Insurance Awareness Quiz – Set 30

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. In Insurance, the ratio of premium underwritten in a particular year to the GDP is known as__________
    A) Penetration Rate
    B) Cession
    C) Lapse Ratio
    D) Burning Ratio
    View answer
    Option A
  2. Motor third-party insurance is a type of____________
    A) Double insurance
    B) Compulsory Insurance
    C) Under-insurance
    D) Self-insurance
    View answer
    Option B
    Type of insurance that is compulsory under the law. Example: Motor third-party insurance is compulsory in India
  3. ________  is a type of insurance policy where the proposer as well as the premium payer is the employer
    A) Variable Universal Insurance Policy
    B) Endowment Plan
    C) Keyman Insurance Policy
    D) Survivorship Insurance Policy
    View answer
    Option C
  4. Which among the following does not come under general insurance?
    A) Home insurance
    B) Health insurance
    C) Marine insurance
    D) Life insurance
    View answer
    Option D
  5. Property insurance, marine insurance or liability insurance can be classified as which of the following type of insurance?
    A) Rural insurance
    B) Commercial insurance
    C) Urban insurance
    D) Specific insurance
    View answer
    Option B
  6. ________ is known as approaching a client by an insurer or an intermediary with a view to convince the client to purchase an insurance policy
    A) Solicitation
    B) Reinstatement
    C) Proposal
    D) Claim
    View answer
    Option A
  7. The extension in the number of days by the insurance company so that you can make the premium payment for you insurance plan even after you due date has passed is known as_______
    A) Deferment Period
    B) Free-look Period
    C) Grace Period
    D) Waiting Period
    View answer
    Option C
  8. NCB is a type of reward by insurer to the policyholder for not making a claim in the preceding years. Expand NCB
    A) No Claim Bonus
    B) Net Credit Benefit
    C) Non Convertible Bond
    D) New Cost Buffer
    View answer
    Option A
  9. The period during which the insurance company holds all the right to investigate the policy and decide whether to pay or not to pay to the insured is termed as:
    A) Revocable period
    B) Contestable period
    C) Declaration period
    D) Irrevocable period
    View answer
    Option B
  10. The person or institution (Bank) that receives the insurance payment on the loss of the property or vehicle you own is known as______
    A) Third Party Holder
    B) Additional Insured
    C) Claimant
    D) Loss Payee
    View answer
    Option D

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