Q1. _____________ a/an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
(a) Insurance
(b) Banking
(c) Market Risk
(d) Premium
(e) Prompt Corrective Action (PCA)
S1. Ans.(a)
Sol. Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
Q2. In which among the following year the Life Insurance sector and Life Insurance Corporation came into existence?
(a) 1949
(b) 1935
(c) 1951
(d) 1962
(e) 1956
S2. Ans.(e)
Sol. An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year.
Q3. IRDA was constituted as an _________ to regulate and develop the insurance industry in 1999.
(a) Regulatory body
(b) Amendment body
(c) autonomous body
(d) All of the above
(e) None of the given options is true
S3. Ans.(c)
Sol. Insurance Regulatory and Development Authority (IRDA) set up as autonomous body under the IRDA Act in 1999.
Q4. Where is the head office of United India Insurance Company Limited?
(a) Pune
(b) Kolkata
(c) Mumbai
(d) New Delhi
(e) Chennai
S4. Ans.(e)
Sol. Chennai, Tamil Nadu is the head office of United India Insurance Company Limited
Q5. Who is the present Chairman cum Managing Director of Oriental Insurance Company Ltd?
(a) VK Sharma
(b) A V Girija Kumar
(c) G Srinivasan
(d) Alamelu T Lakshmanachari
(e) None of the given options is true
S5. Ans.(b)
Sol. A V Girija Kumar is the present Chairman cum Managing Director of New Delhi based Oriental Insurance Company Ltd
