Insurance Awareness Quiz|25th May 2019

Insurance Awareness Quiz for LIC AAO

Q1.An individual receiving benefits under an annuity is called ________

(a) Insured or Policyholder

(b) Nominee or Beneficiary

(c) Insurer

(d) Annuitant

(e) None of these

Answer & Explanation
Ans.1.(d)

Q2.To use life insurance policy benefits as collateral for a loan is called ______

(a) Surrender Value

(b) Paid-up value

(c) Collateral Assignment

(d) Maturity Claim

(e) None of these

Answer & Explanation
Ans.2.(c)

Q3.Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations is known as _________

(a) Blanket Coverage

(b) Blanket Value

(c) Blanket Assign

(d) Blanket Bond

(e) None of these

Answer & Explanation
Ans.3.(a)

Q4.________ is a fidelity bond that covers all employees of a given class and may also cover perils other than infidelity.

(a) Blanket Coverage

(b) Blanket Value

(c) Blanket Assign

(d) Blanket Bond

(e) None of these

Answer & Explanation
Ans.4.(d)

Q5.__________ in insurance, is the splitting or spreading of risk among multiple parties.

(a) Reinsurance

(b) Coinsurance

(c) Blanket Assign

(d) Blanket Bond

(e) None of these

Answer & Explanation
Ans.5.(b)

Q6._______ is the age at which the receipt of pension starts in an insurance-cum-pension plan.

(a) Surrender age

(b) Starting age

(c) Vesting age

(d) Maturity age

(e) None of these

Ans.6.(c)[/su_spoiler]

Q7.The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called ______

(a) Actual Loss Ratio

(b) Acts Of God

(c) Actuarial Cost Assumptions

(d) Combined Ratio

(e) None of these

Answer & Explanation
Ans.7.(a)

Q8.Percentage of each premium rupee a property/casualty insurer spends on claims and expenses is called _______

(a) Actual Loss Ratio

(b) Acts of God

(c) Actuarial Cost Assumptions

(d) Combined Ratio

(e) None of these

Answer & Explanation
Ans.8.(d)

Q9.Perils that cannot reasonably be guarded against, such as floods and earthquakes is known as ________

(a) Actual Loss Ratio

(b) Acts of God

(c) Actuarial Cost Assumptions

(d) Combined Ratio

(e) None of these

Answer & Explanation
Ans.9.(b)

Q10._________are assumptions about rates of investment earnings, mortality, turnover and distribution or actual ages at which employees are likely to retire.

(a) Actual Loss Ratio

(b) Acts of God

(c) Actuarial Cost Assumptions

(d) Combined Ratio

(e) None of these

Answer & Explanation
Ans.10.(c)

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