Insurance MCQ Daily-08

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- State which of the statements given below is correct

  1. People are always keen to buy insurance
  2. Life insurance cannot be denied to anyone at any time
  3. People generally feel that life related risks are imminent
  4. Religious beliefs interfere with the purchase of life insurance
  5. Life insurance is to be sold to people who are not in good health

Option-4 Religious beliefs sometime interfere with buy of life insurance.

Q-2- In which year General Insurance Corporation(GIC) subsidiaries were restructured as independent companies and at the same time GIC was converted into national re-insurer?

  1. 1999
  2. 2000
  3. 2001
  4. 2002

Option-4 Parliament passed a bill de-linking the four subsidiaries from GIC in July 2002.

Q-3- Where is the headquarter of United India Insurance Company?

  1. Delhi
  2. Mumbai
  3. Chennai
  4. Bangalore

Option-3 Chennai

Q-4- Where is the headquarter of National Insurance Company?

  1. Delhi
  2. Kolkata
  3. Chennai
  4. Hyderabad

Option-2 Kolkata

Q-5- Where is the headquarter of New India Assurance Company?

  1. Delhi
  2. Mumbai
  3. Chennai
  4. Hyderabad

Option-2 Mumbai

Q-6- Where is the headquarter of Oriental Insurance Company?

  1. Delhi
  2. Mumbai
  3. Chennai
  4. Hyderabad

Option-1 Delhi

Q-7- How many Life insurance companies collaborated to form the Life Insurance corporation(LIC)?

  1. 241
  2. 242
  3. 244
  4. 245

Option-4 As per ordinance issuded in 19th January 1956, LIC came into existence and absorbed 154 Indian,16 non indian insurers, 75 provident funded societies.

Q-8- ‘Shagun – Gift an Insurance’ launched by which insurance company?

  1. Tata AIG
  2. HDFC Ergo
  3. SBI General
  4. ICICI Lombard

Option-3 SBI General Insurance has launched a first-of-its-kind insurance product called ‘Shagun – Gift an Insurance”, which is a unique gift of Personal Accident policy.

Q-9- Export Credit Guarantee Corporation Ltd. was set up in which year to provide credit risk insurance for the exports services?

  1. 1955
  2. 1956
  3. 1957
  4. 1958

Option-3 Export Credit Guarantee Corporation Ltd.(formerly known as Export Credit Guarantee Corporation of India Ltd.) was set up in 1957 with the objective of promoting exports from the country by providing Credit risk insurance and related services to exports.

Q-10- The headquarter of General Insurance Corporation(GIC) located in

  1. Delhi
  2. Kolkata
  3. Mumbai
  4. Chennai

Option-3 Mumbai

Q-11- In which year Comprehensive crop Insurance scheme was launched in India?

  1. 1977-78
  2. 1979-80
  3. 1982-83
  4. 1985-86

Option-4 1985-86

Q-12- Who introduced crop insurance scheme in India?

  1. Agricultural Association of India
  2. Agricultural Corporation of India
  3. Life Insurance Corporation of India
  4. General insurance Corporation of India

Option-3 The first crop insurance program was introduced in 1972-73 by the ‘General Insurance’ Department of Life Insurance Corporation of India on H-4 cotton in Gujarat.

Q-13- Under Crop insurance how is actual revenue calculated for insurance purpose?

  1. Divide actual yield by harvest price
  2. Multiply actual yield by harvest price
  3. Divide actual yield by total investment
  4. Multiply actual yield by total investment

Option-2 The actual revenue for insurance purposes is computed by multiplying your actual yield by the harvest price described.A harvest price is determined by averaging the new crop futures prices during October.

Q-14- Which of these covered under Marine Insurance?

  1. Act only
  2. Whole Life policy
  3. Liability insurance
  4. Endowment policy

Option-3 Liability Insurance

Q-15- Direct writing of insurance doesn’t involve?

  1. Agents
  2. Brokers
  3. Both above
  4. None of above

Option-3 Liability Insurance comes under Casualty department for Insurance underwriting.

Q-16- Vehicle own information is prime important factor for rating purpose.

  1. True
  2. False
  3. Depends on Insurer
  4. None of above

Option-1 For rating of any Vehicle, information about its model, make, engine capacity,its type are important information for rating purpose.

Q-17- Which department of an insurance company bring in the business.

  1. Broker
  2. Finance
  3. Marketing
  4. Underwriting

Option-3 Sales & marketing department of Insurance company bring business.

Q-18- Out of below which is not part of the insuring agreement of a policy?

  1. Premiums
  2. Exclusions
  3. Insured perils
  4. Description of property insured

Option-1 Premium is not part of insuring agreement of a policy.

Q-19- Which is correct from below about a material fact

  1. is the subject of insurance.
  2. is any fact that relates to the item insured.
  3. need only be divulged if insured is asked about it.
  4. is anything that could affect the premium charged or acceptability of the risk.

Option-4 a material fact is anything that could affect the premium charged or acceptability of the risk.

Q-20- Which is correct condition about Deductibles or Excess clause in any policy?

  1. must apply individually to each item on a policy
  2. cannot be used to reduce the premium on a policy
  3. is used to encourage clients to carry adequate insurance
  4. may disappear if the amount of a loss exceeds the deductible

Option-4 A Deductible may disappear if the amount of a loss exceeds the deductible.

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