Insurance Awareness Quiz|13th April 2019

Insurance Awareness Quiz for LIC AAO

Q1.The person who receives the proceeds or the benefits under the plan when the nominee is less than 18 years of age is called _____

(a) Adjuster

(b) Appointee

(c) Service Provider

(d) Aggregate

Answer & Explanation
Ans.1.(b)

Q2.__________ is an actual ownership interest in a specific asset or group of assets.

(a) Fund

(b) cover

(c) Equity

(d) Liquidity

Answer & Explanation
Ans.2.(c)

Q3.The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called________

(a) Fund

(b) cover

(c) Limited premium

(d) Liquidity

Answer & Explanation
Ans.3.(c)

Q4._______ plans provide for a “pension” or a mix of a lump sum amount and a pension to be paid to the policyholder or his spouse.

(a) Fund

(b) cover

(c) Annuity

(d) Liquidity

Answer & Explanation
Ans.4.(c)

Q5.Which is used to determine the actual cash value of property at time of loss?

(a) appreciation

(b) Depreciation

(c) Realization

(d) Recognition

Answer & Explanation
Ans.5.(b)

Q6.__________is the period between the date of subscription to an insurance-cum-pension policy and the time at which the first instalment of pension is received.

(a) appreciation

(b) Depreciation

(c) Deferment

(d) Recognition

Answer & Explanation
Ans.6.(c)

Q7._________ is a type of reinsurance in which the re-insurer can accept or reject any risk presented by an insurance company seeking reinsurance.

(a) Treaty Insurance

(b) Health Insurance

(c) Facultative Insurance

(d) None of the Above

Answer & Explanation
Ans.7.(c)

Q8.A policy which has terminated and is no longer in force due to non-payment of the premium due is called ______

(a) key man policy

(b) Lapsed Policy

(c) Indemnity

(d) Fiduciary

Answer & Explanation
Ans.8.(b)

Q9.________ is the amount you pay to the insurance company to buy a policy.

(a) Fund

(b) Premium

(c) Annuity

(d) Liquidity

Answer & Explanation
Ans.9.(b)

Q10.Which principle specifies an insured should not collect more than the actual cash value of a loss?

(a) Indemnity

(b) Premium

(c) Annuity

(d) Liquidity

Answer & Explanation
Ans.10.(a)

 

 

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