Insurance Awareness Quiz 1 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

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

Correct Answer: D) 20 lakh.

2. A clause that allows the transfer of rights under a policy from one person to another, usually by means of a written document is called .....

Correct Answer: C) Assignment.

3. An individual receiving benefits under an annuity is called .....

Correct Answer: B) Annuitant.

4. The headquarters of New India Assurance is located in .....

Correct Answer: B) Mumbai.

5. The portion of an insurance premium that reflects the basic costs of loss, not including over-head or profit is called .....

Correct Answer: A) Pure Premium.

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

Correct Answer: D) Uninsurable Risk.

7. How many maximum children from a family are covered for the benefits under the Shiksha Sahyog Yojana launched by the LIC?

Correct Answer: B) Two only.

8. IFRS Stands for?

Correct Answer: D) InternationalFinancial Reporting Standards.

9. The main feature of the National Agricultural Insurance Scheme is to insure which of the following?

Correct Answer: C) Crop of the farmer.

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

Correct Answer: A) 1.

11. "Zimmedari ka humsafar" is the tagline of which insurance company?

Correct Answer: D) ICICI Prudential Life.

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

Correct Answer: A) Blanket Bond.

13. In which year IRDA was constituted?

Correct Answer: A) 19 April, 2000.

14. Insurance service provided by various banks is commonly known as .....

Correct Answer: B) Bancassurance.

15. Which of the following insurance is mainly used for leased cars?

Correct Answer: A) Gap Insurance.

16. ..... is a coverage for the policyholder's own property or person.

Correct Answer: A) First Party Coverage.

17. Insurance cover for bank deposits in our country is provided by

Correct Answer: C) DICGC.

18. IDC stands for .....

Correct Answer: B) Insured Declared Value.

19. Personal and business property coverage combining several types of property insurance in one policy is called .....

Correct Answer: C) Multi-Peril Insurance.

20. The amount of risk retained by an insurance company that is not reinsured is termed as .....

Correct Answer: A) Retention.