Insurance Trivia Quiz Welcome to your Insurance Trivia Quiz 1. Your employer has provided you with 5 Lakhs of Health Insurance Cover. What does this mean? (Select the option most relevant) Towards hospitalization expenses, I can claim an amount of upto 5 Lakhs This 5 Lakhs will be paid to me at the end of each year if unused The effective salary would be CTC + 5 Lakhs The amount will be paid to me, and can be used for any personal need None 2. What is the best definition of an 'Insurance premium'? The additional cost of purchasing a premium quality insurance product The penalty levied upon missing regular insurance payments The cost of having an insurance cover The additional cost which needs to be paid for premiuming a claim None 3. An insurance agent receives commissions(a cut) every time he/she sells a product. Directly or indirectly, these commissions are paid by you. Which insurance product below do you suppose has the highest agent commissions? A Health insurance policy A Term Insurance Policy A Car Insurance Policy A Whole life insurance policy None 4. Home insurance can only be purchased by the home owner. This statement is: False True None 5. When you buy a new health insurance policy, several hospitalizations due to aspects like pre-existing conditions, maternity etc. may not be covered in the first few years. This period is usually called -- Waiting period High-risk period No-claim period Claim period None 6. Which type of life insurance product should one clearly avoid? A product which also provides a return A product which provides zero returns A product which also provides tax-saving None 7. Home loan Insurance is the same Home Insurance. This statement is -- True False 8. An average individual in India should most definitely have these types of insurances. Pick the option most relevant. Unit Linked Insurance, Health Insurance, Auto Insurance Pension plan Insurance, Auto Insurance, Home loan Insurance Home Loan Insurance, Whole life insurance, Auto Insurance Term Life Insurance, Auto Insurance, Health Insurance None 9. What is the most effective product for life insurance? A Term insurance which provides zero returns A Term insurance which provides good returns on investment A ULIP (A Unit Linked Insurance Policy) An insurance product which also provides tax-benefits Any insurance product which also provides some return on investment None 10. Your life insurance cover should ideally be at least N times your annual income. What's a good range for N? 0.5 to 1 2 to 5 50 to 100 10 to 20 None Time's upRelated
