Q. IRDA refers to
✅ Correct Answer: (A)
insurance regulatory development authority
Basics of Banking and Insurance MCQs and Notes
Q. When the amount for which a subject matter is insured more than its actual value, it is called...............
✅ Correct Answer: (A)
over insurance
Q. When the same risk and subject matter is insured with more than one insurer is called............
✅ Correct Answer: (C)
double insurance
Q. Reinsurance is also termed as..............
✅ Correct Answer: (A)
insurance of insurance
Q. A reinsurance of reinsurance known as............
✅ Correct Answer: (C)
retrocession
Q. With Profit policy is also known as.......
✅ Correct Answer: (B)
participating policy
Q. The policies where the premium is payable throughout the life of the assured is called
✅ Correct Answer: (A)
whole life policy
Q. The Oriental Life Insurance Company came to India during
✅ Correct Answer: (B)
1818
Q. The term “Assurance’ refers........
✅ Correct Answer: (A)
life insurance
Q. LIC was nationalised in the year
✅ Correct Answer: (D)
1956