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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-5 section-1

Each section contains 100 MCQs on Insurance .
41
The written insurance contract that may include all clauses, riders and endorsements. It is called?
Discuss
Answer & Solution
Answer: Option C
Solution:
Policy is the written insurance contract that may include all clauses, riders and endorsements.
42
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-
Discuss
Answer & Solution
Answer: Option A
Solution:
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-Companies Act, 1956.
43
_________, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured.
Discuss
Answer & Solution
Answer: Option C
Solution:
Broker is the person who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured.
44
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-
Discuss
Answer & Solution
Answer: Option C
Solution:
The Universal Health Insurance Scheme (UHIS) launched by the Government of India w.e.f. 14.7.2003 is already in existence for persons and families below the poverty line with element of subsidy from the Government.
45
Agriculture Insurance Company of India Limited (AIC) was incorporated in which year?
Discuss
Answer & Solution
Answer: Option B
Solution:
Agriculture Insurance Company of India Limited was incorporated under the Indian Companies Act 1956 on 20th December, 2002 with an authorised share capital of INR 15 billion and paid up capital of INR 2 billion. AIC commenced business from 1st April, 2003.
46
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 per cent to 49 per cent. Nippon Life Insurance based in-
Discuss
Answer & Solution
Answer: Option B
Solution:
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 per cent to 49 per cent. Nippon Life Insurance based in- Japan.
47
Which among the following companies has not contributed towards the share capital of Agriculture Insurance Company of India Limited (AIC)?
Discuss
Answer & Solution
Answer: Option A
Solution:
Insurance Regulatory and Development Authority of India (IRDAI) has not contributed towards the share capital of Agriculture Insurance Company of India Limited (AIC).
48
When did insurance begin in Babylon?
Discuss
Answer & Solution
Answer: Option A
Solution:
Insurance begin in Babylon in 1750 BC. Babylonians also practiced insurance in the form of a system, called the Code of Hammurabi, c. 1750 BC. It was practiced by the early Mediterranean sailing merchants. When a merchant takes a loan to fund his shipment, he would also pay an extra sum to the lender to would guarantee him to cancel the loan when the shipment is stolen or lost at sea.
49
Which one of the following does not belong to the main products of life insurance?
Discuss
Answer & Solution
Answer: Option D
Solution:
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.
50
Which one of the following does not belong to the major general insurance private sector companies in India?
Discuss
Answer & Solution
Answer: Option B
Solution:
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.