Insurance Awareness Quiz|29th April 2019

Insurance Awareness Quiz for LIC AAO

Q1.Insurance companies’ ability to pay the claims of policyholders is termed as _______

(a) Solvency

(b) Schedule

(c) Retrospective Rating

(d) credit life

Answer & Explanation
Ans.1.(a)

Q2.________ is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents.

(a) Nursing Home Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Travel Insurance

Answer & Explanation
Ans.2.(d)

Q3.A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract is known as ______

(a) Salvage

(b) Schedule

(c) Retrospective Rating

(d) Unbundled Contracts

Answer & Explanation
Ans.3.(d)

Q4.Risks for which it is difficult for someone to get insurance is called ______

(a) Partial Risk

(b) Uninsurable Risk

(c) Covariant Risk

(d) Pure Risk

Answer & Explanation
Ans.4.(b)

Q5.Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers is known as _______

(a) Nursing Home Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Uninsured Motorist Coverage

Answer & Explanation
Ans.5.(d)

Q6.A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion is called _______

(a) Variable Life Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Uninsured Motorist Coverage

Answer & Explanation
Ans.6.(a)

Q7._______ is a policy contract that for some reason specified in the policy becomes free of all legal effect.

(a) Salvage

(b) Schedule

(c) Retrospective Rating

(d) Void

Answer & Explanation
Ans.7.(d)

Q8.Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?

(a) Warranty Insurance

(b) Kidnap/Ransom Insurance

(c) Inland Marine Insurance

(d) Uninsured Motorist Coverage

Answer & Explanation
Ans.8.(a)

Q9.Which of the following is the first life insurance company in India?

(a) United India Insurance

(b) Oriental Insurance

(c) LIC

(d) New India Assurance

Answer & Explanation
Ans.9.(b)

Q10.National Insurance Academy located in ________

(a) Chennai

(b) Calcutta

(c) Pune

(d) Hyderabad

Answer & Explanation
Ans.10.(c)

 

 

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