Insurance MCQ Daily-14

Insurance MCQ daily is very useful to all Insurance aspirants who want to make Insurance a successful career.   

Insurance Daily MCQ is very helpful to all those who are preparing for various competitive exams. This MCQ will certainly add value to their Insurance learning. Practice it daily with us and get a competitive advantage over your competitors.

These 20 Insurance MCQ’s covering across all branches of Insurance to provide more awareness to all Insurance aspirants.

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Q-1- Which is not a regulatory body from below?

  1. FMC
  2. IRDA
  3. SEBI
  4. PFRDA

Option-1 Food Machinery Corporation(FMC) is not a regulatory body.

Q-2- When the General Insurance Corporation of India(GIC) incorporated

  1. 1938
  2. 1972
  3. 1999
  4. 2002

Option-2 General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA incorporated on 22 November 1972.

Q-3- What is the maximum amount an insurance company will pay if an insured asset is deemed a total loss.

  1. Actual Value
  2. Insurance Value
  3. Replacement Value
  4. Guaranteed Insurance Value

Option-2 The maximum value in case of total loss is called ‘Insurance value’.

Q-4- The expanded form of SEF

  1. Standard Envelope Form
  2. Secure Endorsement Form
  3. Standard Endorsement Fair
  4. Standard Endorsement Form

Option-4 Standard Endorsement Form(SEF) can be added to an Automobile Insurance policy and serve the purpose of either adding or removing coverage from the policy.

Q-5- Insurance is legislated by

  1. State Government
  2. Central Government
  3. Government of India
  4. General Insurance Company

Option-2 Insurance is legislated by Central Government. Insurance in India covers both, public and private sector organisations. It is listed in the Seventh Schedule as a Union List subject in the Constitution of India.

Q-6- What is the CRISIL rating for The New India Assurance Co Ltd.?

  1. AA/Stable
  2. AAA/Stable
  3. AA/Negative
  4. AAA/Positive

Option-2 CRISIL rating for The New India Asusrance is AAA/Stable.

Q-7- Out of 4 PSU general Insurance companies, which is the subsidiary company of GIC?

  1. The Oriental Insurance Company Ltd.
  2. The National Insurance Company Ltd.
  3. The New India Assurance Company Ltd.
  4. None of these

Option-4 None.Previously all 4 were subsidiary companies of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy.

Q-8- IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956. What is the meaning of “B” in IBAI?

  1. Basel
  2. Board
  3. Brokers
  4. Brodcasting

Option-3 Insurance Brokers Association of India (I.B.A.I.)

Q-9- Name the written insurance contract which include all clauses, riders and endorsements?

  1. Asset
  2. Policy
  3. Premium
  4. Endorsement Slip

Option-3 Policy document having all details of Coverage,Clauses, Riders, Endorsment, premium details etc.

Q-10-  On behalf of the insured who arrange and negotiate quotes and represent the interests of the insured for insurance coverage at the lowest cost and highest benefit to the insured.

  1. Banker
  2. Broker
  3. Cashier
  4. MLM Agent

Option-2 A Broker is a person or company who do all this on behalf of Insured.

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