Insurance Awareness - General Knowledge Questions and Answers

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Which of the following is a combination of insurance as well as an investment?

A.

Money back policy

B.

Endowment plan

C.

Unit Link Insurance Plan

D.

Mutual Funds

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Investment in ULIPs is related to which section of the Income Tax Act?

A.

58C

B.

65B

C.

78A

D.

80C

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Which of the following is an example of Broad Form Insurance?

A.

Mortgage insurance

B.

Automobile insurance

C.

Liability insurance

D.

Property insurance

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Which policy referring to policies that provide coverage only for the loss caused by the perils?

A.

Specifies perils

B.

Named Perils

C.

All Risk

D.

All perils

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Which type of insurance usually requires higher premium?

A.

Broad Form insurance

B.

Whole life insurance

C.

Health insurance

D.

Term insurance

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What is PAC?

A.

Post-Authorized Cheque

B.

Pre-Authorized Chequing

C.

Process-Authorized Chequing

D.

Pre-Authorized Checking

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Which of the following form is designed to be used by many different insurers and has exactly the same provisions?

A.

Guaranteed Replacement Form

B.

Standard insurance Form

C.

Standard Endorsement Form

D.

Standard Policy Form

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Limit of FDI in Insurance sector:

A.

47%

B.

50%

C.

49%

D.

51%

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Largest Life Insurance Company in India is:

A.

The New India Assurance Company Limited

B.

Life Insurance Corporation of India (LIC)

C.

United India Insurance Company Limited

D.

National Insurance Company Limited