Insurance Questions for IRDA and UIIC Exams

Insurance Questions for IRDA and UIIC Exams :-

Q1. _________means 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:
a) Collateral Guarantee
b) Indemnity
c) Profit Expectation
d) None of These

Q2. When insurance companies shares risks between them, it is known as:
a) Re - Insurance
b) Self Insurance
c) Co - Insurance
d) None of These

Q3. If a person has taken more than one policies for specific purpose or risks having two or more policies with same coverage is called:
a) Dynamic Insurance
b) Re - Insurance
c) Dual Insurance
d) None of These
Q4. If you are in a situation where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves, it is known as:
a) Self - Insurance
b) Re - Insurance
c) Dual Insurance
d) None of These

 Q5. If one insurance company passes some or whole part of risk to another insurance company or Situations is that when insurer passes some part of or all risks to another insurer, it is called:

a) Dual Insurance

b) Re - Insurance

c) Both of Above

d) None of These

·     Q6. The life insurance business was nationalized on:
     a) 18 July, 1966
     b) 19 January, 1956
     c) 21 February, 1957
     d) None of These

Q7. Who was the chairman of 'Malhotra Committee':
a) D.K. Malhotra
b) R.N.Malhotra
c) A.K. Malhotra
d) None of These

Q8. On which date, Insurance Act 1938 was comes into existence:
a) 26 July, 1938
b) 26 February, 1938
c) 26 January, 1938
d) None of These


Q9. The insurance which provides coverage to a group of people under one contract is called:
a) Joint Life Insurance
b) Group Life Insurance
c) Collective Life Insurance
d) None of These


Q10. ERISA stands for:
a) Every India Resident Security Association
b) Employee Retirement and Income Security Act
c) Employee Re - Insurance Security Act
d) None of These

Q11. TDI stands for:
a) Treaty Department of India
b) Texas Department of Insurance
c) Trade Development of Insurance
d) None of These


Q12. The amount paid by an insured to an insurance company to obtain or maintain an insurance policy is known as:
a) Interest
b) Premium
c) Charges
d) None of These

Q13. TPA stands for:
a) Third Party Access
b) Third Party Administrator
c) Total Property Assets
d) None of These


Q14. The person who re-view an application for insurance and decides if the applicant is acceptable and at what premium rate:
a) Underwriter
b) Re-viewer
c) Broker
d) None of These

Q15. On 1 April, 1935 where was the headquarter of RBI:
a) Calcutta
b) Mumbai
c) Delhi
d) None of These


Q16. Insurer is:
a) Person who wants insurance policy
b) Insurance Company
c) Underwriter
d) None of These

Q17. The punch line of the advertisement of which of the following organization is "Zindagi Ke Saath Bhi, Zindagi Ke Baad Bhi":
a) General Insurance Corporation
b) New India Assurance
c) Life Insurance Corporation of India
d) None of These

Q18.  Anmol Jeevan is a ______ of LIC:
a) Children's Plan
b) Term Insurance Plan
c) Basic Life Insurance Plan
d) None of These

Q19. CAG stands for:
a) Chief Auditor General
b) Comptroller and Auditor General
c) Commerce and GATT
d) None of These


Q20. The amount of a pre-paid premium that has not yet been used to buy coverage by Insurer is:
a) Premium Risk
b) Unearned Premium
c) Bad Debts
d) None of These

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Quiz 1 and Quiz 2

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