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.
- What is the required charges that need to be paid for lodging the complaint with the insurance Ombudsman?
A) Rs 20,000
B) 20% of the relief sought
C) 10% of the relief sought
D) Nill
- Which of the given is not an example of insurable interest
A) Father getting insurance policy on his son
B) Friends getting insurance on one another
C) Spouses getting insurance on one another
D) Employer getting insurance on employees
- The premium paid for whole life insurance is _____________ to/than the premium for term assurance.
A) Equal
B) Lower
C) Higher
D) Cannot be determined
- The Universal Life Policy was introduced by which country?
A) United States
B) United Kingdom
C) Germany
D) Philippines
- If the policyholder, who has bought a policy, does not want it then he can return it and get a refund during the period called____________
A) Lock – in- period
B) Free – look – period
C) Trail period
D) Evaluation period
- The policyholder needs to appoint an appointee in which of these cases?
A) If the insured is a minor
B) If policyholder is mentally disabled
C) If the nominee is a minor
D) All the above
- Which among the following insurance policies do not have surrender value?
A) money-back policies
B) endowment policies
C) unit-linked insurance policies
D) Term insurance
- Which Section of the Insurance Act 1938, provides for nomination of a nominee?
A) Section 12
B) Section 40
C) Section 27
D) Section 39
- What is the maximum length of the grace period granted in insurance policy?
A) 3 months
B) 1 month
C) 12 months
D) 6 months
- The insurance companies are required to process the claim as soon as they receive and any additional queries or documents needed should be asked for within a period of_______ from the date of receipt of claim
A) 15 days
B) 1 week
C) one month
D) 2 days