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Home GKInsurance Awareness

Insurance Awareness Quiz Questions and Answers MCQ

Insurance Awareness Quiz Questions and Answers PDF MCQ. Insurance Awareness Multiple Choice Questions for LIC, NIACL and other competitive exams. Check Insurance Awareness General Knowledge Questions from here. Who are preparing for the competitive exams or planning to attend any interview can check the Insurance Awareness General Knowledge Online Test. Here we are presenting some Insurance Awareness GK Questions along with the Answers. Do practice the Insurance Awareness GK MCQ Quiz and made it helpful at the time of examinations. You need to know all the issues related to the Insurance Awareness from this article. So, go and take the provided Insurance Awareness General Knowledge Online Test. Read this article and find the Insurance Awareness Questions with a definite answer.



Insurance Awareness Questions - Insurance Awareness GK Quiz Details

Online Test Name Insurance Awareness
Exam Type Multiple Choice Questions
Category GK Quiz
Number of Questions 92 Questions


We tried our level best to cover almost all the topics of Insurance Awareness. Check all the Insurance Awareness General Knowledge Questions and try to answer them. For all knowing about the Insurance Awareness will help to improve the knowledge. You can easily score the marks in the exams by practicing the Insurance Awareness General Knowledge Online Test. Therefore, you need to check all the questions which are arranged in this article. To help you we have compiled all the Insurance Awareness General Knowledge Questions along with explanation are arranged on this page.



Insurance Awareness General Knowledge Questions

Read the Insurance Awareness General Knowledge Questions and try to answer it by choosing the appropriate option. Soon after answering you will know whether it is correct or not. Another advantage of taking the Insurance Awareness MCQ Quiz from this post you can even get a quick explanation for each question. You can check 92 Insurance Awareness General Knowledge Questions from this article. Furthermore, we have arranged them in the form of multiple choices. Thus, you can review the questions and know the answer very quickly from here. If you are not getting proper idea about the questions to retry it. Practice is the stepping stone of the success. So, practice the given Insurance Awareness General Knowledge Online Test without fail.

Insurance Awareness MCQ Quiz Answers

We have arranged the answers to the Insurance Awareness General Knowledge Questions there itself. You can verify the explanation and correct option by clicking on the View Answer button. Hence, check the solutions and get aware of all the issues. Try to remember the questions at the time of examinations. Visit the Allindiaexams.in to know and practice more online test.

16. Which one of the following is the special drawing rights given by the International Monetary Fund to its member countries?
  • A. Cold money
  • B. Hot money
  • C. Paper gold
  • D. None of these
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Answer & Explanation

Answer: Option C

Explanation:

It is an accounting entry. It is used only among governments and IMF for balance of payment settlements.

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17. In pursuance of which one of the following was the General Insurance Corporation of India was formed?
  • A. General Insurance Business (Nationalization) Act, 1972
  • B. Insurance Act, 1938
  • C. Insurance Amendment Act, 2002
  • D. IRDA Act 1999
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Answer & Explanation

Answer: Option A

Explanation:

The entire general insurance business in India was nationalized by the Government of India through the General Insurance Business (Nationalisation) Act of 197B.

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18. What does the letter 'S' denote in the term IFSC?
  • A. Subscriber
  • B. State
  • C. System
  • D. Source
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Answer & Explanation

Answer: Option C

Explanation:

The Indian Financial System Code (IFSC CodE. is an alphanumeric code that uniquely identifies a bank-branch participating in the Real-Time Gross Settlement (RTGS) and the National Electronic Funds Transfer (NEFT) Systems.

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19. A method of valuing insured property or the value computed by that method is known as
  • A. Actual cost validity
  • B. Actual cash value
  • C. Replacement cash value
  • D. Normal cost value
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Answer & Explanation

Answer: Option B

Explanation:

Actual Cash Value (ACV) is a method of valuing insured property or the value computed by that method. Actual Cash Value (ACV) is not equal to replacement cost value (RCV). ACV is computed by subtracting depreciation from replacement cost.

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20. _____________ is the maximum amount an insurance company will pay if an insured asset is deemed a total loss.
  • A. Insurance value
  • B. Actual value
  • C. Replacement value
  • D. Guaranteed Replacement Cost
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Answer & Explanation

Answer: Option A

Explanation:

Define insurance value is the maximum amount an insurance company will pay if an insured asset is deemed a total loss.

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