Insurance Awareness Quiz|14 May 2019

Insurance Awareness Quiz for LIC AAO

Q1.The person in whose name the insurance policy is made is referred to as __________

(a) Insured or Policyholder

(b) Nominee or Beneficiary

(c) Insurer

(d) Agent

Answer & Explanation
Ans.1.(a)

Q2.The one who will get the insured amount if you die, is referred to as __________

(a) Insured or Policyholder

(b) Nominee or Beneficiary

(c) Insurer

(d) Agent

Answer & Explanation
Ans.2.(b)

Q3.__________ refers to the insurance company that offers the policy.

(a) Insured or Policyholder

(b) Nominee or Beneficiary

(c) Insurer

(d) Agent

Answer & Explanation
Ans.3.(c)

Q4.________ is the amount of money an insurance policy guarantees to pay before any bonuses are added.

(a) Fund

(b) Annuity

(c) Sum Assured

(d) Maturity Value

Answer & Explanation
Ans.4.(c)

Q5.__________ is the amount the insurance company has to pay you when the policy matures that would also include the sum assured and the bonuses.

(a) Fund

(b) Annuity

(c) Sum Assured

(d) Maturity Value

Answer & Explanation
Ans.5.(d)

Q6.Which of the following is an optional feature that can be added to a policy?

(a) Rider

(b) Annuity

(c) Sum Assured

(d) Maturity Value

Answer & Explanation
Ans.6.(a)

Q7.If you stop paying the premium, but do not withdraw the money from your policy, then the policy is referred to as ________

(a) Surrender Value

(b) Paid-up value

(c) Sum Assured

(d) Maturity Value

Answer & Explanation
Ans.7.(b)

Q8.If you might want to discontinue the policy, and take whatever money is due to you. The amount the insurance company then pays is known as _________

(a) Surrender Value

(b) Paid-up value

(c) Sum Assured

(d) Maturity Value

Answer & Explanation
Ans.8.(a)

Q9.The Payment to the policyholder at the end of the stipulated term of the policy is called _______

(a) Surrender Value

(b) Paid-up value

(c) Sum Assured

(d) Maturity Claim

Answer & Explanation
Ans.9.(d)

Q10.The payment of sum assured to the insured person which has become due by instalments under a money back policy is known as ______

(a) Surrender Value

(b) Paid-up value

(c) Sum Assured

(d) Survival Benefit

Answer & Explanation
Ans.10.(d)

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