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

1 .

Who has been roped in as the chief financial officer (CFO) of the Life Insurance Corporation (LIC)?

A)

Niraj Shah

B)

Sangramjit Sarangi

C)

Sunil Agrawal

D)

Gopal Balachandran

Correct Answer : Sunil Agrawal

IPO-bound "Life Insurance Corporation (LIC)" has appointed "Sunil Agrawal" as its chief financial officer (CFO).

Agrawal took charge on Wednesday(2nd Mar 2022), sources said.

This is the first time that LIC has appointed an outsider as CFO.

Prior to this, LIC Executive Director Shubhangi Sanjay Soman was holding charge as CFO of the insurance behemoth.

Agrawal was earlier the CFO of Reliance Nippon Life Insurance for over 12 years. He was also associated with ICICI Prudential Life Insurance for 5 years.

LIC had in September invited applications for the post of CFO. The post is contractual and the CFO would get remuneration of about Rs 75 lakh per annum.

The appointment will be for a period of three years or the candidate attaining 63 years of age, whichever is earlier.

LIC was preparing to go public in March itself. However, the prevailing geopolitical volatility triggered by the Russia-Ukraine conflict may defer the mega IPO.

Finance Minister Nirmala Sitharaman too had indicated review of LIC's initial public offering (IPO) in view of the evolving geopolitical situation..

Source : Business Today

2 .

Who has partnered with Airtel Payments Bank to offer cyber insurance?

A)

ICICI Lombard General Insurance

B)

Life Insurance Corporation (LIC)

C)

SBI Life Insurance

D)

Bajaj Allianz General Insurance

Correct Answer : ICICI Lombard General Insurance

ICICI Lombard General Insurance has partnered with Airtel Payments Bank to offer cyber insurance to customers of the bank. This Cyber Insurance policy provides financial protection to customers against potential financial fraud relating to banking, credit or debit card; identity theft; phishing or email spoofing etc. Airtel Payments Bank customers can purchase this cyber insurance policy within minutes using the Airtel Thanks app.

3 .

Who has tied up with Policybazaar to digitally offer a wide range of Life Insurance products?

A)

Life Insurance Corporation (LIC)

B)

HDFC Life Insurance

C)

United India Insurance

D)

The Oriental Insurance Company

Correct Answer : Life Insurance Corporation (LIC)

Life Insurance Corporation (LIC) has tied up with Policybazaar to digitally offer a wide range of Life Insurance and investment products to its customers across India. This is LIC’s first association with a private insurance aggregator, which has mainly relied on its 1.33 million agents for distributing products. To facilitate seamless digital distribution of life insurance products and boost financial inclusion across India.

The benefit of the tie-up : The alliance will provide insurance services in smaller cities to ensure financial inclusion and social security. It will increase its penetration digitally in rural and remote areas and offer a wide range of term and investment products to the customers.

4 .

Which Mutual Fund company has recently been renamed as WhiteOak Capital Mutual Fund?

A)

UTI Mutual Fund

B)

HDFC Mutual Fund

C)

YES Mutual Fund

D)

ICICI Prudential Mutual Fund

Correct Answer : YES Mutual Fund

The name of YES Asset Management has been rechristened as WhiteOak Capital Asset Management and therefore the name of YES Mutual Fund has been changed to WhiteOak Capital Mutual Fund

5 .

Who inaugurated the Digi Zone to sell policies online?

A)

SBI Life Insurance

B)

Tata AIA Life Insurance

C)

United India Insurance (UII)

D)

Life Insurance Corporation (LIC)

Correct Answer : Life Insurance Corporation (LIC)

Life Insurance Corporation (LIC) of India has inaugurated “Digi Zone”, at Bandra Kurla Complex, Mumbai, as part of its effort to enhance its digital footprint. LIC’s Digi Zone can be used by the customers to purchase policies online, pay the premium and avail of other services. As a part of its efforts to become a tech-driven life insurer, LIC will offer information related to its products and services through kiosks installed on the Digi Zone premises.

6 .

Who is retains LIC, GIC, New India as D-SIIs?

A)

SEBI

B)

AMFI

C)

PFRDA

D)

IRDAI

Correct Answer : IRDAI

Insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI) has stated that LIC, GIC Re and New India continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22. D-SIIs refer to insurers of such size, market importance and domestic and global interconnectedness, whose distress or failure would cause significant dislocation in the domestic financial system.

The continued functioning of D-SIIs is critical for the availability of insurance services. D-SIIs are insurers that are perceived to be ‘too big or too important to fail’. The three insurers “have to carry forward their efforts” to raise the level of corporate governance, and identify all relevant risks and promote a sound risk management framework and culture.

7 .

Who is signed bancassurance partnership with South Indian Bank?

A)

Max Life Insurance

B)

HDFC Life Insurance

C)

SBI Life Insurance

D)

Life Insurance Corporation

Correct Answer : HDFC Life Insurance

HDFC Life on Monday(27th Dec 2021) announced a bancassurance tie-up with South Indian Bank that will enable customers of the bank to avail a range of life insurance products of the insurer that include solutions for protection, savings and investment, retirement and critical illness.

This bancassurance partnership will strengthen HDFC Life’s business across India, as per a press release. The company is one of the largest life insurance players with a market share of 22.3% (in terms of overall new business premium as on September 30, 2021), the release said. "The insurer has a wide range of products which offer customers the dual benefits of protection as well long term savings based on their life stage requirements."..

8 .

Which Bank has announced the approval to reclassify Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder in the bank?

A)

Axis Bank

B)

HDFC Bank

C)

ICICI Bank

D)

Indian Bank

Correct Answer : Axis Bank

Axis Bank has announced the approval to reclassify Oriental Insurance Company Ltd (OICL) from promoter category to public category shareholder in the bank. In October, applications were made to BSE and NSE for reclassification of The New Oriental Insurance Co to the public category from the promoter category.

At present, OICL holds a 0.16 per cent stake in Axis Bank. Currently, BSE & NSE gave approval for the reclassification of New Oriental Insurance Company to the public category from the promoter category.

9 .

Which insurance company launches 'Dhan Rekha plan' savings life insurance plan?

A)

Max Life Insurance

B)

Reliance General Insurance Co.Ltd

C)

Life Insurance Corporation of India

D)

Bajaj Allianz General Insurance Co. Ltd

Correct Answer : Life Insurance Corporation of India

The Life Insurance Corporation of India has launched a new non-linked, non-participating, individual savings life insurance plan. Called Dhan Rekha, it offers special premium rates for female lives.

“The plan is also allowed for the third gender,” LIC said in a statement on Monday(13-12-2021), adding that all benefits under the plan are fully guaranteed.

The minimum sum assured under this plan is ₹2 lakh and there is no limit for maximum sum assured.

The minimum age at entry ranges from 90 days to eight years and the maximum age at entry ranges from 35 years to 55 years depending upon the chosen policy term. This plan also takes care of liquidity needs through loan facility.

10 .

Bajaj Allianz General Insurance starts__________Campaign.

A)

#Care4Hockey

B)

#CaresMyHockey

C)

#CaringlySports

D)

#CaringlyYours

Correct Answer : #Care4Hockey

A leading private general insurer in India, Bajaj Allianz General Insurance has started its ‘#Care4Hockey’ Campaign to elevate field Hockey’s recognition in India. The company has partnered with Padma Shri (2020) Rani Rampal, Indian Women’s Hockey Team Captain, who will be the face of the campaign. ‘#Care4Hockey’ is a one of its kind campaign which aims to support the development of Hockey in India from the grass-root level.

Insurance and Finance - General Knowledge Questions