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Insurance Industry and Terminology General Awareness | GK Capsule Quiz Notes for Kerala PSC Exam 2021 | General Knowledge Test for Upcoming Exams

Insurance Industry and Terminology General Awareness | GK Capsule Quiz Notes for Kerala PSC Exam 2021 | General Knowledge Test for Upcoming Exams

Insurance Industry and Terminology General Awareness | GK Capsule Quiz Notes for Kerala PSC Exam 2021 | General Knowledge Test for Upcoming Exams

Checkout the information about the Insurance Industry and Terminology General Awareness, which are going to be useful source of knowledge for your Kerala PSC Exam GK Capsule Quiz Objective Questions of 2021, and which you need to know while preparation of GK Notes for Competitive Exams of Kerala PSC 2021. 

This time we are bringing some of the top Kerala PSC GK Capsule online quiz and General Knowledge Questions and answers Notes which are about the Insurance Industry and Terminology General Awareness for Objective Questions Facts for kids and PSC UPSC Preparations, which contribute a major part of the Kerala PSC question bank. The Kerala PSC notification (new) 2021 of many exams ranging from secretariat assistant to LD Clerk has been out. Do check out the Kerala PSC syllabus 2021 in the official website of Kerala PSC Thulasi to be thorough with the matters to look for and make full use of the materials we are providing here below.

Insurance Industry and Terminology General Awareness | GK Capsule Quiz Notes for Kerala PSC Exam 2021

Financial losses occurs in everyone's life, which needs to be tackled. There comes the importance of the protection through insurance. For this every one need to be aware of the Insurance Industry and Terminology and general awareness about the insurance policy details, insurance premium and business. Many competitive exams are giving importance for seeking knowledge of individuals on insurance. So for that you can refer the below mentioned Insurance General Quiz Questions to gain sufficient knowledge about this field.

1. In whose hands is the Supervision and Development of Insurance in India vested ?

Insurance Regulatory Development Authority

2. In the insurance industry sector of our country, what is the limit of the FDI (Foreign Direct Investment) decided by the government ?

49 %

3. For the individuals and families which are below the poverty line, an element in the form of subsidy was launched by the Government of India, which was called UHIS. What does UHIS stands for ?

Universal Health Insurance Scheme

4. Where is the Headquarter of LIC situated ? 


5. In which year the government decided to nationalize the Private Sector companies?

In the year 1971
6. When by means of a written document  the transfer of rights under a policy from one person to another takes place, it is in accordance of a clause. What is it called ? 


7. In September 2013, in India Insurance Repository services were launched, which enabled policyholders to keep their policies in electronic format. So the question arises, who launched these services ?

IRDA (The Insurance Regulatory and Development Authority of India is a regulatory body under the jurisdiction of Ministry of Finance , Government of India and is tasked with regulating and promoting the insurance and re-insurance industries in India.)

8. What is the name called to the contract which is in written form and which may contain all clauses, riders and endorsements?

Insurance Policy

9.  In order to increase the stake in Reliance Life Insurance from 26 percent to 49 per cent, Life Insurance major Nippon Life Insurance has signed definitive agreements to invest Rs 2,265 crore (US$ 332.32 million). This company is based in which country ?


10. What do you mean by TPA ?

Third Party Administrators (A third-party administrator is a company that provides operational services such as claims processing and employee benefits management under contract to another company. Insurance companies and self-insured companies often outsource their claims processing to third parties).

11. When a life insurance policy benefits are used as a collateral for a loan, what is it called ? 

Collateral Assignment (Collateral assignment is the practice of using a life insurance policy as collateral for a loan. Collateral is any asset that your lender can take if you default on the loan.)

12. General Insurance Council was formed in which year ?

1957 (The GIC is a statutory body constituted under the Insurance Act which represents the collective interests of non-life insurance companies in India.)

13. What is the number of full time members in IRDA (The Insurance Regulatory and Development Authority of India) ?

Two Members (There are total five members, of which three are part time)

14.  Where is the headquarters of New India Assurance situated ?

Mumbai (Mumbai-based General Insurance Provider, New India Assurance is the largest general insurance company in India on the basis of gross premium collection inclusive of foreign operations. It was founded by Sir Dorabji Tata in 1919 and was nationalized in 1973.)

15. With which of the following did the State Bank of India enter into a joint venture agreement for undertaking general insurance business?

Insurance Australia Group

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