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INSURANCE AWARENESS MCQs

Total Questions : 92 | Page 3 of 10 pages
Question 21. What is PAC?
  1.    Post-Authorized Cheque
  2.    Pre-Authorized Chequing
  3.    Process-Authorized Chequing
  4.    Pre-Authorized Checking
 Discuss Question
Answer: Option B. -> Pre-Authorized Chequing


Pre-Authorized Chequing is an authorization by the insured to allow the Insurance Company to automatically withdrawal their insurance payments from their chequing account.


Question 22. Which of the following form is designed to be used by many different insurers and has exactly the same provisions?
  1.    Guaranteed Replacement Form
  2.    Standard insurance Form
  3.    Standard Endorsement Form
  4.    Standard Policy Form
 Discuss Question
Answer: Option D. -> Standard Policy Form


Standard Policy Form is an insurance policy form that is designed to be used by many different insurers and has exactly the same provisions, regardless of the insurer issuing the policy.


Question 23. Limit of FDI in Insurance sector:
  1.    47%
  2.    50%
  3.    49%
  4.    51%
 Discuss Question
Answer: Option C. -> 49%


Standard Policy Form is an insurance policy form that is designed to be used by many different insurers and has exactly the same provisions, regardless of the insurer issuing the policy.


Question 24. Which type of insurance usually requires higher premium?
  1.    Broad Form insurance
  2.    Whole life insurance
  3.    Health insurance
  4.    Term insurance
 Discuss Question
Answer: Option A. -> Broad Form insurance


'Broad Form Insurance' is an Insurance coverage that extends beyond the basics to include rare events that may be of serious risk to the insured. This type of insurance usually requires that a higher premium,
and often a deductible, be paid.


Question 25. Largest Life Insurance Company in India is:
  1.    The New India Assurance Company Limited
  2.    Life Insurance Corporation of India (LIC)
  3.    United India Insurance Company Limited
  4.    National Insurance Company Limited
 Discuss Question
Answer: Option B. -> Life Insurance Corporation of India (LIC)




Question 26. New India Assurance Co Ltd has branches in how many countries?
  1.    25
  2.    26
  3.    27
  4.    28
 Discuss Question
Answer: Option D. -> 28




Question 27. What is the CRISIL rating for New India Assurance Co Ltd located?
  1.    AA/Stable
  2.    AAA/Stable
  3.    AA/Negative
  4.    AAA/Negative
 Discuss Question
Answer: Option B. -> AAA/Stable




Question 28. In which year New India Assurance Co Ltd nationalized?
  1.    1945
  2.    1947
  3.    1973
  4.    1969
 Discuss Question
Answer: Option C. -> 1973


Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member “ Sir Dorab Tata. Nationalised in 1973 with the merger of Indian companies.


Question 29. Where is the headquarters of New India Assurance Co Ltd located?
  1.    New Delhi
  2.    Mumbai
  3.    Hyderabad
  4.    Kolkata
 Discuss Question
Answer: Option B. -> Mumbai




Question 30. Which of the following type of insurance product is/are available in New India Assurance Co Ltd located?
  1.    Personal Insurance
  2.    Commercial Insurance
  3.    Industrial Insurance
  4.    All of these
 Discuss Question
Answer: Option D. -> All of these


Presently NIACL provides following 5 types of insurance: Personal Insurance, Commercial Insurance, Industrial Insurance, Industrial Insurance, Liability Insurance and Social Insurance


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