Question 1

Insurance business in India is regulated by &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#10;A)LIC&#10;B)IRDA&#10;C)RBI&#10;D)SEBI

Accepted Answer

The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for regulating and promoting the insurance and re-insurance industries in India.

Question 2

Under &#8230;&#8230;&#8230;&#8230;.. , the sum assured is given to the beneficiary only On death of policy holder&#10;A)Whole life policy&#10;B)Endowment policy&#10;C)Annuity&#10;D)None of these

Accepted Answer

Whole life policies are designed to provide coverage for the entire life of the policyholder, with the sum assured payable to the beneficiary upon the death of the policyholder.

Question 3

&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; is the amount payable to the insured on the happening of event.&#10;A)premium&#10;B)Annuity&#10;C)Claim&#10;D)Policy

Accepted Answer

A claim is the amount payable to the insured or their beneficiaries by the insurance company when the event insured against, such as death, accident, or damage to property, occurs.

Question 4

An annual payment which an insurer guarantees to pay for lump sum money received in the beginning is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#10;A)Premium&#10;B)Annuity&#10;C)Claim&#10;D)Policy

Accepted Answer

An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. It is typically purchased from an insurance company with a lump sum payment at the beginning.

Question 5

The amount given to the policy holder due to his liability of paying Further premium is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#10;A)Annuity&#10;B)Bonus&#10;C)Surrender value&#10;D)Claim

Accepted Answer

Surrender value is the amount the policyholder gets from the insurance company if they decide to exit the policy before maturity. This amount is given when the policyholder decides not to continue paying future premiums.

Question 6

&#8230;&#8230;&#8230;&#8230;&#8230;. Is an arrangement between two insurance companies whereby one transfers a part of risk to other .&#10;A)Re insurance&#10;B)Sub insurance&#10;C)Shared policy&#10;D)None of these

Accepted Answer

Reinsurance is the practice where an insurance company (the ceding company) transfers a portion of its risk to another insurance company (the reinsurer) to reduce its risk exposure.

Question 7

Revenue account is also called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)Share holders a/c&#10;B)Policy holders a/c&#10;C)Creditors a/c&#10;D)None of these

Accepted Answer

Revenue account is also called the policy holders account, as it deals with the income and expenses related to policyholders in insurance companies.

Question 8

Valuation balance sheet is prepared by &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; business&#10;A)Fire insurance&#10;B)Marine insurance&#10;C)Life insurance&#10;D)All of these

Accepted Answer

A valuation balance sheet is specifically prepared by life insurance companies to assess their financial position and determine the surplus or deficiency in their funds.

Question 9

The commission earned by insurance companies from others for giving them business under re insurance is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)Commission on re insurance ceded&#10;B)Commission on re insurance accepted&#10;C)Agents commission&#10;D)None of these

Accepted Answer

Commission earned by insurance companies from others for giving them business under reinsurance is called Commission on reinsurance ceded.

Question 10

The commission given by insurance companies to others for receiving Business under re insurance is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)Commission on re insurance ceded&#10;B)Commission on re insurance accepted&#10;C)Agents commission&#10;D)None of these

Accepted Answer

The answer of The commission given by insurance companies to...

Question 11

The profit and loss amount of general insurance companies are prepared in &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#10;A)Form A-PL&#10;B)Form B - RA&#10;C)Form B - PL&#10;D)Form B - BS

Accepted Answer

The answer of The profit and loss amount of general...

Question 12

The principles of subrogation is applicable to &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)Fire insurance&#10;B)Marine insurance&#10;C)Burglary insurance&#10;D)All of these

Accepted Answer

The answer of The principles of subrogation is applicable to...

Question 13

Fire insurance, marine insurance etc come under &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)Life insurance&#10;B)General insurance&#10;C)Burglary insurance&#10;D)Double insurance

Accepted Answer

The answer of Fire insurance, marine insurance etc come under...

Question 14

In life insurance investments are come under the schedule &#8230;&#8230;&#8230;&#8230;.&#10;A)Schedule 7&#10;B)Schedule 8&#10;C)Schedule XI&#10;D)Schedule IX

Accepted Answer

The answer of In life insurance investments are come under...

Question 15

A &#8230;&#8230;&#8230;&#8230;. Company should transfer 25% of its profit to a statutory Reserve&#10;A)Joint stock company&#10;B)Insurance company&#10;C)pvt ltd company&#10;D)Banking company

Accepted Answer

The answer of A &#8230;&#8230;&#8230;&#8230;. Company should transfer 25% of...

Question 16

Rebate on bill discounted is a &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; of the Banking company.&#10;A)Liability&#10;B)Assets&#10;C)Expense&#10;D)Income

Accepted Answer

The answer of Rebate on bill discounted is a &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;...

Question 17

Banks are required to transfer &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. Of their profit to a statutory reserve&#10;A)25%&#10;B)20%&#10;C)15%&#10;D)10%

Accepted Answer

The answer of Banks are required to transfer &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;. Of...

Question 18

Rebate on bills discounted is &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)Income&#10;B)Income received in advance&#10;C)Asset&#10;D)income accrued

Accepted Answer

The answer of Rebate on bills discounted is &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)Income&#10;B)Income received...

Question 19

Banking business in India is largely governed by the Banking Regulation Act&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..&#10;A)1932&#10;B)1956&#10;C)1949&#10;D)1938

Accepted Answer

The answer of Banking business in India is largely governed...

Question 20

&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; in India is largely governed by the Banking Regulation Act 1949 .&#10;A)Insurance busines&#10;B)Banking business&#10;C)Joint stock company&#10;D)Co-operative society

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230; in India is largely governed by...

Question 21

Banking business in India is governed by the &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. Act.&#10;A)Partnership&#10;B)Company&#10;C)Insurance&#10;D)Banking regulations

Accepted Answer

The answer of Banking business in India is governed by...

Question 22

A banking company should transfer 25% of its profit to a &#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)General Reserve&#10;B)Capital Reserve&#10;C)Statutory Reserve&#10;D)Reserve fund

Accepted Answer

The answer of A banking company should transfer 25% of...

Question 23

A &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. loan is payable on demand&#10;A)Short term&#10;B)Demand&#10;C)Fixed&#10;D)Long term

Accepted Answer

The answer of A &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.. loan is payable on demand&#10;A)Short...

Question 24

Money at call and short notice is an &#8230;&#8230;&#8230;&#8230;&#8230;&#8230; of the banking company.&#10;A)Liability&#10;B)Asset&#10;C)Income&#10;D)Expense

Accepted Answer

The answer of Money at call and short notice is...

Deck 2: Insurance and Banking Regulations in India