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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-10

Each section contains 100 MCQs on Insurance .
41
As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim within 2 years from issuance of policy if the material facts in the proposal are proved _________
Discuss
Answer & Solution
Answer: Option B
Solution:
As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim within 2 years from issuance of policy if the material facts in the proposal are proved false.
42
A person can be presumed to be dead if he has not been heard about for
Discuss
Answer & Solution
Answer: Option C
Solution:
A person can be presumed to be dead if he has not been heard about for 7 years.
43
What is the time limit set for an insurer by IRDA Regulations for calling for documents from the date of receipt of claim intimation?
Discuss
Answer & Solution
Answer: Option C
Solution:
The time limit set for an insurer by IRDA Regulations for calling for documents from the date of receipt of claim intimation is 15 days.
44
What is the time limit set for an insurer by IRDA Regulations for settling non-early claims from date of receipt of all documents.
Discuss
Answer & Solution
Answer: Option D
Solution:
The time limit set for an insurer by IRDA Regulations for settling non-early claims from date of receipt of all documents are 30 days.
45
Which is the first Indian Commercial Bank that was fully owned and managed by Indians?
Discuss
Answer & Solution
Answer: Option C
Solution:
Central Bank of India is the first Indian Commercial Bank that was fully owned and managed by Indians.
46
Which was the first Indian bank started solely with Indian Capital?
Discuss
Answer & Solution
Answer: Option A
Solution:
Punjab National Bank was the first Indian bank started solely with Indian Capital. PNB has the distinction of being the first Indian bank to have been started solely with Indian capital that has survived to the present.
47
Which bank has started as a private shareholders bank, mostly by European shareholders?
Discuss
Answer & Solution
Answer: Option D
Solution:
Imperial Bank of India has started as a private shareholders bank, mostly by European shareholders.
48
In which city the head office of Corporation Bank is situated?
Discuss
Answer & Solution
Answer: Option C
Solution:
Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has a pan-Indian presence. Presently, the bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.
49
Which of the following statements are true about NABARD?
Discuss
Answer & Solution
Answer: Option E
Solution:
All statements are true about NABARD.
It is a development bank in the sector of Regional Rural Banks in India, It provides and regulates credits in the rural area, It gives assistance for the promotion and development of rural sectors, mainly agriculture and It finances rural crafts.
50
Which of the following statements are true about Co-operative Banks in India?
Discuss
Answer & Solution
Answer: Option A
Solution:
Co-operative Banks in India has a three-tier set-up. State coop bank is apex coop institution in state. Central or districtcoop. Bank work at district level. At lowest level coop setup is primary credit agency which works at village level.