Insurance Awareness Quiz – Set 63

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. India’s first insurance company Oriental Life Insurance Company was established in which city?
   A) Mumbai
   B) Kolkata
   C) Pune
   D) New Delhi
   
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   Option B
   Explanation: Oriental Life Insurance Company was established in Calcutta in 1818.
2. Indian Life Assurance Companies Act came into being in which year?
   A) 1910
   B) 1932
   C) 1912
   D) 1920
   
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   Option C
   Explanation: Indian Life Assurance Companies Act came into being in 1912.
3. What is the name of the insurance company which was first general insurance company in India?
   A) The Oriental Insurance Company
   B) New India Assurance
   C) GIC Re
   D) Triton Insurance Company Ltd.
   
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   Option D
   Explanation: Triton Insurance Company is the first general insurance company established in Calcutta in 1850.
4. What is the full form of ULIP?
   A) Unit liked insurance policy
   B) Unity linked insurance plans
   C) Unit linked insurance plans
   D) Universal linked insurance plans
   
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   Option C
   Explanation: Unit linked Insurance Plan is a market linked product that aggregates the very best of insurance and investment.
5. An extension of endowment plans is known as which policy?
   A) Money Back policy
   B) Term insurance policy
   C) General insurance policy
   D) Health insurance epolicy
   
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   Option A
   Explanation: An extension of endowment plans is basically known as Money Back policy in which the policy holder receives a fixed amount at specific intervals throughout the duration of the policy.
6. When a demand is made by insured for payment of the benefits is called as
   A) Coverage
   B) Premium
   C) Reward
   D) Claim
   
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   Option D
   Explanation: When a demand is made by insured for payment of the benefits is called as claim.
7. A risk or a damaged covered in an insurance policy is known as
   A) Peril
   B) Lapse
   C) Annuity
   D) Coverage
   
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   Option A
   Explanation: A risk or a damaged covered in an insurance policy is known asPeril.
8. What is the maturity age of a whole life policy?
   A) 100
   B) 65
   C) 70
   D) 80
   
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   Option A
   Explanation: 100 is the maturity age of a whole life policy.
9. In which currency deductible is usually mentioned?
   A) Rupee
   B) Euro
   C) Dollar
   D) None
   
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   Option C
   Explanation: A deductible is usually a fix dollar amount that you have to pay out of your own pocket before the insurance it will cover all the remaining expenses.
10. The coinsurance is specified by _____.
    A) Equity
    B) Ratio
    C) Percentage
    D) None
    
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    Option C
    Explanation:The coinsurance is specified by Percentage.

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