Insurance Trivia Quiz Welcome to your Insurance Trivia Quiz 1. What is the best definition of an 'Insurance premium'? The penalty levied upon missing regular insurance payments The additional cost of purchasing a premium quality insurance product The additional cost which needs to be paid for premiuming a claim The cost of having an insurance cover None 2. 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 Car Insurance Policy A Whole life insurance policy A Health insurance policy A Term Insurance Policy None 3. An average individual in India should most definitely have these types of insurances. Pick the option most relevant. Home Loan Insurance, Whole life insurance, Auto Insurance Term Life Insurance, Auto Insurance, Health Insurance Pension plan Insurance, Auto Insurance, Home loan Insurance Unit Linked Insurance, Health Insurance, Auto Insurance None 4. What is the most effective product for life insurance? Any insurance product which also provides some return on investment A Term insurance which provides zero returns A ULIP (A Unit Linked Insurance Policy) A Term insurance which provides good returns on investment An insurance product which also provides tax-benefits None 5. 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 The amount will be paid to me, and can be used for any personal need The effective salary would be CTC + 5 Lakhs This 5 Lakhs will be paid to me at the end of each year if unused None 6. Your life insurance cover should ideally be at least N times your annual income. What's a good range for N? 10 to 20 50 to 100 2 to 5 0.5 to 1 None 7. 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 -- Claim period No-claim period High-risk period Waiting period None 8. Home insurance can only be purchased by the home owner. This statement is: True False None 9. Home loan Insurance is the same Home Insurance. This statement is -- True False 10. Which type of life insurance product should one clearly avoid? A product which provides zero returns A product which also provides a return A product which also provides tax-saving None Time's upRelated
