Insurance

What is the insurance regulatory body in India?

• Reserve Bank of India (RBI)

• Securities and Exchange Board of India (SEBI)

• Insurance Regulatory and Development Authority of India (IRDAI)

• Ministry of Finance

Which type of insurance provides coverage for a policyholder's life?

• Health Insurance

• Life Insurance

• Motor Insurance

• Travel Insurance

Which of the following is a general insurance product?

• Term Insurance

• Endowment Policy

• Health Insurance

• Unit-Linked Insurance Plan (ULIP)

What is the minimum age requirement to purchase an insurance policy in India?

• 16 years

• 18 years

• 21 years

• 25 years

Which of the following is NOT covered under a standard health insurance policy in India?

• Hospitalization expenses

• Cosmetic surgery

• Pre-existing diseases after the waiting period

• Daycare procedures

Which type of life insurance policy provides coverage for a specified term and does not have a savings component?

• Endowment Policy

• Whole Life Policy

• Term Insurance

• Money Back Policy

Which company was the first life insurance company established in India?

• Life Insurance Corporation of India (LIC)

• Oriental Life Insurance Company

• ICICI Prudential Life Insurance

• HDFC Life Insurance

What does the term "sum assured" refer to in an insurance policy?

• The total premium paid

• The amount to be paid by the insurer in case of a claim

• The bonus received at the end of the policy term

• The tax benefits of the policy

Which of the following is a type of life insurance policy that combines insurance and investment?

• Term Insurance

• Health Insurance

• ULIP (Unit-Linked Insurance Plan)

• Personal Accident Insurance

The principle that requires the insurer and the insured to disclose all material facts before the contract is finalized is known as:

• Principle of Contribution

• Principle of Utmost Good Faith

• Principle of Insurable Interest

• Principle of Loss Minimization