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. This set contains numericals for insurance exams like LIC AAO, LIC ADO.
- The passing on of risk from the insurer to a re-insurer is known as?
A) treaty
B) retro cessation
C) fading
D) ceding
- Where would an insurance company find the guidelines on investing funds?
A) The Insurance Act
B) Company Guidelines
C) IRDA Regulations
D) There are no such guidelines.
- In which of the following ways, does insurance manages risk?
A) Retention
B) Reduction
C) Transfer
D) Prevention
- The agreement between insurers and reinsurer is known as?
A) Sharing
B) Treaties
C) Quota Sharing
D) Pool Arrangement
- Which of the following is outside the purview of IRDA?
A) ECGC
B) Postal Life Insurance
C) LIC
D) GIC Re
- As per Insurance Act, a report from certified surveyor is mandatory if the claims exceed _________.
A) Rs 5,000
B) Rs 10,000
C) Rs 20,000
D) Rs 25,000
- What is the minimum share capital requirement for a TPA (Third Party Administrator)?
A) Rs 50 lakhs
B) Rs 1 crore
C) Rs 2 crore
D) Rs 10 crore
- How much is the amount of claim payable, if the sum insured is Rs 1 lakhs and the excess limit is Rs 10,000 and the loss suffered is Rs 15,000.
A) Rs 10,000
B) Rs 15,000
C) Rs 5,000
D) Rs 2,000
- How much is the amount of claim payable, if the sum insured is Rs 1 lakhs and the excess limit is Rs 15,000 and the loss suffered is Rs 10,000.
A) Rs 10,000
B) Rs 15,000
C) Rs 5,000
D) Nil
- How much is the amount of claim payable, if the sum insured is Rs 3 lakhs and the excess limit is Rs 30,000 and the loss suffered is Rs 40,000.
A) Rs 30,000
B) Rs 40,000
C) Rs 10,000
D) Rs 1 lakh