Insurance Awareness Quiz | 3rd December 2018

Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.

Question 1: Which of the following is an International Insurance Certification Body?

A) ICFA

B) IIC

C) IRDA

D) LOMA

E) ICWA

Question 2: Who approves the stamp duty rates

A) IRDA

B) State Govt.

C) Parliament

D) Ministry of Finance

D) Nota

Question 3: Life insurance is also known as

A) Benefit contract

B) Reimbursement contract

C) None

D) Both

E) Money back

Question 4: In life insurance, a life assured is known as

A) Insurer

B) Insured               

C) Beneficiary

D) None of the above

E) All of above

Question 5: Which is a liability coverage for contents within a renter’s residence?

A. Renters Insurance

B. Hull Insurance

C. Group Insurance

D. Social Insurance

E.None

Question 6: Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called ______

A. Hospital Insurance

B. Renewable Term Insurance

C. Group Insurance

D. Social Insurance

E.All of the above

Question 7: Personal and business property coverage combining several types of property insurance in one policy is called ______

A. Hospital Insurance

B. Renewable Term Insurance

C. Mortgage Insurance

D. Multi-Peril Insurance

E.All of the above

Question 8: Which of the following is the highest

A. Single premium

B. Quarterly premium

C. Half yearly premium

D. Annual premium

E. All of the above

Question 9: A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses is called _______

A. Health Insurance

B. Renewable Term Insurance

C. Key-Person Insurance

D. Multi-Peril Insurance

E.All of the above

Question 10: Mortality is the most important factor for pricing of

A Term product        

B Whole life              

C Endowment           

D Ulip                         

E None

SOLUTION

  1. D
  2. B
  3. A
  4. B
  5. A

Renters’ insurance is an insurance policy which provides most of the benefits of homeowners’ insurance.

6. D

Form of compensation provided and controlled by a government for elderly, disable, or unemployed people

7. B

Renewable Term is a clause in a term insurance contract that allows the beneficiary to extend the coverage term for a set period of time without having to re qualify for coverage.

8. B

9. D

Multiple-peril insurance coverage is a kind of insurance that bundles together multiple coverages that typically would be needed with each other.

10. A

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