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.
- Under the Motor Vehicle Act, the victims of fatal injuries are paid compensation on the basis of:
A) Income and Size of Family
B) Age and Gender
C) Income and Number of Dependents
D) Age and Income
- The Insurance Act mandates every insurer to prepare which of the following at the end of financial year?
A) Balance Sheet
B) Profit and Loss Account
C) Revenue Account for each class of Insurance business
D) All the above
- What is the role of the Third Party Administrator?
A) Process insurance claims
B) Canvassing business for the insurer
C) Issue documents on behalf of the insurer
D) Arranging for reinsurance
- FPA is an insurance contract clause that eliminates an insurer’s liability for partial losses. Expand FPA.
A) Freight Payable Assured
B) Free of Particular Average
C) Fire Perils Added
D) Fixed Peripherals Added
- The Board of Trustees of the Unit Trust of India (UTI) consists of how many members?
A) 15
B) 5
C) 11
D) 8
- The Corporate Office of the UTI is situated in Mumbai. The headquarter of its Eastern Zone is in which city?
A) Kolkata
B) Patna
C) Asansol
D) Bhubaneshwar
- Which among the following types of insurance policies are much cheaper as compared to others?
A) Term insurance with guaranteed renewal
B) Decreasing term insurance
C) Term insurance with riders
D) E-term insurance
- IRDA Regulations allow Brokers and Corporate Agents licensed by IRDA to become ‘AP’ of Insurance Repositories for better service their customers. What does AP stands for?
A) Agents Permitted
B) Assured Professional
C) Approved Persons
D) Authorized Party
- A Company having paid up capital of above Rs ________ lakh are eligible to be appointed as an Approved Person of an insurance repository
A) Rs 3 lakh
B) Rs 5 lakh
C) Rs 2 lakh
D) Rs 4 lakh
- The ‘NEW CHILDREN’S MONEY BACK PLAN’ has been launched by which among the following insurance companies?
A) LIC
B) New India Assurance
C) National Insurance Company
D) United India Insurance