Test Your IC 11 Practice of General Insurance Mock Tests Knowledge in 5 Minutes

1. At what point in time did the General Insurance Corporation of India (GIC) begin its actual business operations?

A. 1970 B. 1971 C. 1972 D. 1973

2. Which regulatory body is responsible for overseeing and governing the insurance sector in India?

A. GIC B. LIC C. III D. IRDA

3. Which of the following specialised insurance pools is NOT managed by GIC?

A. Third Party Motor Pool B. Terrorism Pool C. Fire Catastrophe Pool D. Marine Hull Pool

4. Based on global revenue figures, which company is currently ranked as the largest non-life insurer?

A. Allianz B. Berkshire Hathaway C. Munich Re Group D. State Farm Insurance

5. In the professional insurance world, the Risk Engineer is commonly referred to by which nickname?

A. The hands of the insurer B. The eyes of the underwriter C. The voice of the customer D. The arm of the claims expert

6. What is the technical name for a reinsurance firm that seeks its own protection by purchasing more reinsurance?

A. Retrocedent B. Retrocessionaire C. Primary Insurer D. Ceding Insurer

7. Which of the following entities is legally prohibited from serving as an insurance intermediary?

A. Insurer B. Insurance Broker C. Agent D. Bank

8. During the 1972 nationalisation process, how many separate insurance companies were merged to form the four Public Sector Undertakings (PSUs)?

A. 107 B. 57 C. 145 D. 70

9. Which committee, led by a former RBI Governor, provided the roadmap for liberalising the Indian insurance market?

A. Dr. Manmohan Singh Committee B. Bimal Jalan Committee C. R. N. Malhotra Committee D. C Rangarajan Committee

10. Which specialised professional is primarily responsible for determining the price (premium) of insurance policies?

A. Surveyor B. Loss Assessor C. Risk Engineer D. Actuary