Insurance Trivia Quiz Welcome to your Insurance Trivia Quiz 1. What is the most effective product for life insurance? A ULIP (A Unit Linked Insurance Policy) Any insurance product which also provides some return on investment An insurance product which also provides tax-benefits A Term insurance which provides good returns on investment A Term insurance which provides zero returns 2. 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 50 to 100 10 to 20 2 to 5 3. Which type of life insurance product should one clearly avoid? A product which also provides tax-saving A product which also provides a return A product which provides zero returns 4. 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 Term Insurance Policy A Health insurance policy A Whole life insurance policy 5. What is the best definition of an 'Insurance premium'? The penalty levied upon missing regular insurance payments The additional cost which needs to be paid for premiuming a claim The cost of having an insurance cover The additional cost of purchasing a premium quality insurance product 6. 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 -- High-risk period Waiting period No-claim period Claim period 7. An average individual in India should most definitely have these types of insurances. Pick the option most relevant. Pension plan Insurance, Auto Insurance, Home loan Insurance Home Loan Insurance, Whole life insurance, Auto Insurance Term Life Insurance, Auto Insurance, Health Insurance Unit Linked Insurance, Health Insurance, Auto Insurance 8. Your employer has provided you with 5 Lakhs of Health Insurance Cover. What does this mean? (Select the option most relevant) The effective salary would be CTC + 5 Lakhs 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 amount will be paid to me, and can be used for any personal need 9. Home insurance can only be purchased by the home owner. This statement is: False True 10. Home loan Insurance is the same Home Insurance. This statement is -- False True Time's upRelated
