Basics of Banking and Insurance

Q 1. IRDA refers to

(A) insurance regulatory development authority
(B) indian reinsurance development authority
(C) insurance regulation and department accreditation
(D) insurance regulatory development association
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Q 2. When the amount for which a subject matter is insured more than its actual value, it is called...............

(A) over insurance
(B) reinsurance
(C) double insurance
(D) extra insurance
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Q 3. When the same risk and subject matter is insured with more than one insurer is called............

(A) insurance of insurance
(B) retrocession
(C) double insurance
(D) none of these
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Q 4. Reinsurance is also termed as..............

(A) insurance of insurance
(B) retrocession
(C) double insurance
(D) all of these
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Q 5. A reinsurance of reinsurance known as............

(A) line
(B) retention
(C) retrocession
(D) cession
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Q 6. With Profit policy is also known as.......

(A) multiple life policy
(B) participating policy
(C) level premium policy
(D) lump sum policy
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Q 7. The policies where the premium is payable throughout the life of the assured is called

(A) whole life policy
(B) renewable term policy
(C) sinking fund policy
(D) annuity policy
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Q 8. The Oriental Life Insurance Company came to India during

(A) 1919
(B) 1818
(C) 1899
(D) 1888
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Q 9. The term “Assurance’ refers........

(A) life insurance
(B) fire insurance
(C) marine insurance
(D) none of these
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Q 10. LIC was nationalised in the year

(A) 1951
(B) 1952
(C) 1954
(D) 1956
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