Latest Insurance and Finance General Knowledge(GK) Questions and answers

1 .

If you might want to discontinue the policy, and take whatever money is due to you. The amount the insurance company then pays is known as_______

A)

Surrender Value

B)

Maturity Value

C)

Paid-up value

D)

Sum Assured

Correct Answer : Surrender Value

2 .

_________refers to the insurance company that offers the policy.

A)

Insured or Policyholder

B)

Agent

C)

Insurer

D)

Nominee or Beneficiary

Correct Answer : Insurer

3 .

Which principle specifies an insured should not collect more than the actual cash value of a loss?

A)

Liquidity

B)

Indemnity

C)

Premium

D)

Annuity

Correct Answer : Indemnity

The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured’s economic loss.

4 .

The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called______

A)

Limited premium

B)

Liquidity

C)

Fund

D)

Cover

Correct Answer : Limited premium

A limited premium payment plan is a plan where you pay the premium for a shorter span of time and enjoy the benefits of an insurance cover for a long time.

5 .

An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as______

A)

Aggregate

B)

Adjuster

C)

Service Provider

D)

Beneficiary

Correct Answer : Beneficiary

6 .

An individual who sells, services, or negotiates insurance policies either on behalf of a company or independently is called_____

A)

Seller

B)

Agent

C)

Aggregate

D)

Service Provider

Correct Answer : Agent

7 .

Nippon Life Insurance has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million) in order to increase its stake in Reliance Life Insurance from 26 percent to 49 per cent. Nippon Life Insurance based in

A)

France

B)

Germany

C)

Japan

D)

USA

Correct Answer : Japan

8 .

Indiaâ€™s Agricultural Insurer is

A)

AIC

B)

GIC

C)

NABARD

D)

Kishan Bima Sanstha

Correct Answer : Kishan Bima Sanstha

9 .

A missing person is considered to be dead after how many years of missing?

A)

7years

B)

10years

C)

5years

D)

15years

Correct Answer : 7years

10 .

Which is the oldest Life Insurance company in India?

A)

Oriental Insurance Company

B)

United India Insurance Company

C)

National Insurance Company

D)

New India Assurance Company

Correct Answer : National Insurance Company