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 Insurance Regulatory and Development Authority (IRDA) was renamed as Insurance Regulatory and Development Authority of India (IRDAI) in which year?
A) 2010
B) 2002
C) 2000
D) 2014
- A type of life insurance policy where several members are included under one ‘master policy’ owned by the employer /nodal agency is known as________
A) Group insurance
B) Variable insurance
C) Term plan
D) Endowment plans
- How many Insurance Ombudsman centres are active in India?
A) 10
B) 17
C) 21
D) 15
- MRI is a type of life insurance policy which is taken when applying for a housing loan from a bank. What does MRI stands for?
A) Mortality Redemption Insurance
B) Management Redemption Insurance
C) Mortgage Redemption Insurance
D) Manifest Redemption Insurance
- Which among the given mode of premium payments earns the highest amount of rebate in insurance policy?
A) Monthly
B) Quarterly
C) Half-yearly
D) Yearly
- A life insurance policy that provides for the payment of an additional amount equal to the sum assured in case of the death of a policyholder owing to an accident is known as__________
A) Double Accident Benefit
B) Bonus Loading
C) Net Premium Benefit
D) Permanent Disability Benefit
- Which of the following is one of the important component for determining the insurance premium?
A) Interest
B) Bonus loading
C) Expenses of management
D) All the above
- What do you understand by policy lapse?
A) Discontinuation of premium payment for a policy
B) Completion of premium payment for a policy
C) Policy attains maturity
D) Policy is withdrawn from the market
- Who bears the investment risk in case of ULIPs?
A) Insurer
B) Insured
C) IRDAI
D) All the above
- The term premium denote ___________in relation to an insurance policy?
A) Margins earned by an insurer on a policy
B) Profit earned by the insurer
C) Expenses incurred by an insurer
D) Price paid by an insured for the policy