Insurance and Finance - General Knowledge Questions

1 .
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

2 .
Which of the following committees recommended the introduction of the Rural Postal Life Insurance?
A)
Agastya Committee
B)
Malhotra Committee
C)
Pratap Committee
D)
Dubey Committee

Correct Answer :   Malhotra Committee

3 .
ECGC is related to
A)
Export financing and insurance
B)
Export statistics publication
C)
Export quality certification
D)
Export promotion

Correct Answer :   Export financing and insurance

4 .
Which of the following is the first legislation governing both Life Insurance and Non-life insurance?
A)
Life Insurance Corporation Act, 1956
B)
Life Insurance Companies Act, 1920
C)
Life Insurance Companies Act, 1912
D)
The Insurance Act, 1938

Correct Answer :   The Insurance Act, 1938

The Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business.

5 .
When all the benefits of an insurance policy gets terminated due to non-payment of premium, then the policy is said to be_____
A)
Charged
B)
Lapsed
C)
Graced
D)
Paid up

Correct Answer :   Lapsed

Policy is said to be lapsed in such a situation.

6 .
Where is the headquarters of Kotak Mahindra General Insurance Company Limited located?
A)
Chennai
B)
Gurgaon
C)
Mumbai
D)
Jaipur

Correct Answer :   Mumbai

Mumbai, Maharashtra

7 .
Where is the headquarters of Bharti AXA General Insurance Company Limited located?
A)
Mumbai
B)
Bengaluru
C)
New Delhi
D)
Gurgaon

Correct Answer :   Bengaluru

Bengaluru, Karnataka

8 .
Where is the headquarters of Royal Sundaram General Insurance Co. Limited located?
A)
Chennai
B)
Lucknow
C)
Gurgaon
D)
Agra

Correct Answer :   Chennai

Chennai, Tamil Nadu

9 .
Where is Indian Institute of Banking and Finance (IIBF) located?
A)
Bengaluru
B)
Jaipur
C)
Pune
D)
Mumbai

Correct Answer :   Mumbai

The Indian Institute of Banking and Finance (IIBF) is India’s premier institute in banking and finance education, aiming for professional excellence.
With its membership of over 700 banks and financial institutions as institutional members and about 300000 of their employees as individual members, IIBF is the largest Institute of its kind in the world

10 .
Which of the following principles of Insurance enables the insured to claim the amount from the third party responsible for the loss?
A)
Principle of Subrogation
B)
Principle of Contribution
C)
Double insurance
D)
Insurable Interest

Correct Answer :   Principle of Subrogation

The principle of subrogation enables the insured to claim the amount from the third party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss, For example, if you get injured in a road accident, due to reckless driving of a third party, the insurance company will compensate your loss and will also sue the third party to recover the money paid as claim.

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