Insurance in India - MCQs with answers
1. When did insurance begin in Babylon?a) 1750 BC
b) 1907 BC
c) 1971 BC
d) 2000 BC
View Answer / Hide AnswerANSWER: a) 1750 BC
The Babylonians developed a system which was recorded in the Code of Hammurabi.
a) Endowment
b) Personal accident insurance
c) Term
d) Whole life
View Answer / Hide AnswerANSWER: b) Personal accident insurance
Whole life, Endowment, Term, Investment-linked, Life annuity plan, Medical and health are the main products of life insurance. Motor insurance, Fire/House owners/Householders insurance, Personal accident insurance, Medical and health insurance, Travel insurance are the main products of general insurance.
a) Bajaj Allianz General Insurance
b) Reliance General Insurance
c) Royal Sundaram Alliance Insurance
d) The Oriental Insurace Company
View Answer / Hide AnswerANSWER: d) The Oriental Insurace Company
New India Assurance Company Limited, National Insurance Company Limited, The Oriental Insurance Company, United India Insurance, Agricultural Insurance Company of India are the major general insurance companies in India. Bajaj Allianz General Insurance, ICICI Lombard General Insurance, IFFCO-Tokio General Insurance, Reliance General Insurance, Royal Sundaram Alliance Insurance, TATA AIG General Insurance, Cholamandalam General Insurance, HDFC Ergo are the major general insurance private sector companies in India.
a) 1818
b) 1834
c) 1907
d) 1938
View Answer / Hide AnswerANSWER: a) 1818
The first life insurance company started functioning in India was Oriental Life Insurance Company.
a) 1834
b) 1907
c) 1938
d) 1956
View Answer / Hide AnswerANSWER: d) 1956
Life Insurance Corporation came into existence in 1956.
a) 1834
b) 1850
c) 1907
d) 1938
View Answer / Hide AnswerANSWER: b) 1850
The first General Insurance Company in India was Triton Insurance Company Ltd. It was set up under the control of British.
a) 1907
b) 1938
c) 1957
d) 1973
View Answer / Hide AnswerANSWER: a) 1907
The first company to transact all classes of general insurance business was the Indian Mercantile Insurance.
a) 1938
b) 1957
c) 1973
d) 1971
View Answer / Hide AnswerANSWER: b) 1957
The General Insurance Council was established under the Indian Insurance Act 1938. It designed a code of conduct to ensure fair business practices.
a) 1938
b) 1957
c) 1973
d) 1971
View Answer / Hide AnswerANSWER: b) 1957
On 30 July 1957, Export Credit Guarantee Corporation of India Ltd. ( ECGC ) was established. It provides export credit insurance facilities to exporters and banks in India. It functions under the administrative control of Ministry of Commerce & Industry.
a) 1938
b) 1971
c) 1973
d) 1993
View Answer / Hide AnswerANSWER: c) 1973
The nationalisation of general insurance business from 1 Jan 1973, was the effect of the General Insurance Business (Nationalisation) Act. 107 insurers were grouped into four companies: National Insurance Company, the New India Assurance Company, the Oriental Insurance Company and the United India Insurance Company.
a) 1971
b) 1972
c) 1973
d) 1993
View Answer / Hide AnswerANSWER: b) 1972
GIC was formed to control and operate the business of general insurance in India.
a) 1938
b) 1971
c) 1993
d) 1999
View Answer / Hide AnswerANSWER: d) 1999
The Insurance Regulatory and Development Authority (IRDA) was set up as an autonomous body under the IRDA Act, 1999.
