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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.

Each section contains 100 MCQs on Insurance .
1
When was the Oriental Life Insurance Company established?
Discuss
Answer & Solution
Answer: Option B
Solution:
The Oriental Life Insurance Company was started by Europeans in Calcutta in 1818 to cater to the growing numbers of Britishers in India.
2
When was Life Insurance sector nationalised?
Discuss
Answer & Solution
Answer: Option C
Solution:
Life Insurance sector was nationalised in 1956. Life insurance in India was completely nationalised on 19th January 1956, through the Life Insurance Corporation Act.
3
When was Triton Insurance Company Ltd established?
Discuss
Answer & Solution
Answer: Option A
Solution:
Triton Insurance Company Ltd was established in 1850. The first General Insurance Company in India was Triton Insurance Company Ltd. It was set up under the control of British.
4
When was the Indian Mercantile Insurance established?
Discuss
Answer & Solution
Answer: Option C
Solution:
The Indian Mercantile Insurance was established in 1907. It was the first company was set up to transact all classes of general insurance business in India.
5
When was the General Insurance Council formed?
Discuss
Answer & Solution
Answer: Option C
Solution:
The general insurance council was formed in 1957. The General Insurance Council was established under the Indian Insurance Act 1938. It designed a code of conduct to ensure fair business practices.
6
When was the Export Credit Guarantee Corporation of India established?
Discuss
Answer & Solution
Answer: Option C
Solution:
The Export Credit Guarantee Corporation of India was established in 1957. ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by Government of India, was set up in 1957 with the objective of promoting exports from he country by providing credit risk insurance and related services for exports.
7
When was general insurance business nationalised?
Discuss
Answer & Solution
Answer: Option D
Solution:
The general insurance business was nationalised in 1973, with effect from 1 January 1973. It was the nationalization of 107 insurance companies into one main company called General Insurance Corporation of India and its four subsidiary companies with exclusive privilege for transacting general insurance business.
8
When was the General Insurance Corporation of India incorporated?
Discuss
Answer & Solution
Answer: Option C
Solution:
As per the General Insurance Business (Nationalisation) Act, 1972, the General Insurance Corporation of India (GIC) was founded in 1972 and has headquarters in Mumbai. It was formed to control and operate the business of general insurance in India.
9
When was the Insurance Regulatory and Development Authority constituted?
Discuss
Answer & Solution
Answer: Option B
Solution:
In 1999 the Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April 2000. The IRDAI's headquartered in Hyderabad, Telangana, where it moved from Delhi in 2001.
10
In which year New India Assurance Co Ltd nationalized?
Discuss
Answer & Solution
Answer: Option C
Solution:
In year 1973 New India Assurance Co Ltd was nationalized. New India Assurance was nationalised in 1973, with the merger of Indian companies.