Insurance Awareness Quiz|21st June 2019

Insurance Awareness Quiz for LIC AAO/ADO

Q1._____ is a coverage up to specific limits for the cost of ransom or extortion payments and related expenses

(a) Internet Liability Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Gap Insurance

Answer & Explanation
Ans.1.(a)

Q2.The Complaint to Insurance Ombudsman must be registered within ____ year(s)

(a) 4

(b) 3

(c) 2

(d) 1

Answer & Explanation
Ans.2.(d)

Q3.A technique that consists of staggering the maturity dates and the mix of different types of bonds is termed as _______

(a) Laddering

(b) Fire Insurance

(c) Escrow Account

(d) Earned Premium

Answer & Explanation
Ans.3.(a)

Q4._______ is a coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.

(a) Liquor Liability

(b) Inflation Guard Clause

(c) Inland Marine Insurance

(d) Gap Insurance

Answer & Explanation
Ans.4.(a)

Q5.What is the maximum claim amount for an Insurance Ombudsman complaint?

(a) 10 lakh

(b) 15 lakh

(c) 5 lakh

(d) 20 lakh

Answer & Explanation
Ans.5.(d)

Q6.Which section of the Indian Insurance Act 1938 provides for nomination of a person?

(a) Section 39

(b) Section 38

(c) Section 37

(d) Section 36

Answer & Explanation
Ans.6.(a)

Q7.A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients is termed as _______

(a) Malpractice Insurance

(b) Inflation Guard Clause

(c) Inland Marine Insurance

(d) Gap Insurance

Answer & Explanation
Ans.7.(a)

Q8.Any insurance risk resulting from a human decision is called _____

(a) Partial Risk

(b) Static Risk

(c) Dynamic Risk

(d) Pure Risk

Answer & Explanation
Ans.8.(c)

Q9.______ is a coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults.

(a) Internet Liability Insurance

(b) Kidnap/Ransom Insurance

(c) Municipal Bond Insurance

() Gap Insurance

Answer & Explanation
Ans.9.(c)

Q10.A company owned by its policyholders that returns part of its profits to the policyholders as dividends is known as ______

(a) Service Provider

(b) Composite Insurer

(c) Mutual Insurance Company

(d) None of the Above

Answer & Explanation
Ans.10.(c)

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