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Insurance Awareness Quiz For IBPS, RBI & Insurance Exam

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Q1. IRDA stands for-
(a) Insurance Regulatory and Department Authority
(b) Insurance Regulatory and Development Assembly
(c) Insurance Regulatory and Development Association
(d) Insurance Regulatory and Development Authority
(e) Insurance Regulatory and Development Agency
Q2. In which year, the IRDA was incorporated as a statutory body? 
(a) April 2000
(b) April 2001
(c) April 2002
(d) April 2003
(e) April 2004
Q3. Name the organisation, which regulates the Indian insurance industry to protect the interests of the policyholders and work for the orderly growth of the industry.
(a) IRDAI
(b) RBI
(c) SEBI
(d) NABARD
(e) LIC
 
Q4. Frames regulations for the insurance industry in terms of Section ________ of the Insurance Act 1938 From the year 2000 has registered new insurance companies in accordance with regulations.
(a) section 124C
(b) section 194B
(c) section 114A
(d) section 127E
(e) section 118A
Q5. What is the functions and duties of IRDAI?
(a) Registering and regulating insurance companies
(b) Promoting professional organisations in insurance.
(c) Regulating investment of policyholders’ funds by insurance companies.
(d) All of the above
(e) None of the given options is true
Q6. In which among the following year United India Insurance Company Limited was incorporated?
(a) 1919
(b) 1972
(c) 1956
(d) 1949
(e) 1938
Q7. Insurance firm AIA Group Ltd has decided to increase its stake in Tata AIA Life Insurance Co Ltd, a joint venture owned by Tata Sons Ltd and AIA Group from 26 percent to _________ per cent.
(a) 51 percent
(b) 100 percent
(c) 74 percent
(d) 49 percent
(e) None of the given options is true
Q8. Insurance of ___________ means insurance of buildings, machinery, stocks etc against Fire and Allied Perils, Burglary Risks and so on. 
(a) wealth
(b) demand
(c) property
(d) capital
(e) general
Q9. General Insurance Corporation of India (GIC Re) is a wholly owned company of-
(a) Finance Ministry
(b) Government of India
(c) IRDAI
(d) LIC
(e) RBI
 
Q10. What is the authorized capital of General Insurance Corporation of India (GIC)?
(a) Rs.1000 crore
(b) Rs.500 crore
(c) Rs.2000 crore
(d) Rs.100 crore
(e) Rs.5000 crore
Q11. Agriculture Insurance Company of India Limited (AIC) was incorporated in which year?
(a) 20th December 1999
(b) 20th December 2007
(c) 20th December 1992
(d) 20th December 2004
(e) 20th December 2002
Q12. IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956. What is the meaning of “B” in IBAI?
(a) Basel
(b) Broadcasting
(c) Board
(d) Brokers
(e) Banking
 
Q13. Where is the head office of Agriculture Insurance Company of India Limited (AIC)?
(a) Hyderabad
(b) Mumbai
(c) New Delhi
(d) Kolkata
(e) Chennai
Q14. 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 percent to 49 percent. Nippon Life Insurance based in-
(a) Germany
(b) Japan
(c) Canada
(d) USA
(e) France
Q15. ___________ insurance gives protection to the vehicle owner against damages to his/her vehicle and pays for any Third Party Liability determined as per law against the owner of the vehicle. 
(a) Motor Insurance
(b) Travel Insurance
(c) Group Insurance
(d) Life Insurance
(e) Health Insurance

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