What is an Insurance? According to the dictionary and different insurance policies, Insurance is defined as “an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.” Thus, Insurance is a means of protection from financial loss. Insurance in short is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. The insurance provider is known as an insurer, insurance company, insurance carrier or underwriter. Insurance Awareness is an important section in several recruitment exams in India, primarily in the insurance sector.
Insurance Awareness Quiz 7 includes Questions and Answers related to the following topics: History of Insurance sectors in India, Insurance Organizations in India, Important Insurance Terms, Insurance Abbreviations & Insurance related information. Insurance Awareness Quiz 7 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.

DICGC insures all bank deposits up to the limit of Rs. 100,000 of each deposit in a bank. “G” in ‘DICGC’ stands for which of the following term?

A. Growth B. GDP C. Government D. Guarantee

Insurance regulator IRDAI has raised the minimum insurance cover for owner-driver up to what amount?

A. Rs. 5 lakhs B. Rs. 10 lakhs C. Rs. 15 lakhs D. Rs. 20 lakhs

The person who receives the proceeds or the benefits under the plan when the nominee is less than 18 years of age is called _____

A. Adjuster B. Appointee C. Service Provider D. Aggregate

A person can transfer his rights, title, and interest in a life insurance policy to another. This is called _______

A. Cession B. Nomination C. Assignment D. Arbitration

________ is a savings linked insurance policy with a specific maturity date.

A. Unit Linked Policy B. Endowment Policy C. Third Party Policy D. Re-insurance Policy