Insurance Awareness Quiz – Set 33

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 insurance company has launched Trip Protector insurance policy to cover the cancellation of pre-booked flights and hotels?
    A) ICICI Prudential Life Insurance Company
    B) HDFC ERGO General Insurance Company
    C) Aegon Life Insurance Company
    D) Kotak Mahindra Life Insurance Company
    View answer
    Option B
    HDFC ERGO General Insurance Company launched Trip Protector insurance policy. This policy will cover the cancellation of pre-booked flights and hotels for domestic as well as international travel. 
  2. ________ is a type of insurance plan which return the basic premiums paid for the Life cover in case of survival of the Life Assured till the end of the policy duration.
    A) PROP
    B) CROP
    C) TROP
    D) DROP
    View answer
    Option C
    TROPs are a variation to the regular Term Insurance Plans. These plans are the preferred option for customers who do not opt for Term plans because of the live-and- lose dilemma. While Term insurance plans do not pay any benefits in case the Life Assured survives the policy duration, TROPs return the basic premiums paid for the Life cover in case of survival of the Life Assured till the end of the policy duration.
  3. As per the IRDAI report, the cumulative new business premium of life insurance business in India grew by_______ percent during April-February 2018-19
    A) 5.50%
    B) 9.20%
    C) 6.10%
    D) 7.60%
    View answer
    Option D
    According to Insurance Regulatory and Development Authority of India (Irdai) data, the cumulative new business premium of all the 24 life insurance firms during April-February 2018-19 rose by 7.60 per cent to Rs 1,77,213.57 crore. 
  4. The headquarter of Max Life Insurance Company Limited is based in which city?
    A) Kolkata
    B) Mumbai
    C) New Delhi
    D) Chennai
    View answer
    Option C
  5. IDV is the maximum Sum Assured fixed by the insurer which is provided on theft or total loss of vehicle in a particular year. What does it stands for?
    A) Insurer Deductible Value
    B) Insured Declared Value
    C) Insurance Divulge Value
    D) Insured Data Vested
    View answer
    Option B
  6. The part of the claim where the policyholder agree to pay an extra amount out of its own pocket at the time of claim is known as_________
    A) Voluntary Deductible
    B) Compulsory Deductible
    C) Volatile Deductible
    D) Discretionary Deductible
    View answer
    Option A
  7. The total number of years for the policy holder to pay the premium is known as__________
    A) Settlement Option
    B) Penetration Rate
    C) Risk Assessment
    D) Premium Paying Term
    View answer
    Option D
  8. IBNR are the reserves for claims that become due with the occurrence of the events covered under the insurance policy, but have not been reported yet. Expand IBNR.
    A) Initiated But Not Reported
    B) Incurred But Not Reported
    C) Induced But Not Reported
    D) Intimidated But Not Reported
    View answer
    Option B
    The IBNR is the abbreviated form of incurred but not reported reserves (IBNR)
  9. With respect to insurance industry, the amount of policies and contracts sold by each sales employee is called ________
    A) Productivity
    B) Durability
    C) Output
    D) Work Rate
    View answer
    Option A
  10. ________ is the most important and basic document required for life insurance contract between the insured and insurance company.
    A) Insurance Document
    B) Insurance Application
    C) Proposal Form
    D) Policy Form
    View answer
    Option C

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