Learn & Review (LR) Quiz (INSURANCE) : Part - 01
LR Quiz Full Name :
Click the ‘Correct Answer’ button to first learn the concepts and then click ‘Launch the Quiz’ to check your level of knowledge !
| Q-1 | Insurance agents who represent multiple insurers and offer policy options from different providers are called. |
|---|---|
| Ans. | Brokers |
| Q-2 | Which of the following documents need NOT to be submitted for reimbursement of every medical claim__________? |
| Ans. | Attendant expenses |
| Q-3 | Which of the following intermediaries provide a website for comparison and purchase of insurance products from different companies? |
| Ans. | Web Aggregators |
| Q-4 | What are the factors in determining the premium in a life policy? |
| Ans. | a) Policy reserves b) Mortality c) Expenses |
| Q-5 | Life insurance can be used as…………………? |
| Ans. | a) An investment product b) A protection product c) A savings product |
| Q-6 | SUAVE principle stands for_________? |
| Ans. | S-Simple, U-Understood, A-Accessible, V-Valuable, E-Efficient |
| Q-7 | Proposal form contains the following information___________? |
| Ans. | a) Identity of the Life Assured b) Information indicating moral hazard c) Personal & Family History |
| Q-8 | Educating customers on using technology for self-service is important to. |
| Ans. | Improve customer experience and operating efficiency |
| Q-9 | Which type of insurance covers legal liabilities resulting from bodily injury or property damage to others? |
| Ans. | Liability Insurance |
| Q-10 | What is the purpose of a deductible in insurance policies? |
| Ans. | To limit the insurance company’s liability |
| Q-11 | Insurance is a transfer of…………………? |
| Ans. | Risk |
| Q-12 | What do insurance companies use actuarial science for? |
| Ans. | Assessing risks and determining premium rates |
| Q-13 | Is a method of monitoring asset by using GPS. ___________? |
| Ans. | Telematics |
| Q-14 | What is the process of assessing and evaluating potential risks that may lead to insurance claims called? |
| Ans. | Risk Management |
| Q-15 | What is the process of determining the amount of coverage and premium rates for a potential policyholder called? |
| Ans. | Policy Underwriting |
| Q-16 | What is the role of a vigilance officer? |
| Ans. | Detection of frauds |
| Q-17 | What does “Lapse” refer to in the insurance industry? |
| Ans. | The termination of an insurance policy due to non-payment of premiums |
| Q-18 | What does the term “exclusion” refer to in an insurance policy? |
| Ans. | Specific risks or situations not covered by the policy |
| Q-19 | Which of the following comes first in the insurance sales cycle_______? |
| Ans. | Pre-sales or Pre-call preparations |
| Q-20 | …………………….. Is an arrangement between a bank and an insurer allowing the Insurer to sell its products to the banks client base? |
| Ans. | Bancassurance |
| Q-21 | Who assumes the financial risk associated with the insured events in insurance? |
| Ans. | Insurance companies |
| Q-22 | The safety margin insurers must maintain in order to protect the interests of the policyholder are: |
| Ans. | Solvency margin |
| Q-23 | Bundling insurance products with other product is a smart marketing strategy as it helps…………………? |
| Ans. | a) Insurance companies b) Distributors c) Customers |
| Q-24 | What are the regular payments made by policyholders to maintain their insurance coverage called? |
| Ans. | Premiums |
| Q-25 | In push marketing…………………….? |
| Ans. | An insurance company approaches potential customers to inform him about the features and benefits |
| Q-26 | In the insurance industry, the process of investigating and determining the validity of claims is known as: |
| Ans. | Claim Settlement |
| Q-27 | The art of meeting the customer's expectation, both spoken and unspoken, in a timely manner, to achieve customer delight, is Called _____________? |
| Ans. | Customer satisfaction |
| Q-28 | Life insurance covers…………………? |
| Ans. | Death |
| Q-29 | Sales Channels include………….? |
| Ans. | Agency |
| Q-30 | The process of identifying and classifying the degree of risk represented by a proposed insured. As per insurance sector, what does the term stands for? |
| Ans. | Underwriting |
| Q-31 | In customer relationship the first impression is created __________? |
| Ans. | a) By being confident b) By being on time c) By showing interest |
| Q-32 | What does the term “underinsurance” refer to in the context of insurance policies? |
| Ans. | Insufficient coverage to fully compensate for a loss |
| Q-33 | What options are available to a policyholder if the insurance company does not resolve her complaint___________? |
| Ans. | a) Approach Insurance Ombudsman after 30 days b) Approach IRDA Call center after 2 Weeks |
Learn & Review (LR) Quiz (INSURANCE) : Part - 02
LR Quiz Full Name :
Click the ‘Correct Answer’ button to first learn the concepts and then click ‘Launch the Quiz’ to check your level of knowledge !
