Insurance and Finance - General Knowledge Questions

1 .
If a policy holder stops paying the premium after three years, but does not withdraw the money from his policy, then the policy is said to be_____
A)
Terminated
B)
Paid UP
C)
Annuity
D)
AD&D

Correct Answer :   Paid UP

In such a case the policy is said to be paid up

2 .
Where is the headquarters of DHFL General Insurance Limited located?
A)
Mumbai
B)
Bengaluru
C)
Gurgaon
D)
Chennai

Correct Answer :   Mumbai

3 .
Where is the headquarters of Max Bupa Health Insurance Company Ltd. located?
A)
Mumbai
B)
Gurgaon
C)
New Delhi
D)
Pune

Correct Answer :   New Delhi

4 .
Where is the headquarters of Cholamandalam MS General Insurance Co. Ltd. located?
A)
Bengaluru
B)
Gurgaon
C)
Pune
D)
Chennai

Correct Answer :   Chennai

Chennai, Tamil Nadu  

5 .
Where is Assert Institute of Management Studies located?
A)
Patna
B)
Mumbai
C)
Hyderabad
D)
Jaipur

Correct Answer :   Patna

6 .
What is the Principle of Insurance called under which insured must always try his level best to minimize the loss of his insured property, in case of uncertain events?
A)
Principle of Proximate Cause
B)
Principle of Loss Minimization
C)
Principle of Subrogation
D)
Principle of Indemnity

Correct Answer :   Principle of Loss Minimization

According to the Principle of Loss Minimization, insured must always try his level best to minimize the loss of his insured property, in case of uncertain events like a fire outbreak or blast, etc. The insured must take all possible measures and necessary steps to control and reduce the losses in such a scenario.

7 .
Where is the headquarters of Exide Life Insurance Co. Ltd. located?
A)
Bengaluru
B)
Mumbai
C)
Gurgaon
D)
New Delhi

Correct Answer :   Bengaluru

8 .
National Insurance Company Ltd. is a type of?
A)
Re-insurance Company
B)
Life Insurance Company
C)
General Insurance Company
D)
All of the above

Correct Answer :   General Insurance Company

Life insurance company is one which provides insurance for death. General Insurance company is one which deals in all other types of insurance other than death like vehicle insurance, House Insurance etc. It is also called non-life insurance.,

9 .
_______is the length of time after a premium is due and unpaid during which the policy, including all riders, remains in force.
A)
Prompt Period
B)
Void Period
C)
Null Period
D)
Grace Period

Correct Answer :   Grace Period

Grace Period – The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time.

10 .
Study the table below and find out which one o them is wrongly matched [ As on 5 March 2015 ] Insurance Company Chairman
A)
The New India Assurance Co. Ltd. Milind Kharat
B)
Oriental Insurance Company Ltd Dr. A.K.Saxena
C)
Life Insurance Corporation of India Shri S. K. Roy
D)
National Insurance Company Limited Shri A.V. Girija Kumar

Correct Answer :   The New India Assurance Co. Ltd. Milind Kharat

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