Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions and answers will guide you in all insurance exams like LIC (AAO/ADO), NIACL assistant and AO, UIIC, IRDA and other Bank PO exams and all competitive exams. So attempt these multiple choice questions now based on the exam pattern syllabus.
- Inadequate insurance coverage held by a policy holder where the limits may not be high enough to cover the full expenses of a claim is known as__________
- ____________ is where an insurer deposits premiums from policies it underwrites and from which it funds day-to-day operations of the business.
A) General Account
B) Insurance Account
C) Savings Account
D) Business Account
- Which of these best defines the “maximum you have to pay for covered services in a plan year”?
A) actual cash value
B) up-to-date maximum
C) Gross premiums written
D) out-of-pocket maximum
- What does EOB stands for in insurance?
A) Extra offer Benefits
B) Existence of Beneficiary
C) Explanation of Benefits
D) Emergence of Bancassurance
- The period during which claim is not admitted in a health insurance is known as________
A) Waiting Period
B) Turning Period
C) Halt Period
D) Grace Period
- An insurance policy issued at a higher premium rate than standard because of less than average health conditions or undesirable lifestyles is known as____________.
A) Loss policy
B) Rated policy
C) With-Profit policy
D) Systematic policy
- The duration of period during which an insurer has the right to investigate the policy and decide upon the claim is called as _______
A) Waiting period
B) Finite period
D) Contestable period
- Which class of policy holders pay generally higher insurance premiums
D) There is no such distribution
- Suppose an individual purchase mortgage life insurance and is paying down the principal, what will happen to his coverage?
B) No change
D) Cannot be determined
- HMOs are a type of health insurance plan. Here HMO stands for_______
A) Health Management Obligation
B) Health Medicare Office
C) Health Maintenance Organization
D) Health Monitoring Ombudsman