Insurance Company Interview Questions: Insurance Q&A

Insurance Company Interview Questions. Multiple-Choice Questions related to Insurance Companies. For simple Insurance MCQs visit Insurance MCQs

 

Insurance Company Interview Questions

 

In which year New India Assurance Co Ltd was found ??

a. 1945
b. 1919
c. 1818
d. 1918

 

What percent are shares of New India Assurance Co Ltd owned by the Government of India ??

a. 100%
b. 99.40%
c. 85%
d. 50%

 

New India Assurance Co Ltd has branches in how many countries ??

a. 28
b. 27
c. 26
d. 25

 

How long is the free look-in period under a term insurance policy from the date of receipt of the policy document ??

a. 20 days
b. 15 days
c. 10 days
d. 5 days

 

Where is the headquarters of New India Assurance Co Ltd located ??

a. Kolkata
b. Hyderabad
c. Mumbai
d. New Delhi

 

Insurance MCQs

 

New India Assurance Co Ltd is a type of ??

a. Re-insurance Company
b. General Insurance Company
c. Life Insurance Company
d. All of the above

 

Who is a health care provider ??

a. Hospital
b. IRDA
c. Insured
d. Insurer

 

TPA is licensed by the ??

a. IRDA
b. Central Govt
c. Surveyor
d. Insurance

 

TPA stands for ??

a. Third-Party Administrator
b. Third Payee Assignor
c. Third Payment Administrator
d. Third-Party Assignee

 

What is the function of IRDA ??

a. Hiring & Purchasing assets
b. Regulate insurance business in India
c. Provide relief packages to the Farmers
d. Plan for Financial Inclusion

 

Insurance Company Interview Questions

 

Which was the first Act to regulate the life insurance industry in India ??

a. LIC Act, 1956
b. IRDA Act, 1999
c. Life Insurance Companies Act, 1912
d. Insurance Act, 1938

 

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

a. Property insurance
b. Liability insurance
c. Automobile insurance
d. Mortgage insurance

 

Which type of insurance usually requires a higher premium ??

a. Term insurance
b. Health insurance
c. Whole life insurance
d. Broad Form insurance

 

What is PAC ??

a. Pre-Authorized Checking
b. Process-Authorized Chequing
c. Pre-Authorized Chequing
d. Post-Authorized Cheque

 

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

a. Standard Policy Form
b. Standard Endorsement Form
c. Standard insurance Form
d. Guaranteed Replacement Form

 

Insurance Company Interview Questions

 

IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956. What is the meaning of “B” in IBAI ??

a. Board
b. Brokers
c. Broadcasting
d. Basel

 

Where is the head office of Agriculture Insurance Company of India Limited (AIC) ??

a. Chennai
b. Kolkata
c. New Delhi
d. Hyderabad

 

The New India Assurance Co. Ltd. was a subsidiary of which of the following company ??

a. United India Insurance Company
b. The Oriental Insurance Company
c. Life Insurance Corporation of India (LIC)
d. General Insurance Corporation of India (GIC)

 

Which of the following type of insurance products are available in New India Assurance Co Ltd located ??

a. Personal Insurance
b. Industrial Insurance
c. Commercial Insurance
d. All of the above

 

What is the CRISIL rating for New India Assurance Co Ltd located ??

a. AAA/Negative
b. AA/Negative
c. AAA/Stable
d. AA/Stable

 

Insurance Company Interview Questions

 

The written insurance contract may include all clauses, riders, and endorsements. It is called ??

a. Assets
b. Policy
c. Premium
d. Installment

 

Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under ??

a. Reserve Bank of India Act, 1934
b. IRDA Act, 1999
c. SEBI Act, 1992
d. Companies Act, 1956

 

 _________, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured ??

a. Banker
b. Broker
c. Cashier
d. Customer

 

UHIS has launched by the Government of India is already in existence for persons and families below the poverty line with the element of subsidy from the Government. UHIS stands for ??

a. Universal Health Insurance System
b. Universal Health Insurance Scheme
c. Universal Health Insurance Scenario
d. Universal Health Insurance Solutions

 

Agriculture Insurance Company of India Limited (AIC) was incorporated in which year ??

a. 20th December 2007
b. 20th December 1999
c. 20th December 2002
d. 20th December 2004

 

Insurance Company Interview Questions

 

Which one of the following does not belong to the major general insurance private sector companies in India ??

a. Royal Sundaram Alliance Insurance
b. Bajaj Allianz General Insurance
c. The Oriental Insurance Company
d. Reliance General Insurance

 

Which one of the following does not belong to the main products of life insurance ??

a. Personal accident insurance
b. Endowment
c. Whole life
d. Term

 

When did insurance begin in Babylon ??

a. 2000 BC
b. 1971 BC
c. 1907 BC
d. 1750 BC

 

Which among the following companies has not contributed towards the share capital of Agriculture Insurance Company of India Limited (AIC) ??

a. National Insurance Company Limited (NICL)
b. General Insurance Corporation of India (GIC)
c. National Bank for Agriculture and Rural Development (NABARD)
d. Insurance Regulatory and Development Authority of India (IRDAI)

 

Nippon Life Insurance has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million in order to increase its stake in Reliance Life Insurance from 26 percent to 49 percent. Nippon Life Insurance based in ??

a. Germany
b. France
c. Japan
d. USA

 

Insurance Company Interview Questions

 

In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as __________ ??

a. Extra Expense Insurance
b. Face Value
c. Special Amount
d. Premium Amount

 

A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependants is called __________ ??

a. Identity theft Insurance
b. Group Insurance
c. Hull Insurance
d. Hospital Insurance

 

A seller’s market in which insurance is expensive and in short supply is termed as ??

a. Alternative Market
b. Soft Market
c. Hard Market
d. None of the Above

 

An environment where insurance is plentiful and sold at a lower cost, also known as a Buyers market is called ??

a. Alternative Market
b. Soft Market
c. Hard Market
d. None of the Above

 

The concept of insurance involves a transfer of ??

a. Risk
b. Ownership
c. Needs
d. Liability

 

Insurance Company Interview Questions

 

In insurance terms, the risk of suffering a disability is best described as what type of risk ??

a. Speculative
b. Homogenous
c. Fundamental
d. Financial

 

How are perils and hazards normally distinguished under term insurance policies ??

a. Perils are factors that could influence an insured event occurring and hazards are the actual events that will trigger a payout
b. Perils are factors that affect the risk being insured and hazards are the size of the risk being insured
c. Perils are risks that policyholders will die before a specified date and hazards are factors that could influence that risk
d. Perils are medical factors that influence the risk of dying and hazards are lifestyle activities that influence the risk of dying

 

Aamir is a relatively cautious person. In insurance terms, this will normally increase the likelihood that he will ??

a. Require reinsurance cover
b. Require insurance cover
c. Be considered a below-average insurance risk
d. Be considered an above-average insurance risk

 

The main role of an underwriter in a non-life insurance company is normally to ??

a. Negotiate with the industry regulator
b. Design the structure of the products to be offered
c. Certify a loss when claims are submitted
d. Assess the acceptability of particular risks

 

Rakesh recently bought a health insurance policy and a personal accident policy. What main section(s) of the insurance market do these products normally fall into ??

a. Non-life insurance for health and life insurance for personal accident
b. Non-life insurance in both cases
c. Life insurance for health and non-life insurance for personal accident
d. Life insurance in both cases

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