Insurance Awareness Questions Set 08

Important Insurance Related Questions and Answers for NICL, NIACL, LIC and other competitive exams. 

  1. IndiaFirst Life Insurance Company, a life insurance company in India is a joint venture between UK’s financial and investment company Legal & General and which two banks?
    A) State Bank of India and Vijaya Bank
    B) Allahabad Bank and Bank of India
    C) Bank of Baroda and Andhra Bank

    D) Indian Overseas Bank and Union bank of India
    View Answer
    Option C
    Some Extra:
    It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal & General(26%). It was incorporated in November, 2009. It has its headquarters in Mumbai.  
  2. Which of the following companies acquired the business of ING Vysya Life Insurance?
    A) Future Generali India Life Insurance Co. Ltd.
    B) Aviva Life Insurance Company India Limited

    C) ICICI Prudential Life Insurance Co. Ltd
    D) Exide Life Insurance Co. Ltd.
    View Answer
    Option D
    Some Extra:
    Exide industries acquired 50% stakes of ING Vysya Life Insurance in 2005.
    After ING exited from India in Jan 2013, Exide Industries acquired the remaining 50% of the equity capital of ING Vysya Life Insurance, thus becoming 100% stake holder.
    And after this — ING Vysya Life was renamed as Exide Life Insurance in 2014. Exide Life Insurance is head quartered in Bangalore.
  3. What is the total asset size of Life Insurance Corporation of India as of 2016?
    A) US$320 billion
    B) US$300 billion

    C) US$310 billion
    D) US$330 billion
    View Answer
    Option C
    Some Extra:
    Life Insurance Corporation of India (LIC) has an asset size of Rs 2,009,119 crore (US$310 billion) as of 2016.
    Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation in 1956.
  4. Life Insurance Corporation of India (LIC) was set up under which of the following acts?
    A) Life Insurance Corporation Act, 1956
    B) Life Insurance Companies Act, 1912

    C) The Insurance Act, 1938
    D) Indian Insurance Companies Act , 1928
    View Answer
    Option A
    Some Extra:
    The LIC of India was set up under the LIC Act, 1956 under which the life insurance was nationalised. As a result, business of 243 insurance companies was taken over by LIC on 1-9- 1956.
     
  5. In 1986, Sahyadri Insurance was merged into which of the following companies?
    A) National Insurance Company
    B) General Insurance Corporation of India

    C) Life Insurance Corporation of India (LIC)
    D) United India Insurance Company
    View Answer
    Option C
    Some Extra:
    Sahyadri Insurance was one of the insurance companies which was established in the pre-independence era. In 1986, it was merged with Life Insurance Corporation of India (LIC) 
  6. PNB MetLife was initially launched as MetLife India Insurance Company Limited. Headquarters of one of the share holders, MetLife International Holdings LLC of PNB MetLife is in
    A) Paris, France
    B) Rome, Italy

    C) Geneva, Switzerland
    D) New York, U.S.
    View Answer
    Option D
    Some Extra:
    PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance companies in India. PNB MetLife has as its shareholders MetLife International Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited (JKB) and others.
  7. Where is the catchline of National Insurance Company Limited (NICL)?
    A) Total Insurance Solutions
    B) Trusted Since 1906

    C) Now be double sure
    D) Your Partner for Prosperity
    View Answer
    Option B
    Some Extra:
    National Insurance Company Limited (NICL) is a state owned general insurance company in India. Its catchline is “Trusted Since 1906” in italic. The company headquartered at Kolkata was established in 1906 and nationalised in 1972. 
  8. Work for merger deal between HDFC Life and which of the following companies is going on?
    A) Aviva Life
    B) Aegon Life

    C) Exide Life
    D) Max Life
    View Answer
    Option D
    Some Extra:
    The proposed merger was announced in August 2016. They need approvals from regulatory body IRDA, SEBI, CCI and others.
  9. Presently there are how many Insurance Ombudsman’s offices in India?
    A) 12
    B) 14

    C) 19
    D) 17
    View Answer
    Option D
    Some Extra:
    Insurance Ombudsman’s offices have been established in 17 cities all over India, each with its own jurisdiction
  10. Which of the following is not a state-owned non-life insurance companies in India?
    A) Oriental Insurance Company Limited
    B) National Insurance Company Limited

    C) New India Assurance Company Limited
    D) IndiaFirst Life Insurance Company Limited
    View Answer
    Option D
    Some Extra:
    There are 5 state-owned non-life insurance companies in India: Oriental Insurance Company, National Insurance Company, New India Assurance, United India Insurance and national reinsurer General Insurance Corporation of India, or GIC Re 

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