| Q-1 | In AICP model of objection handling, P stands for……………? |
|---|---|
| Ans. | Proceed |
| Q-2 | Which type of insurance provides coverage for medical expenses and healthcare costs? |
| Ans. | Health Insurance |
| Q-3 | What are the main functions performed by the IRDA? |
| Ans. | (a) Protect the rights of policyholders, (b) Adjudication on insurance-related matters, (c) Promoting insurance business |
| Q-4 | Which among the following is a policy that offers both the options of investment as well as insurance: |
| Ans. | Unit Linked Insurance Plan |
| Q-5 | If an insurance policy holder is not satisfied with the award of the insurance ombudsman, he / she can approach to__? |
| Ans. | Either a or b |
| Q-6 | Insurance policy which covers your asset is referred to as……………….? |
| Ans. | General Insurance |
| Q-7 | Which of the following is correct full form of IGMS with reference to insurance sector? |
| Ans. | Integrated Grievance Management System |
| Q-8 | Which type of life insurance provides coverage for a specified term, such as 10, 20, or 30 years? |
| Ans. | Term Life Insurance |
| Q-9 | Life insurance can be used as…………………? |
| Ans. | (a) An investment product, (b) A protection product, (c) A savings product |
| Q-10 | Typical general insurance policy term is……………….? |
| Ans. | To limit the insurance company’s liability |
| Q-11 | Insurance is a transfer of…………………? |
| Ans. | 1 year |
| Q-12 | Which type of insurance protects against property damage or loss, including home insurance and commercial property insurance? |
| Ans. | Property Insurance |
| Q-13 | A person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate. In terms of insurance, what does a person stands for? |
| Ans. | Underwriter |
| Q-14 | The demand for performance of the promise made by the Insurer at the time of making the contract is called __________? |
| Ans. | Settlement |
| Q-15 | Which of the following is not a reason to buy Insurance? |
| Ans. | Helps avoid perils |
| Q-16 | In the context of IRDA s code of conduct, the term Ethical behaviour can be best described as_________? |
| Ans. | A behaviour that is based upon the moral judgement of an individual |
| Q-17 | Role of the bank assurance channel is……………..? |
| Ans. | Selling insurance products to customers of a bank |
| Q-18 | Bundling insurance products with other product is a smart marketing strategy as it helps…………………? |
| Ans. | (a) Insurance companies, (b) Distributors, (c) Customers |
| Q-19 | What does the term Ticket size mean _________? |
| Ans. | Annual premium payable under a policy |
| Q-20 | Backbone of sales is good pipeline of potential customers also referred as………………….? |
| Ans. | Leads |
| Q-21 | Which of the following plan gives death cover? |
| Ans. | Term Insurance Policy |
| Q-22 | "Actual number of people who purchased your product" divided by "Total number of leads" is called________? |
| Ans. | Conversion ratio |
| Q-23 | What is the primary purpose of insurance? |
| Ans. | Provide financial protection against potential losses |
| Q-24 | What is the contract between the insured and the insurance company called? |
| Ans. | Insurance Policy |
| Q-25 | What are companies specializing in insurance technology and leveraging advancements like big data and AI called? |
| Ans. | Insurtech |
| Q-26 | ……………. is the process of assessing the person s current money situation and also his long- term goals and then suggesting investment options for achieving those goals. |
| Ans. | Financial Planning |
| Q-27 | Domiciliary expenses and compassionate visit are relevant for……………….? |
| Ans. | Health Insurance |
| Q-28 | Which require a free form answer and not just a Yes/No type of answer are called? |
| Ans. | Open-ended questions |
| Q-29 | Endowment life insurance products can be………………../ |
| Ans. | (a) Participating, (b) Non-participating |
| Q-30 | Is FIR compulsory for all motor claims_________? |
| Ans. | No |
| Q-31 | An intentional deception to secure unlawful gain is termed as___________? |
| Ans. | Fraud |
| Q-32 | Which of the following are important characteristics of good customer service executive ___________? |
| Ans. | Ownership and Empathy |
| Q-33 | What is the purpose of reinsurance in the insurance industry? |
| Ans. | Reduce the insurer’s financial risk by transferring part of it to another company |
| Q-34 | As a last resort, whom should the customer approach for resolution of her Complaints ______________? |
| Ans. | Insurance Ombudsman |
