This quiz works best with JavaScript enabled. Home > Insurance > Insurance Awareness – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Insurance Awareness Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A policy that cannot be cancelled by the insurer prior to a certain age is called ..... A) No-Fault. B) Negligence. C) Non-cancellable. D) None of the Above. Show Answer Correct Answer: C) Non-cancellable. 2. Percentage of each premium rupee that goes to insurers' expenses including overhead, marketing, and commissions is called..... A) Expense Ratio. B) Expected Loss Ratio. C) Extended Coverage. D) Extra Expense Insurance. Show Answer Correct Answer: A) Expense Ratio. 3. Which one of the following does not belong to the main products of life insurance? A) Term. B) Whole life. C) Endowment. D) Personal accident insurance. Show Answer Correct Answer: D) Personal accident insurance. 4. The consequential property insurance that covers the extra expense incurred by the interruption of a business is called ..... A) Expense Ratio. B) Extended Coverage. C) Expected Loss Ratio. D) Extra Expense Insurance. Show Answer Correct Answer: D) Extra Expense Insurance. 5. An agreement between an insurance company and an agent, granting the agent authority to write insurance from that company is called ..... A) Aleatory contract. B) Aggregate Limits. C) All-Risk Agreement. D) Affirmative Warranty. Show Answer Correct Answer: D) Affirmative Warranty. 6. Contingencies outlined in an insurance policy is called ..... A) Pure Risk. B) Provisions. C) Product Liability. D) Proximate Clause. Show Answer Correct Answer: B) Provisions. 7. Legal responsibility of a fiduciary to safeguard assets of beneficiaries is termed as..... A) Endorsement. B) Escrow Account. C) Earned Premium. D) Fiduciary Liability. Show Answer Correct Answer: D) Fiduciary Liability. 8. Which of the following is not a public sector bank in India? A) IDBI Bank. B) Vijaya Bank. C) Andhra Bank. D) Federal Bank. Show Answer Correct Answer: D) Federal Bank. 9. The result of the policyholder's failure to buy sufficient insurance is termed as ..... A) Hull Insurance. B) Title Insurance. C) Under Insurance. D) Hospital Insurance. Show Answer Correct Answer: C) Under Insurance. 10. When was the General Insurance Corporation of India incorporated? A) 1970. B) 1971. C) 1972. D) 1973. Show Answer Correct Answer: C) 1972. 11. A whole life policy in which premiums are payable as long as the insured lives is called ..... A) Straight Life. B) Subrogation. C) Subjective Risk. D) Straight Life Annuity. Show Answer Correct Answer: A) Straight Life. 12. When was Life Insurance sector nationalised? A) 1947. B) 1951. C) 1956. D) 1959. Show Answer Correct Answer: C) 1956. 13. Which principle specifies an insured should not collect more than the actual cash value of a loss? A) Annuity. B) Liquidity. C) Premium. D) Indemnity. Show Answer Correct Answer: D) Indemnity. 14. A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients is termed as ..... A) Gap Insurance. B) Malpractice Insurance. C) Inflation Guard Clause. D) Inland Marine Insurance. Show Answer Correct Answer: B) Malpractice Insurance. 15. "Sampann Bharath ki pehchan,Beemith Phasal Khusal Kisan" is the tagline of which insurance company? A) LIC. B) National Insurance. C) New India Assurance. D) Agricultural Insurance. Show Answer Correct Answer: D) Agricultural Insurance. 16. A section of the risk-based capital formula calculating requirements for reserves and premiums is termed as ..... A) Underwriter. B) Underwriting Risk. C) Universal Life Insurance. D) Unauthorized Reinsurance. Show Answer Correct Answer: B) Underwriting Risk. 17. In Insurance, CGL stands for..... A) Control General Liability. B) Captive General Liability. C) Common General Liability. D) Commercial General Liability. Show Answer Correct Answer: D) Commercial General Liability. 18. .....covers professionals for negligence and errors or omissions that injure their clients. A) Inland Marine Insurance. B) Nursing Home Insurance. C) Kidnap/Ransom Insurance. D) Professional Liability Insurance. Show Answer Correct Answer: D) Professional Liability Insurance. 19. The Payment to the policyholder at the end of the stipulated term of the policy is called ..... A) Sum Assured. B) Paid-up value. C) Maturity Claim. D) Surrender Value. Show Answer Correct Answer: C) Maturity Claim. 20. Anmol Jeevan is a .....of the LIC. A) Pension Plan. B) Children's Plan. C) Term Insurance Plan. D) Basic Life Insurance Plan. Show Answer Correct Answer: C) Term Insurance Plan. ← PreviousNext →Related QuizzesInsurance Awareness Quiz 1Insurance Awareness Quiz 2Insurance Awareness Quiz 3Insurance Awareness Quiz 4Insurance Awareness Quiz 5Insurance Awareness Quiz 6Insurance Awareness Quiz 7Insurance Awareness Quiz 8Insurance Awareness Quiz 9Insurance Awareness Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books