Insurance Awareness quiz (set-4)

31. CMO stands for

a) Collaboration Money Obligation

b) Collateralized Mortgage Observation

c) Collateralized Market Obligation

d) Collateralized Mortgage Obligation

Correct! Wrong!

32. A reinsurance company providing services to another by insuring the activities of another reinsurance company is known as ____________

a) Recession

b) Subrogation

c) Reorganization

d) Retrocession

Correct! Wrong!

33. From which country the Insurance Act was borrowed?

a) Britain

b) America

c) France

d) Japan

Correct! Wrong!

34. With which of the following Section 39 of Insurance Act is related?

a) Nomination by Policyholder

b) Sufficiency of Assets

c) Duration of Insurance

d) None of these

Correct! Wrong!

35. A legal right reserved by most insurance carriers is ___

a) Substitution

b) Subrogation

c) Nomination

d) Insurers

Correct! Wrong!

36. After how many years Life Insurance Companies cannot reject insurance claims?

A) 1

B) 2

C) 3

D) 4

Correct! Wrong!

37. Which is the only public sector company in the field of life insurance in India?

a) NIACL

b) NICL

c) LIC

d) GIC Re

Correct! Wrong!

38. ULIP is a product offered by ___________

a) Govt.

b) Public Sector Banks

c) Financial Institutions

d) Insurance Companies

Correct! Wrong!

39. Which organization provides export credit insurance support to Indian exporters?

a) ECGC

b) IRDA

c) LIC

d) GIC Re

Correct! Wrong!

40. The minimum paid-up capital for any insurance business – life or non-life.

a) Rs. 50 crore

b) Rs. 100 crore

c) Rs. 150 crore

d) Rs. 200 crore

Correct! Wrong!