Insurance Awareness Quiz|5th April 2019

Insurance Awareness Quiz for LIC AAO

Q1.The period during which the owner of a deferred annuity makes payments to build up assets is called _______

(a) Affinity sales

(b) Annuity Accumulation Phase

(c) Annuitization

(d) Proximate Clause

Q2.A survey to determine a property’s insurable value, or the amount of a loss is termed as ______

(a) Affinity sales

(b) Pure Risk

(c) Annuitization

(d) Appraisal

Q3.In Insurance, CGL stands for__________

(a) Commercial General Liability

(b) Common General Liability

(c) Captive General Liability

(d) Control General Liability

Q4.A person who holds something in trust for another is known as_________

(a) Affinity sales

(b) Pure Risk

(c) Annuitization

(d) Fiduciary

Q5.A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as _______

(a) Seller

(b) Captive Agent

(c) Service Provider

(d) Aggregate

Q6.Which term referring to property coverages for the perils of burglary, theft and robbery?

(a) Personal Insurance

(b) Commercial Insurance

(c) Industrial Insurance

(d) Crime Insurance

Q7.IDC stands for ______

(a) Insured Declared Value

(b) Insurer Declared Value

(c) Insurance Declared Value

(d) Interest Declared Value

Q8.What is the Full form of GIVE?

(a) Gross Insured Value Element

(b) Gross Insurer Value Element

(c) Gross Insurance Value Element

(d) Gross Interest Value Element

Q9.If the insurance policy is taken from more the one underwriter where period of insurance, subject matter of insurance and sum insured are same is termed as ________

(a) Double Insurance

(b) Commercial Insurance

(c) Industrial Insurance

(d) Liability Insurance

Q10.The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies is termed as _____

(a) Affinity sales

(b) Demutualization

(c) Annuitization

(d) Fiduciary

Answer key

Ans.1.(b)

Ans.2.(d)

Ans.3.(a)

Ans.4.(d)

Ans.5.(b)

Ans.6.(d)

Ans.7.(a)

Ans.8.(c)

Ans.9.(a)

Ans.10.(b)

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