Insurance Awareness Quiz|27th March 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

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

(a) Fund

(b) cover

(c) Equity

(d) Liquidity

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

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

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

(a) appreciation

(b) Depreciation

(c) Realization

(d) Recognition

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

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

Q8.A policy which has terminated and is no longer in force due to non-payment of the premium due is called ______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

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

(a) Fund

(b) Premium

(c) Annuity

(d) Liquidity

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 Key

Ans.1.(b)

Ans.2.(c)

Ans.3.(c)

Ans.4.(c)

Ans.5.(b)

Ans.6.(c)

Ans.7.(c)

Ans.8.(b)

Ans.9.(b)

Ans.10.(a)

 

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