Insurance Questions Daily-47

Insurance Questions daily proved very useful to all Insurance aspirants or insurance savvy who regularly seek insurance knowledge.   

These 20 Insurance GK MCQs are all about Life and about the general insurance sector.

Questions related Risk Management and its applicability in present industry, accounting terminology etc. on Insurance GK.

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Q-1- As per the Insurance Act 1938, the policies for a period of more than 12 months for which premium can be collected in installments are defined as ______________

  1. Long term policies
  2. Life insurance policies
  3. General Insurance policies
  4. All of the above

Option-1 Long term policies.

Q-2- Which is the largest insurance market in the world?

  1. U.K
  2. U.SA
  3. China
  4. European Union


Q-3- If an agent is servicing only one principal, he may have exclusive rights and may be called as

  1. Service agent
  2. Free-lancer agent
  3. Sole-selling agent
  4. Principal-selling agent

Option-3 Sole-selling agent

Q-4- Which of the following is NOT a dimension of 7 P’s of service marketing mix?

  1. Price
  2. Product
  3. Process
  4. People
  5. Performance

Option-5 Performance

Q-5- In Insurance history, the practice of individual underwriting started in London by the _________

  1. LIoyd’s
  2. U.K. Chamber of Assurance
  3. Chartered Insurance Institute,U.K.
  4. Association of English & Scottish Fire Offices

Option-1 LIoyd’s

Q-6- In which place the American Insurance Group(AIG) was founded ?

  1. Canada
  2. America
  3. Shanghai
  4. British Columbia

Option-3 American Insurance Group(AIG) was founded in Shanghai on 19th December 1919 by ‘Cornelius Vander Starr’. At present AIG’s headquarter is in New York,United States.

Q-7- Which among the following denote the function of IRDAI?

  1. Insurance regulator
  2. Licensing Authority
  3. Training and Exams
  4. Both 1 and 3
  5. Both 1 and 2

Option-1 The function of IRDAI as a Insurance regulatory body and as an Licensing authority.

Q-8- Who among the following is not an Intermediary?

  1. TPA
  2. Agent
  3. Broker
  4. Underwriter

Option-4 An Underwriter is not a intermediary in Insurance process.

Q-9- In the Insurance service business who can be considered as an intermediaries?

  1. Agents
  2. Insurer
  3. Brokers
  4. Both 1 and 2
  5. Both 1 and 3

Option-5 Agents and Brokers can be considered as an intermediaries.

Q-10- Why the principle of marketing does not apply to services?

  1. Due to flexibility
  2. Due to availability
  3. Due to separability
  4. Due to intangibility

Option-4 Intangibility is one of the characteristics of all services. For this reason, principle of marketing cannot be applied to services in the same manner as applicable to goods.

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