Answers to The Insurance Trivia Quiz

Answer Sheet

In ancient times having power meant having access to data. Today having power means knowing what to ignore.

Yuval Noah Harari, Author

If you haven't taken the insurance trivia quiz yet

It's a quick, 10-question quiz on several necessary aspects of insurance

Answers To The Insurance Trivia Quiz

What is the most effective product for life insurance?

Correct answer : A Term insurance which provides zero returns

Home loan Insurance is the same as Home Insurance. This statement is?

Correct answer : False

An insurance agent receives commissions(a cut) every time he/she manages to sell you a policy. Directly or indirectly, you're paying these commissions. Which insurance product below do you suppose has the highest agent commissions?

Correct answer : A Pension plan/Whole life insurance policy

An average individual in India should most definitely have these types of insurances. Pick the option most relevant.

Correct answer : Term Life Insurance, Auto Insurance, Health Insurance

Your employer has provided you with 5 Lakhs of Health Insurance Cover. What does this mean? (Select the option most relevant)

Correct answer : You’ll be able to claim an amount of upto 5 Lakhs towards hospitalization expenses

Your life insurance cover should ideally be at least N times your annual income. What's a good range for N?

Correct answer : 10 to 20

Which type of life insurance product should one clearly avoid?

Correct Answer: An insurance product which also provides a return

Home insurance can only be purchased by the home owner. This statement is?

Correct Answer : False

When you buy a new health insurance policy, several hospitalizations related to pre-existing conditions, maternity etc. may not be covered in the first few years. This period is usually called --

Correct answer: Waiting period

What is the best definition of an 'Insurance premium'?

Correct Answer: The cost of having an insurance cover

Score A 10/10 On Every Quiz On Personal Finances