Insurance Trivia Quiz Welcome to your Insurance Trivia Quiz 1. Which type of life insurance product should one clearly avoid? A product which also provides tax-saving A product which provides zero returns A product which also provides a return None 2. What is the most effective product for life insurance? An insurance product which also provides tax-benefits A Term insurance which provides zero returns A Term insurance which provides good returns on investment A ULIP (A Unit Linked Insurance Policy) Any insurance product which also provides some return on investment 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. 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 Term Insurance Policy A Health insurance policy A Car Insurance Policy A Whole life insurance policy 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 -- High-risk period Waiting period No-claim period Claim period 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. Home insurance can only be purchased by the home owner. This statement is: True False None 8. Home loan Insurance is the same Home Insurance. This statement is -- True False 9. What is the best definition of an 'Insurance premium'? The additional cost which needs to be paid for premiuming a claim The cost of having an insurance cover The penalty levied upon missing regular insurance payments The additional cost of purchasing a premium quality insurance product None 10. Your employer has provided you with 5 Lakhs of Health Insurance Cover. What does this mean? (Select the option most relevant) 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 Towards hospitalization expenses, I can claim an amount of upto 5 Lakhs The effective salary would be CTC + 5 Lakhs None Time's upRelated
