Insurance - Study Mode

[#461] Largest Life Insurance Company in India is:
Correct Answer

(B) Life Insurance Corporation of India (LIC)

Explanation

Solution: Largest Life Insurance Company in India is Life Insurance Corporation of India (LIC). LIC is Indian state-owned insurance group and investment company.

[#462] Which was an oldest insurance company, found in 1906:
Correct Answer

(B) National Insurance Company

Explanation

Solution: National Insurance Company Limited (NICL) is the oldest non-life general insurance company of India. It was established on 5th December 1906 at Kolkata.

[#463] Life Insurance Corporation was found on:
Correct Answer

(D) 1 September, 1956

Explanation

Solution: Life Insurance Corporation was found on 1 September, 1956. Life Insurance Corporation of India commenced its functioning as a corporate body from September 1, 1956. Its working is governed by the LIC Act.

[#464] In which among the following year National Insurance Company Limited (NICL) was incorporated?
Correct Answer

(A) 1906

Explanation

Solution: In 1906, National Insurance Company Limited (NICL) was incorporated. National Insurance Company was set up largely on the nationalism principles of Swaraj (self-government). NICL was nationalized after 66 years in the year 1972.

[#465] Headquarter of LIC is situated at:
Correct Answer

(C) Mumbai

Explanation

Solution: Headquarter of LIC is situated at Mumbai. Life Insurance Corporation is an Indian owned largest insurance company started in the year 1956. Its head quarters are located in Mumbai and had total funds of about 1433103.14 crore Rupees and about 367.82 lakh policies sold every year.