Insurance Awareness Quiz|16 May 2019

Insurance Awareness Quiz for LIC AAO

Q1.The period during which the owner of a deferred annuity makes payments to build up assets is called _______

(a) Affinity sales

(b) Annuity Accumulation Phase

(c) Annuitization

(d) Proximate Clause

Answer & Explanation
Ans.1.(b)

Q2.A survey to determine a property’s insurable value, or the amount of a loss is termed as ______

(a) Affinity sales

(b) Pure Risk

(c) Annuitization

(d) Appraisal

Answer & Explanation
Ans.2.(d)

Q3.In Insurance, CGL stands for__________

(a) Commercial General Liability

(b) Common General Liability

(c) Captive General Liability

(d) Control General Liability

Answer & Explanation
Ans.3.(a)

Q4.A person who holds something in trust for another is known as_________

(a) Affinity sales

(b) Pure Risk

(c) Annuitization

(d) Fiduciary

Answer & Explanation
Ans.4.(d)

Q5.A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as _______

(a) Seller

(b) Captive Agent

(c) Service Provider

(d) Aggregate

Answer & Explanation
Ans.5.(b)

Q6.Which term referring to property coverages for the perils of burglary, theft and robbery?

(a) Personal Insurance

(b) Commercial Insurance

(c) Industrial Insurance

(d) Crime Insurance

Answer & Explanation
Ans.6.(d)

Q7.IDC stands for ______

(a) Insured Declared Value

(b) Insurer Declared Value

(c) Insurance Declared Value

(d) Interest Declared Value

Answer & Explanation
Ans.7.(a)

Q8.What is the Full form of GIVE?

(a) Gross Insured Value Element

(b) Gross Insurer Value Element

(c) Gross Insurance Value Element

(d) Gross Interest Value Element

Answer & Explanation
Ans.8.(c)

Q9.If the insurance policy is taken from more the one underwriter where period of insurance, subject matter of insurance and sum insured are same is termed as ________

(a) Double Insurance

(b) Commercial Insurance

(c) Industrial Insurance

(d) Liability Insurance

Answer & Explanation
Ans.9.(a)

Q10.The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies is termed as _____

(a) Affinity sales

(b) Demutualization

(c) Annuitization

(d) Fiduciary

Answer & Explanation
Ans.10.(b)

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