Insurance Related GK Questions for LIC, AAO, NICL Exams

Study material useful for LIC AAO, NICL AO, OIC AO, NICAL Assistants and other Insurance Exams.

1. National Agricultural Insurance Scheme replace Comprehensive Crop Insurance Scheme was introduced in the year–
(A) 1997 (B) 1998 (C) 1999 (D) 2000 (Ans : c)

2. Earlier it was thought safe to allow each financial institution to carry out only one type of finance service. But now Banks are selling shares, Insurance companies can sell banking services. These new financial conglomerates are colloquially referred to as–
(A) Multinationals (B) Financial Supermarkets (C) Market Regulators (D) Brand Promoters (Ans : b)

3. Insurance service provided by various banks is commonly known as–
(A) Investment Banking (B) Portfolio Management (C) Merchant Banking (D) Bancassurance (Ans : d)

4. Which one of the following institution is related to export financing and insurance?
(A) ECGC (B) GAIL (C) CBDT (D) IDBI (Ans : a)

5. ECGC is related to–
(A) Export promotion (B) Export financing and insurance (C) Export quality certification (D) Export statistics publication (Ans : b)

6. ‘Which of the following organisations is involved in providing the insurance against various rirks to the exportes?
(A) Reserve Bank of India (RBI) (B) State trading Corporation of India (STCI)
(C) EXIM Bank (D) Exort Credit and Guarantee Corporation (ECGC) (Ans : c)

7. In the context of independent India’s economy, which one of the following was the earliest event to take place?
(A) Nationalization of Insurance companies (B) Nationalization of State Bank of India
(C) Enactment of Banking Regulation Act (D) Introduction of First Five Year Plan (Ans : c)

8. The biggest British capital investment in India was made in–
(A) the tea, coffee, and indigo plantations (B) the railways, banking insurance, and shipping
(C) the cotton textile industry (D) the jute mills (Ans : B)

9. Which one of the following legislations does not deal with the protection of environment?
(A) The Water (Cess) Act, 1977 (B) The Forest (Conservation) Act, 1980
(C) The Public Liability Insurance Act, 1991 (D) The Port Laws Amendment Act, 1997 (Ans : A)

10. Which of the following is not in the State List under the Constitution of India?
(A) Insurance (B) Fisheries (C) Agriculture (D) Gambling (Ans : A)

11. Crop Insurance is the monopoly of–
(A) National Insurance Company (B) General Insurance Company
(C) Life Insurance Corporation (D) NABARD (Ans : B)

12. Government has issued an ordinance announcing ULIP as 'Insurance Product'. Who is now the regulator of ULIPs?
(A) SEBI (B) IRDA (C) Both 'a' and 'b' (D) Government of India (Ans : B)

13. Under whose chairmanship was the committee on Insurance Sector reforms set up?
(A) Narasimham (B) C Rangarajan (C) R N Malhotra (D) None of these (Ans : C)

14. For regulation of the insurance trade in the country the Government has formed–
(A) SEBI (B) RBI (C) IRDA (D) GIC (Ans : C)

15. IRDA is associated with–
(A) railways (B) insurance sectors (C) telecommunication (D) banking (Ans : B)

16. Aam Admi Bima Yojana is an insurance scheme for rural landless households introduced by–
(A) LIC (B) UTI (C) ICICI (D) None of these (Ans : A)

17. Aam Admi Bima Yojana provide insurance of ………. on natural death–
(A) Rs. 75000 (B) Rs. 30000 (C) Rs. 50000 (D) Rs. 10000 (Ans : B)

18. According to the recently passed Insurance Laws (Amendment) Bill 2015 , FDI in Insurance Sector is–
(A) 74% (B) 26% (C) 49% (D) 51% (Ans : C)

19. Which first bank in India to fully own an insurance business ?
(A) HDFC Bank (B) Kotak Mahindra Bank (C) ICICI Bank (D) IDBI Bank (Ans : B)

20. As per the Insurance Act, every insurer has to prepare at the end of financial year
(A) Balance Sheet (B) Profit and Loss Account
(C) Revenue Account for each class of Insurance business (D) All of the above (Ans: D)