Insurance and Finance - General Knowledge Questions

1 .
Bonds issued by Indian entities outside India but denominated in Indian rupees are known as
A)
Desi Bonds
B)
Masala Bonds
C)
NRI Bonds
D)
Pravasi Bonds

Correct Answer :   Masala Bonds

2 .
Which is the sole reinsurance company in the Indian insurance market?
A)
Life Insurance Corporation of India
B)
United India Insurance Company Limited
C)
General Insurance Corporation of India
D)
New India Assurance Company Limited

Correct Answer :   General Insurance Corporation of India

As a sole reinsurer in the domestic reinsurance market, GIC(General Insurance Corporation) provides reinsurance to the direct general insurance companies in the Indian market. GIC receives statutory cession of 10% on each and every policy subject to certain limits.

3 .
Choose the correct statement regarding ULIP
A)
Investment tool suitable for short to medium term
B)
Tax benefit available only on tax saving funds
C)
Easy exit possible
D)
Offers tax benefits

Correct Answer :   Offers tax benefits

4 .
Which of the following is the first Indian Life Insurance Company established in India?
A)
Life Insurance Corporation
B)
Bombay Mutual Life Assurance Company
C)
Empire of India
D)
Oriental Life Insurance Company

Correct Answer :   Bombay Mutual Life Assurance Company

In 1818, Oriental Life Insurance Company was started however it was started by Europeans. First Indian Life Insurance Company was Bombay Mutual Life Assurance company in 1870

5 .
Selling of insurance product through banks is called?
A)
Bancassurance
B)
Endowment
C)
Actuarization
D)
Mortization

Correct Answer :   Bancassurance

Bancassurance is when an insurance company sells its insurance policy thorugh a bank network to the customer of the bank.

6 .
Where is the headquarters of Liberty Videocon General Insurance Company Limited, located?
A)
Chennai
B)
Gurgaon
C)
Bengaluru
D)
Mumbai

Correct Answer :   Mumbai

7 .
Where is the headquarters of Future Generali India Insurance Company Limited located?
A)
Chennai
B)
Bengaluru
C)
Mumbai
D)
Gurgaon

Correct Answer :   Mumbai

8 .
Where is the headquarters of United India Insurance Co. Ltd. located?
A)
Chennai
B)
Mumbai
C)
Gurgaon
D)
Bengaluru

Correct Answer :   Chennai

9 .
Where is Insurance Institute of India located?
A)
Bengaluru
B)
Patna
C)
Hyderabad
D)
Mumbai

Correct Answer :   Mumbai

The Insurance Institute of India is an insurance education society of professionals established in 1955 in Mumbai for the purpose of imparting insurance education to persons engaged or interested in insurance.

10 .
Which of the following principles of Insurance denotes a positive duty of the person seeking insurance to voluntarily disclose all facts material to the risk being proposed whether requested or not?
A)
Insurable Interest
B)
Utmost Good Faith
C)
Principle of Contribution
D)
Principle of loss Minimization

Correct Answer :   Utmost Good Faith

Utmost Good Faith is one of the principles that insurance is based on. It denotes a positive duty of the person seeking insurance to voluntarily disclose accurately and fully, all facts material to the risk being proposed whether requested or not.
The principle of Utmost Good Faith is also known as Uberrimae Fides.

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