Insurance
b) Life Insurance 
c) Marine Insurance
d) Life Insurance and Marine Insurance
e) Fire Insurance and Marine Insurance
f) All Insurance contracts
d) None of These

Q11. A guarantee or assurance to put the insured in the same position in which he was immediately prior to the happening of the uncertain event, it is related with which principle of insurance:
a) Principle of Contribution 
b) Principle of Indemnity 
c) Principle of Subrogation 
d) None of These

Q12. Which of the following definitions are wrong:
a) Co Insurance - When Insurance companies shares risks between them or Risks shared between insureres
b) Dual Insurance - If a person has taken more than one policies for specific purpose or risks having two or more policies with same coverage 
c) Self Insurance - Situations where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves
d) Reinsurance - If one insurance company passes some or whole part of risks to another insurance company or Situations when insurer passes some part of or all risks to another insurer called Reinsurer.
e) None of These

Q13. III stands for:
a) Insurance Institute of India 
b) Indian Insurance Institute 
c) Investment in Insurance Institute 
d) None of These

 Q14. III was formerly known as:
a) Federation of Insurance Institute
b) Indian Insurance Institute
c) Royale Insurance Institute 
d) None of These

Q15. Which among the following is incorrect about III (Insurance Institute of India):
a) The purpose of the institute was to provide necessary education to those people who engaged in insurance or interest in insurance 
b) Insurance Institute of India is closely associated with all segments of the insurance industry which includes Insurance regulatory authority of  India, Public and Private Sector insurance companies
c) Insurance Institute of India also conduct the examinations at various levels
d) It is only one professional institution which devoted solely to insurance related education
e) Successful candidates get certificates and awards from insurance institute of India and such institute is recognized by government of India
f) All of above
g) None of These

 Q16. Which pair is correct from following:
a) 1818 - Oriental Life Insurance company, the first life insurance company on Indian soil started functioning 
b) 1870 - Bombay Mutual Life Assurance Society, the first Indian Life Insurance company started its business
c) 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business
d) 1956 - 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized.
e) All of Above
f) None of These

Q17. Malhotra Committee was set up in ____:
a) 1994
c) 1995
d) None of These

Q18. Chairman of Malhotra Committee was _____:
a) R.N. Malhotra
b) D.K. Malhotra
c) A.J. Malhotra
d) None of These

Q19. R.N. Malhotra was____:
a) Former Governor of the Reserve Bank of India
b) Former Finance Minister
c) Former III Head
d) None of These

Q20. The Malhotra Committee recommended introduction of a concept of _______in the insurance sector to make out a strong case for paying the way for foreign capital:
a) Standardization 
b) Globalization
c) Professionalization 
d) None of These

Take previous Banking quiz :-

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