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

1 .

Which company tied up with TropoGo for Drone Insurance?

A)

Bharti AXA General Insurance Co. Ltd.

B)

Bajaj Allianz General Insurance Co. Ltd

C)

Aditya Birla Health Insurance Co. Ltd

D)

Reliance General Insurance Co.Ltd

Correct Answer : Bajaj Allianz General Insurance

Bajaj Allianz General Insurance announced its partnership with deep-tech startup TropoGo for the distribution of a drone Insurance product. With this Bajaj Allianz General Insurance becomes the 4th insurer to offer drone cover. HDFC Ergo was the first insurer to launch a drone insurance cover in June 2020, followed by ICICI Lombard in August 2021, and Tata AIG last month.

About the drone Insurance : The drone insurance product will cover Damage to the Drone and Payload it carries Third Party Liability, BVLOS (Beyond Visual Line of Sight) Endorsement, and Night Flying Endorsement.

2 .

Which life insurance company is acquiring 100% shareholding in the Exide Life Insurance Company Limited?

A)

SBI Life Insurance

B)

Max Life Insurance

C)

HDFC Life Insurance

D)

ICICI Prudential Life Insurance

Correct Answer : HDFC Life Insurance

The Competition Commission of India (CCI) has approved the accquisition of 100% shareholding in Exide Life Insurance Company Limited by HDFC Life Insurance Company. The acquisition has been approved under Section 31(1) of the Competition Act, 2002.

3 .

Which two international financial institutions will co-finance USD 2 billion loan for India's fight against COVID-19?

A)

EIB, IDB

B)

AIIB, ADB

C)

WB, IMF

D)

EDB, EBRD

Correct Answer : AIIB, ADB

Beijing-based multilateral development bank Asian Infrastructure Investment Bank (AIIB) and the Asian Development (ADB) will co-finance a USD 2 billion loan for India to procure COVID-19 vaccines under ADB’s Asia Pacific Vaccine Access Facility (APVAX).

4 .

Who is the chairperson of the expert committee formed by IFSCA on Sustainable Finance Hub at IFSC?

A)

C.K. Mishra

B)

Amit Garg

C)

Sujoy Bose

D)

V Balasubramaniam

Correct Answer : C.K. Mishra

The International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee to recommend approach towards development of Sustainable Finance Hub at IFSC. The expert committee will be chaired by Shri C.K. Mishra, Former Secretary to Government of India, Ministry of Environment, Forest & Climate Change.

5 .

Name the mobile app launched by LIC for its development officers?

A)

VIKAS

B)

MITRA

C)

BHASKAR

D)

PRAGATI

Correct Answer : PRAGATI

Life Insurance Corporation of India (LIC) has launched a new mobile app ‘PRAGATI’ for the exclusive use of its Development Officers. PRAGATI stands for “Performance Review Application, Growth And Trend Indicator”. LIC has been taking a lot of customer-centric and digital initiatives for ease of operations for its customers and field force.

About the ‘PRAGATI’ app : The Pragati app will help the Development Officers to get near real-time information about the performance of their agency force in critical areas of business performance like premium collection, agency activisation, prospective outperformers, etc apart from monitoring their team on activities such as usage of agents mobile app and NACH validation. The app also provides development officers with a calculator to measure their cost ratio.

6 .

Which of the following organisation recently launched Mobile App for agents?

A)

ECI

B)

RBI

C)

LIC

D)

ISRO

Correct Answer : LIC

Life Insurance Corporation of India recently launched a mobile app called “Ananda mobile app” for its agents and intermediaries in order to onboard the prospective customers. ANANDA stands for Atma Nirbhar Agents New Business Digital Application(ANANDA). ANANDA is the paperless solution for new business processes.

7 .

A policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations is called____

A)

Key-Person Insurance

B)

Hospital Insurance

C)

Multi-Peril Insurance

D)

Renewable Term Insurance

Correct Answer : Key-Person Insurance

Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two.

8 .

Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called_____

A)

Hospital Insurance

B)

Renewable Term Insurance

C)

Social Insurance

D)

Group Insurance

Correct Answer : Renewable Term Insurance

Renewable Term is a clause in a term insurance contract that allows the beneficiary to extend the coverage term for a set period of time without having to re qualify for coverage.

9 .

Which Insurance policy gives holder the benefits of both Insurance and Investment?

A)

Pension Policies

B)

Money back Policies

C)

Term Insurance Policies

D)

Unit Linked Investment Policies

Correct Answer : Unit Linked Investment Policies

10 .

_____is the date from which the annuity holder starts receiving the policy benefits of a regular stream of income.

A)

Vesting date

B)

Cooling date

C)

Preferred date

D)

Bonus date

Correct Answer : Vesting date