Insurance Awareness Quiz – Set 42

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.

  1. Which among the following is the primary source of information about an applicant for the underwriter?
    A) PAN Card
    B) Medical Records
    C) Aadhar Card
    D) Proposal form
    View answer
    Option D
    The primary source of information about an applicant, for the underwriter is his proposal form or application form, in which all the critical information related to the health and personal details of the proposer are collected
  2. ________ is the transfer of all rights and remedies with respect to the subject matter of insurance from insured to insurer
    A) Pooling
    B) Diversification
    C) Subrogation
    D) Contribution
    View answer
    Option C
  3. Getting into a contract with insurance company on false grounds by making statements that are not in accordance with the facts is known as ___________.
    A) Cheating
    B) Misrepresentation
    C) Falsify
    D) Manipulation
    View answer
    Option B
  4. A temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued is called as
    A) Cover Note
    B) Proposal Form
    C) Certificate of Insurance
    D) Standard Form
    View answer
    Option A
  5. Which among the following is not a valid mode to pay premium
    A) Cash
    B) Cheque
    C) Credit Card
    D) Promissory Note
    View answer
    Option D
  6. Which insurance product is offered by the New India Assurance Co Ltd?
    A) Personal Insurance
    B) Commercial Insurance
    C) Industrial Insurance
    D) All the above
    View answer
    Option D
  7. ___________is a fixed amount for a covered service, paid by a patient to the provider of service before receiving the service
    A) Copay
    B) Deductible
    C) Claim
    D) Surrender Value
    View answer
    Option A
    A copayment or copay is a fixed amount for a covered service, paid by a patient to the provider of service before receiving the service
  8. Which of these is not one of the main products of life insurance?
    A) Term insurance
    B) Personal accident insurance
    C) Whole life insurance
    D) Endowment Policy
    View answer
    Option B
    The main products of life insurance includes: Whole life, Endowment, Term, Investment-linked, Life annuity plan, Medical and health. The general insurance products includes – Motor insurance, Fire/House owners/Householders insurance, Personal accident insurance, Medical and health insurance, Travel insurance.
  9. Which among the following provides insurance cover to exporters?
    A) GIC
    B) IRDAI
    C) LIC
    D) ECGC
    View answer
    Option D
  10. The National Agricultural Insurance Scheme has been set up to provide insurance cover to which of the following?
    A) Farmer’s Land
    B) Farmer’s Life
    C) Farmer’s Crops
    D) Animals used for agricultural activities
    View answer
    Option C

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