Insurance Awareness Quiz|11 May 2019

Insurance Awareness Quiz for LIC AAO

Q1.The portion of an insurance premium that reflects the basic costs of loss, not including over-head or profit is called ______

(a) Mixed Premium

(b) Pure Premium

(c) Impure Premium

(d) Single Premium

(e) None of these

Answer & Explanation
Ans.1.(b)

Q2.A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally is known as ______

(a) Hospital Insurance

(b) Hull Insurance

(c) Group Insurance

(d) Self Insurance

(e) None of these

Answer & Explanation
Ans.2.(d)

Q3.Which Insurance is a compulsory insurance plan administered by a government agency with the primary emphasis on social adequacy?

(a) Hospital Insurance

(b) Hull Insurance

(c) Group Insurance

(d) Social Insurance

(e) None of these

Answer & Explanation
Ans.3.(d)

Q4.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 of these

Answer & Explanation
Ans.4.(a)

Q5.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) None of these

Answer & Explanation
Ans.5.(b)

Q6.A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as ______

(a) Hospital Insurance

(b) Renewable Term Insurance

(c) Mortgage Insurance

(d) Multi-Peril Insurance

(e) None of these

Ans.6.(c)[/su_spoiler]

Q7.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) None of these

Answer & Explanation
Ans.7.(d)

Q8.A policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations is called ______

(a) Hospital Insurance

(b) Renewable Term Insurance

(c) Key-Person Insurance

(d) Multi-Peril Insurance

(e) None of these

Answer & Explanation
Ans.8.(c)

Q9.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) None of these

Answer & Explanation
Ans.9.(a)

Q10.Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?

(a) Renters Insurance

(b) Hull Insurance

(c) Group Insurance

(d) Social Insurance

(e) None of these

Answer & Explanation
Ans.10.(b)

 

 

Leave a Reply