Insurance Awareness Quiz|11th April 2019

Insurance Awareness Quiz for LIC AAO

Q1.A single Insurance company offers both life and non-life policies is known as _________

(a) Service Provider

(b) Composite Insurer

(c) Mutual Insurance Company

(d) None of the Above

Answer & Explanation
Ans.1.(b)

Q2.Peril specifically mentioned as covered in an insurance policy is called __________

(a) Service Provider

(b) Named Peril

(c) Un-named Peril

(d) None of the Above

Answer & Explanation
Ans.2.(b)

Q3.Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident is called __________

(a) No Fault

(b) No Pay

(c) Default

(d) None of the Above

Answer & Explanation
Ans.3.(a)

Q4.________covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.

(a) Internet Liability Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Nuclear Insurance

Answer & Explanation
Ans.4.(d)

Q5.Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident is known as ______

(a) Internet Liability Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Umbrella Insurance

Answer & Explanation
Ans.5.(d)

Q6.A form of long-term care policy that covers a policyholder’s stay in a nursing facility is called _______

(a) Nursing Home Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Nuclear Insurance

Answer & Explanation
Ans.6.(a)

Q7.Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later is known as _____

(a) Nursing Home Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Occurrence Policy

Answer & Explanation
Ans.7.(d)

Q8._______ is a life insurance policy that remains in force for the policyholder’s lifetime.

(a) Nursing Home Insurance

(b) Ordinary Life Insurance

(c) Inland Marine Insurance

(d) Occurrence Policy

Answer & Explanation
Ans.8.(b)

Q9.Risks that affect simultaneously a great number of policyholders is called ______

(a) Partial Risk

(b) Static Risk

(c) Covariant Risk

(d) Pure Risk

Answer & Explanation
Ans.9.(c)

Q10.________ is the total benefit an insured person will receive at the time of claim.

(a) Total Insured Benefit

(b) Fire Insurance

(c) Escrow Account

(d) Earned Premium

Answer & Explanation
Ans.10.(a)

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