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Insurance Quiz for NICL AO Main

1. Which of the following insurance companies is the sole reinsurer in the domestic reinsurance market in India? It provides reinsurance to the insurance companies.
1) National Insurance Company Limited
2) General Insurance Corporation of India
3) The New India Assurance Company Limited
4) The Oriental Insurance Company Limited
5) United India Insurance Company Limited
2. Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. Which of the following statements is/are correct about IRDA?
1) It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999.
2) The agency operates from its headquarters at Hyderabad in Andhra Pradesh where it shifted from Delhi in 2001.
3) It works to bring about speedy and orderly growth of the insurance industry, protect the interest of policyholders and put in place effective grievance redressal machinery.
4) Only 1) and 2)
5) All 1), 2) and 3)
3. Jeevan Anand is an insurance policy of Life Insurance Corporation of India (LIC). It is which of the following types of plan?
1) It is a unit-linked basic insurance plan.
2) It is a pension plan.
3) It is a whole-life plan.
4) It is a group gratuity scheme.
5) None of these
4. Which of the following is NOT one of the schemes offered by the LIC?
1) Jeevan Saral
2) Jeevan Arogya
3) Jeevan Bharati
4) Jeevan Mitra
5) All the above policies are offered by LIC.
5. Life Insurance Corporation of India provides its policy holders the facility to deposit premium at which of the following intervals?
1) Yearly
2) Half-Yearly
3) Quarterly
4) Monthly (through ECS)
5) All the above
6. Consider the following statements with respect to Unit Linked Insurance Plans (ULIPs) offered by insurance companies in India:
(A) A ULIP plan is basically a combination of insurance and investment products where the investor gets the benefits of insurance as well as investment.
(B) The fund collected under ULIP is used to invest in various market instruments (debt and equity) in varying proportions just the way it is done in mutual funds.
(C) LIC Samridhi Plus is a ULIP plan offered by LIC.
Which of the above statements is/are correct?
1) Only (A)
2) Only (B)
3) Only (A) and (B)
4) Only (A) and (C)
5) All (A), (B) and (C)
7. Which of the following terms is NOT associated with insurance?
1) Annuity
2) Actuary
3) Death Benefit
4) Hotlisting
5) Rider
8. Which of the following statements defines the Net Asset Value (NAV) in the context of ULIP plans offered by insurance companies?  
1) ULIP policy holders are allotted units, and each unit carries a value called NAV, which is declared on a daily basis.
2) NAV is valuebased on which the net rate of returns on ULIPs are determined. The NAV varies from one ULIP to another based on market conditions and the fund’s performance.
3) Policy holders have an option to lock and unlock the NAV any time during the policy tenure to ascertain the maximum return.
4) Only 1) and 2)
5) All 1), 2) and 3)
9. The Forward Market Commission (FMC), the regulatory authority for commodity future market, is a
1) Constitutional Body
2) Quasi-Judicial Organization
3) Statutory Body
4) Advisory Body
5) Consultative Body
10. NAV stands for
1) Nominal Average Value
2) National Average Value
3) Net Asset Value
4) Net Asset Volume
5) Net Average Value


Answers:

  1. 2
  2. 5
  3. 3
  4. 5
  5. 5
  6. 5
  7. 4
  8. 4
  9. 3
  10. 3
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