Insurance Awareness Quiz |4th December 2018

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

Question 1: Pension policies contract provide benefits of

(A)  pre and post retirement         

(B)  post retirement                        

(C)  Pre retirement                         

(D)  SI

(E)  None

Question 2: Life insurance is also known as  

(A)  Annuities business

(B)  Health business

(C)  Long term business                                                                              

(D)  Short term business

(E)  None

Question 3: Health insurance is part of which line of insurance?

(A)  Life insurance   

(B)  General insurance

(C)  Standalone life of business                                                                                

(D)  All of the above

(E)  None

Question 4: A single policy issued as evidence of the contract of group coverage is called policy

(A)  master               

(B)  group                 

(C)  individual           

(D)  All of the above

(E)  None

Question 5: In which year, the Indian Life Assurance Companies Act came into force ?
(A) 1910
(B) 1932
(C) 1920
(D) 1912

(E)  None of these

Question 6: ______________ is an extension of endowment plans
(A) Health insurance policy
(B) Money back policy
(C) Term insurance policy
(D) General insurance policy
(E) None of these

Question 7: In profit product investment risk is with

(A)  Employees

(B)  policy holders

(C)  shareholders

(D)  all the above

 (E)  policyholders & shareholders.

Question 8: A risk or damage covered by an insurance policy is called as ______________
(A) Coverage
(B) Annuity
(C) Lapse
(D) Peril
(E) None of these

Question 9: The maturity age of a whole life policy is ____________
(A) 100
(B) 65
(C) 70
(D) 80
(E) None of these

Question 10: Life insurance is also known as

(A)  Benefit contract     

(B)  Reimbursement contract                                             

(C)  None                        

(D)  Both

(E)  Money back

SOLUTION

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

In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business

  1. B

Money back policies are basically an extension of endowment plans wherein the policy holder receives a fixed amount at specific intervals throughout the duration of the policy.

  1. B
  2. D

Peril is a specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft.

  1. A
  2. A

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