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Insurance MCQ Questions and Solutions with Explanations | Commerce

Insurance MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Insurance MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-3 section-1

Each section contains 100 MCQs on Insurance .
21
In which year New India Assurance Co Ltd was found?
Discuss
Answer & Solution
Answer: Option C
Solution:
In year 1919 New India Assurance Co Ltd was found. Founded by Sir Dorabji Tata in 1919. It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973. Previously it was a subsidiary of the General Insurance Corporation of India (GIC).
22
What percent are shares of New India Assurance Co Ltd owned by Government of India?
Discuss
Answer & Solution
Answer: Option D
Solution:
New India Assurance Co Ltd, today, is a 100 % Govt owned multinational general insurance company.
23
New India Assurance Co Ltd has branches in how many countries?
Discuss
Answer & Solution
Answer: Option D
Solution:
New India Assurance Co Ltd has branches in 28 countries. New India Assurance Company comprises of its operations in 28 different countries worldwide. This is one of the reasons why New India Assurance is now India’s largest non-life insurance company.
24
How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?
Discuss
Answer & Solution
Answer: Option C
Solution:
A free look period often lasts 15 days (depending on the insurer), allowing the contract holder to decide whether or not to keep the insurance policy; if he or she is not satisfied and wishes to cancel, the policy purchaser can receive a full refund.
25
Where is the headquarters of New India Assurance Co Ltd located?
Discuss
Answer & Solution
Answer: Option B
Solution:
The headquarters of New India Assurance Co Ltd is located in Mumbai. New India Assurance Building, 87, M G Road, Fort, Mumbai. MUMBAI MAHARASHTRA 400001.
26
What is the function of IRDA?
Discuss
Answer & Solution
Answer: Option C
Solution:
The function of IRDA is to regulate insurance business in India. For many years the insurance sector of India was protected. The IRDA Act of 1999 allowed the entry of private companies in the insurance sector. It also allowed for 26% investment by foreign companies.
27
TPA stands for
Discuss
Answer & Solution
Answer: Option D
Solution:
TPA stands for Third Party Administrator. It is an intermediary company between an insured and insurer. It provides a supporting role to the insurer in terms of claim settlement. This body obtains a license from IRDA in order to function in the insurance industry.
28
TPA is licenced by the -
Discuss
Answer & Solution
Answer: Option D
Solution:
TPA is licenced by the IRDA. TPA shall obtain from the IRDA Authority a license prior to commission of functions.
29
Who is a health care provider?
Discuss
Answer & Solution
Answer: Option D
Solution:
Hospital is a health care provider. A healthcare provider is an institution (such as a hospital or clinic) or person (such as a physician, nurse, allied health professional or community health worker) that provides preventive, curative, promotional, rehabilitative or palliative care services in a systematic way to individuals, families or communities.
30
New India Assurance Co Ltd is a type of?
Discuss
Answer & Solution
Answer: Option B
Solution:
New India Assurance Co Ltd is a type of General Insurance Company. Life insurance company is one which provides insurance for death. General Insurance company is one which deals with all other types of insurance other than death like vehicle insurance, House Insurance etc. It is also called non-life insurance.