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

1 .

Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called as

A)

Premium

B)

Interest

C)

Installment

D)

Service

Correct Answer : Premium

Insurance companies collect a fixed amount from their customers at a fixed interval of time. This amount is called Premium.

2 .

Which of the following is the only public sector company in the field of life insurance?

A)

SBI Life Insurance Company

B)

Life Insurance Corporation of India

C)

Oriental insurance company

D)

General insurance company

Correct Answer : Life Insurance Corporation of India

Life Insurance Corporation of India is the only public sector company among the life insurers.

3 .

Which one of the following does not belong to the major general insurance private sector companies in India?

A)

Bajaj Allianz General Insurance

B)

Royal Sundaram Alliance Insurance

C)

Reliance General Insurance

D)

The Oriental Insurace Company

Correct Answer : The Oriental Insurace Company

New India Assurance Company Limited, National Insurance Company Limited, The Oriental Insurance Company, United India Insurance, Agricultural Insurance Company of India are the major general insurance companies in India. Bajaj Allianz General Insurance, ICICI Lombard General Insurance, IFFCO-Tokio General Insurance, Reliance General Insurance, Royal Sundaram Alliance Insurance, TATA AIG General Insurance, Cholamandalam General Insurance, HDFC Ergo are the major general insurance private sector companies in India.

4 .

Which one of the following does not belong to the main products of life insurance?

A)

Personal accident insurance

B)

Endowment

C)

Whole life

D)

Term

Correct Answer : Personal accident insurance

Whole life, Endowment, Term, Investment-linked, Life annuity plan, Medical and health are the main products of life insurance. Motor insurance, Fire/House owners/Householders insurance, Personal accident insurance, Medical and health insurance, Travel insurance are the main products of general insurance.

5 .

When did insurance begin in Babylon?

A)

1907 BC

B)

1600BC

C)

1750 BC

D)

1971 BC

Correct Answer : 1750 BC

6 .

Which is the first Indian Life Insurance Company to enable claims processing through Whats App ?

A)

Aegon Life

B)

Bharti AXA Life

C)

HDFC Life

D)

Life Insurance Corporation of India

Correct Answer : Bharti AXA Life

7 .

Which of the following statements is incorrect about an insurance policy bought under the 'Married Woman's Property' (MWPA)?

A)

It insures a property of a married woma

B)

Divorcees can purchase one for the benefit of their children

C)

Beneficiaries named once, cannot be changed later

D)

Any life insurance policy can be converted to one by filling an addendum at the time of the application

Correct Answer : It insures a property of a married woma

8 .

Situations when the insurance company passes some part of or all risks to another

A)

Double-insurance

B)

Co-insurance

C)

Void-insurance

D)

Reinsurance

Correct Answer : Reinsurance

9 .

Contract of insurance is a contract of

A)

Indemnity

B)

Guarantee

C)

Agency

D)

Boilment

Correct Answer : Indemnity

10 .

Which of the following terms is not covered under General insurance?

A)

Marine Insurance

B)

Fine Insurance

C)

Motor Insurance

D)

Life Insurance

Correct Answer : Life Insurance