Insurance and Finance - General Knowledge Questions

1 .
Insurance service provided by various banks is commonly known as
A)
Portfolio Management
B)
Investment Banking
C)
Portfolio Management
D)
Bancassurance

Correct Answer :   Bancassurance

Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer.

2 .
Life Insurance Companies Act was passed in which year?
A)
1912
B)
1924
C)
1950
D)
1989

Correct Answer :   1912

The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary.

3 .
____is an amount paid periodically to the insurer by the insured for covering his risk by any insurance policy.
A)
Mortality
B)
Premium
C)
Annuity
D)
Paid up

Correct Answer :   Premium

Premium is the amount which the person who has bought the insurance policy (insured) pays to the person/company from which he has bought the insurance policy (insurer) so that the policy continues to pay the benefit.

4 .
Where is the headquarters of Cigna TTK Health Insurance Company Ltd. located?
A)
Jaipur
B)
Bengaluru
C)
Mumbai
D)
Pune

Correct Answer :   Mumbai

Mumbai, Maharashtra 

5 .
Where is the headquarters of Shriram General Insurance Company Limited located?
A)
Chennai
B)
Jaipur
C)
Mumbai
D)
Gurgaon

Correct Answer :   Jaipur

Jaipur, Rajasthan 

6 .
Where is the headquarters of Reliance General Insurance Co. Ltd. located?
A)
Pune
B)
Jaipur
C)
Bengaluru
D)
Mumbai

Correct Answer :   Mumbai

Mumbai, Maharashtra 

7 .
Where is National Insurance Academy located?
A)
Pune
B)
Mumbai
C)
New Delhi
D)
Hyderabad

Correct Answer :   Pune

National Insurance Academy (NIA) is a premier institution devoted to equip the insurance industry with the best of talents giving training, education, research and consultancy activities.
NIA was established in 1980 jointlyon 16th December, 1980 in Mumbai to be the institute of excellence in learning and research in Insurance, Pension and allied areas.
The Academy was shifted to Pune on 4th June, 1990 with the state-of-the-art facilities for learning and research.

8 .
Which of the following principles of Insurance assures about the financial interest that the assured possesses in whatever is being insured?
A)
Utmost Good Faith
B)
Principle of Indemnity
C)
Insurable Interest
D)
Principle of Contribution

Correct Answer :   Insurable Interest

The person (the assured) should possess the thing whatever he has opted to get insured. In other words, it is the right of a person to insure something which, when lost or damaged, would mean a financial loss to him.
The person cannot insure something that he does not own.

9 .
Where is the headquarters of Birla Sun Life Insurance Co. Ltd located?
A)
Bengaluru
B)
Pune
C)
Chennai
D)
Mumbai

Correct Answer :   Mumbai

10 .
In which year was National Insurance Company Ltd. nationalized
A)
1971
B)
1973
C)
1979
D)
1983

Correct Answer :   1973

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