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. The topic of this quiz is Insurance Ombudsman.

1. Which among the following is not considered as a national debt?
   A) Life Insurance Policies
   B) Long term Government Bonds
   C) National Savings Certificates
   D) Provident Funds
   
   View answer

   Option A
   
2. Identify the wrong option with respect to the joint venture between Indian and foreign companies in insurance sector
   A) ICICI Bank – Prudential Life Insurance
   B) HDFC – MetLife India Insurance
   C) Bajaj – Allianz Life Insurance
   D) Bharti – AXA Life Insurance
   
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   Option B
   Explanation: PNB MetLife India Insurance
3. Which of the given policies of Life Insurance Corporation of India is related with regular old age pension?
   A) Jeevan Sanchay
   B) Jeevan Chhaya
   C) Jeevan Kishor
   D) Jeevan Akshay
   
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   Option D
   
4. The first ever departmental life insurance policy was designed for which group?
   A) Indian Army
   B) Civil officers In Central Government
   C) Postal department employees
   D) All the above
   
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   Option C
   
5. __________ is the regulator of insurance sector in India
   A) IRDA
   B) RBI
   C) SEBI
   D) LIC
   
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   Option A
   
6. An entity/individual working on behalf of insurer to investigate damage suffered by the clients of the insurance company and helps approve the claim is known as___________
   A) Actuary
   B) Assessor
   C) Broker
   D) Mediator
   
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   Option B
   
7. What is the term used for the request made for compensation from insurer for a loss covered by insurance policy?
   A) Claim
   B) Premium
   C) Compensation
   D) Fund
   
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   Option A
   
8. The situation when you insure something for an amount of money more than its reasonable value is known as______
   A) Excess insurance
   B) Unlimited insurance
   C) Unreasonable insurance
   D) Over insurance
   
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   Option D
   
9. A document that describes in clear terms the terms and conditions of the insurance policy offered to you by the insurer is termed as___________
   A) Policy Description
   B) Underwriting
   C) Product Disclosure Statement
   D) Financial Statement
   
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   Option C
   
10. An insurance provider offering coverage in a country other than the company’s home country  is known as ______________
    A) Agency Company
    B) Alien Insurance Company
    C) Admitted Company
    D) NR Insurance Company
    
    View answer

    Option B
    

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