The written insurance contract that may include all clauses, riders and endorsements. It is called?
A. Installment
B. Premium
C. Policy
D. Assets
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Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under-
A. Companies Act, 1956
B. SEBI Act, 1992
C. IRDA Act, 1999
D. Reserve Bank of India Act, 1934
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_________, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured.
A. Customer
B. Cashier
C. Broker
D. Banker
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UHIS has launched by the Government of India is already in existence for persons and families below the poverty line with the element of subsidy from the Government. UHIS stands for-
A. Universal Health Insurance Solutions
B. Universal Health Insurance Scenario
C. Universal Health Insurance Scheme
D. Universal Health Insurance System
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Agriculture Insurance Company of India Limited (AIC) was incorporated in which year?
A. 20th December 2004
B. 20th December 2002
C. 20th December 1999
D. 20th December 2007
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Nippon Life Insurance has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million in order to increase its stake in Reliance Life Insurance from 26 per cent to 49 per cent. Nippon Life Insurance based in-
A. USA
B. Japan
C. France
D. Germany
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Which among the following companies has not contributed towards the share capital of Agriculture Insurance Company of India Limited (AIC)?
A. Insurance Regulatory and Development Authority of India (IRDAI)
B. National Bank for Agriculture and Rural Development (NABARD)
C. General Insurance Corporation of India (GIC)
D. National Insurance Company Limited (NICL)
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When did insurance begin in Babylon?
A. 1750 BC
B. 1907 BC
C. 1971 BC
D. 2000 BC
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Which one of the following does not belong to the main products of life insurance?
A. Term
B. Whole life
C. Endowment
D. Personal accident insurance
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Which one of the following does not belong to the major general insurance private sector companies in India?
A. Reliance General Insurance
B. The Oriental Insurance Company
C. Bajaj Allianz General Insurance
D. Royal Sundaram Alliance Insurance
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In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as _________
A. Premium Amount
B. Special Amount
C. Face Value
D. Extra Expense Insurance
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A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependants is called _________
A. Hospital Insurance
B. Hull Insurance
C. Group Insurance
D. Identity theft Insurance
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A seller’s market in which insurance is expensive and in short supply is termed as _________
A. Hard Market
B. Soft Market
C. Alternative Market
D. None of the Above
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An environment where insurance is plentiful and sold at a lower cost, also known as a Buyers market is called _________
A. Hard Market
B. Soft Market
C. Alternative Market
D. None of the Above
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The concept of insurance involves a transfer of
A. Liability
B. Needs
C. Ownership
D. Risk
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Rakesh recently bought a health insurance policy and a personal accident policy. What main section(s) of the insurance market do these products normally fall into?
A. Life insurance in both cases
B. Life insurance for health and non-life insurance for personal accident
C. Non-life insurance in both cases
D. Non-life insurance for health and life insurance for personal accident
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The main role of an underwriter in a non-life insurance company is normally to
A. Assess the acceptability of particular risks
B. Certify a loss when claims are submitted
C. Design the structure of the products to be offered
D. Negotiate with the industry regulator
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Akshat is a relatively cautious person. In insurance terms, this will normally increase the likelihood that he will
A. Be considered an above average insurance risk
B. Be considered a below average insurance risk
C. Require insurance cover
D. Require reinsurance cover
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How are perils and hazards normally distinguished under term insurance policies?
A. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying
B. Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk
C. Perils are factors which affect the risk being insured and hazards are the size of the risk being insured
D. Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a payout
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In insurance terms, the risk of suffering a disability is best described as what type of risk?
A. Financial
B. Fundamental
C. Homogenous
D. Speculative
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