Insurance Awareness Quiz|1st April 2019

Insurance Awareness Quiz for LIC AAO

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

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

(a) 4

(b) 3

(c) 2

(d) 1

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

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

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

(a) 10 lakh

(b) 15 lakh

(c) 5 lakh

(d) 20 lakh

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

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

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

(a) Partial Risk

(b) Static Risk

(c) Dynamic Risk

(d) Pure Risk

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

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 Key

Ans.1.(a)

Ans.2.(d)

Ans.3.(a)

Ans.4.(a)

Ans.5.(d)

Ans.6.(a)

Ans.7.(a)

Ans.8.(c)

Ans.9.(c)

Ans.10.(c)

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