C01 Introduction to Insurance MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on C01 Introduction to Insurance, a fundamental topic in the field of IC38 Life Insurance Agent Exam. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our C01 Introduction to Insurance MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of C01 Introduction to Insurance mcq questions that explore various aspects of C01 Introduction to Insurance problems. Each MCQ is crafted to challenge your understanding of C01 Introduction to Insurance principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC38 Life Insurance Agent Exam tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our C01 Introduction to Insurance MCQs are your pathway to success in mastering this essential IC38 Life Insurance Agent Exam topic.

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C01 Introduction to Insurance MCQs | Page 2 of 10

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Q11.
When did modern insurance in India begin?

a.

Early 1800s

b.

Late 1800s

c.

Early 1900s

d.

Late 1900s

Discuss
Answer: (a).Early 1800s Explanation:Modern insurance in India began in early 1800 or thereabouts, with agencies of foreign insurers starting marine insurance business.
Q12.
Which was the first life insurance company to be set up in India?

a.

The Oriental Life Insurance Co. Ltd

b.

Triton Insurance Co. Ltd

c.

Bombay Mutual Assurance Society Ltd

d.

National Insurance Company Ltd

Discuss
Answer: (a).The Oriental Life Insurance Co. Ltd Explanation:The Oriental Life Insurance Co. Ltd was the first life insurance company to be set up in India.
Q13.
Which was the first Indian insurance company?

a.

The Oriental Life Insurance Co. Ltd

b.

Triton Insurance Co. Ltd

c.

Bombay Mutual Assurance Society Ltd

d.

National Insurance Company Ltd

Discuss
Answer: (c).Bombay Mutual Assurance Society Ltd Explanation:Bombay Mutual Assurance Society Ltd was the first Indian insurance company, formed in 1870 in Mumbai.
Q14.
Which is the oldest insurance company in India?

a.

The Oriental Life Insurance Co. Ltd

b.

Triton Insurance Co. Ltd

c.

Bombay Mutual Assurance Society Ltd

d.

National Insurance Company Ltd

Discuss
Answer: (d).National Insurance Company Ltd Explanation:National Insurance Company Ltd is the oldest insurance company in India, founded in 1906.
Q15.
When was the Insurance Act 1938 passed in India?

a.

1938

b.

1956

c.

1972

d.

2000

Discuss
Answer: (a).1938 Explanation:The Insurance Act 1938 was the first legislation to regulate the conduct of insurance companies in India.
Q16.
When was the life insurance business nationalized in India?

a.

1938

b.

1956

c.

1972

d.

2000

Discuss
Answer: (b).1956 Explanation:The life insurance business was nationalized on 1st September 1956, and the Life Insurance Corporation of India (LIC) was formed.
Q17.
When was the non-life insurance business nationalized in India?

a.

1938

b.

1956

c.

1972

d.

2000

Discuss
Answer: (c).1972 Explanation:The non-life insurance business was nationalized in 1972, and the General Insurance Corporation of India (GIC) and its four subsidiaries were set up.
Q18.
Which committee recommended the opening of the insurance market for competition in India?

a.

Malhotra Committee

b.

Swadeshi Committee

c.

IRDAI Committee

d.

GIC Committee

Discuss
Answer: (a).Malhotra Committee Explanation:The Malhotra Committee, in its report submitted in 1994, recommended opening the market for competition.
Q19.
When was the insurance market in India liberalized?

a.

1938

b.

1956

c.

1972

d.

2000

Discuss
Answer: (d).2000 Explanation:The insurance market was liberalized in 2000 with the passing of the Insurance Regulatory & Development Act, 1999 (IRDAI).
Q20.
What is the role of the Insurance Regulatory and Development Authority of India (IRDAI)?

a.

To regulate the conduct of insurance companies

b.

To nationalize insurance companies

c.

To establish Indian insurance companies

d.

To pass insurance legislation

Discuss
Answer: (a).To regulate the conduct of insurance companies Explanation:The IRDAI is a statutory regulatory body for the insurance industry in India and is responsible for regulating the conduct of insurance companies.
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