insurance awareness quiz

Insurance Awareness Quiz – Set 53 (For LIC ADO)

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. In insurance, the members of a community subscribe to a common pool/fund which is collected by the insurer to __________ the losses arising out of the risks.
    A) indemnify

    B) pay
    C) intermediate
    D) fix
    View answer
      Option A
    Explanation: indemnify- compensate (someone) for harm or loss.
  2. Which of the following is not an aspect of insurance?
    A) Asset

    B) Risk Insured against
    C) Principle of product
    D) Principle of pooling
    View answer
      Option C
    Explanation: Insurance involoves four aspects: Asset; Risk insured against; The principle of pooling; The contact
  3. Who amongst the following is also known as underwriter?
    A) insured

    B) assured
    C) insurer
    D) agent
    View answer
    Option C
    Explanation: The insurer is also known as assurer or underwriter.
  4. Which of the following insurance principle is also known as principle of utmost good faith?
    A) Principle of indemnity

    B) Principle of Subrogation
    C) Principle of causa proxima
    D) Principle of ‘uberrima fides’
    View answer
    Option D
    Explanation: Principle of ‘uberrima fides’
  5. Which of the following is the license issuing authority for non-life insurance business in India?
    A) GIC

    B) LIC
    C) IRDAI
    D) GIC Re
    View answer
    Option C
    Explanation: IRDAI for both life and non-life insurance
  6. Where is the headquarters of International Association of Insurance Supervision (IAIS) located?
    A) London

    B) Beijing
    C) New Delhi
    D) Basel
    View answer
    Option D
    Explanation: Basel, Switzerland
  7. A person who is authorized to sell a policy of only one life insurance company at a time is known as?
    A) Broker

    B) Agent
    C) Surveyors
    D) Loss Assessors
    View answer
    Option B
    Explanation: B
  8. A person who is authorized to sell a policy of more than one life insurance company at a time is known as?
    A) Broker

    B) Agent
    C) Surveyors
    D) Loss Assessors
    View answer
    Option A
    Explanation: Broker
  9. TPAs are the middleman in ____ industry for insurance.
    A) transport

    B) healthcare
    C) education
    D) automobile
    View answer
    Option B
    Explanation: healthcare
  10. Bancassurance term first appeared in ________ in 1980, to define the sale of insurance products through banks’ distribution channels
    A) India

    B) Germany
    C) France
    D) US
    View answer
    Option C
    Explanation: France

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