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Easy Free Competitive Exams Insurance Exams

Insurance Exam Practice Quiz

Test your insurance exam preparation with questions covering insurance concepts, financial awareness, aptitude and general knowledge.

25 Questions
30 min Duration
40% To pass
1.00 Marks / correct

Instructions

  • This quiz has 25 questions.
  • You have 30 minutes. The quiz submits automatically when time runs out.
  • You need 40% to pass.
  • There is no negative marking.
  • You can mark questions for review and return to them before submitting.
  • Correct answers and explanations are shown after you submit.

Sample Questions & Answers

A preview of 12 questions from this quiz, each with the correct answer and a written explanation. Attempt the full, timed quiz to be scored and earn XP.

  1. Question 1

    Insurance primarily provides:

    • risk transfer against specified losses Correct answer
    • guaranteed profit
    • elimination of every risk
    • tax-free investment
    Explanation: Insurance transfers specified financial risks in return for premium.
  2. Question 2

    IRDAI stands for:

    • Insurance Revenue Department
    • Insurance Regulatory and Development Authority of India Correct answer
    • International Regulatory Agency
    • Indian Risk Development Association
    Explanation: IRDAI is the statutory insurance regulator.
  3. Question 3

    Premium is:

    • sum assured in every policy
    • amount paid for insurance cover Correct answer
    • claim amount always
    • insurer's tax
    Explanation: Premium is the price paid for insurance coverage.
  4. Question 4

    Utmost good faith requires:

    • disclosure of material facts Correct answer
    • only insurer disclosure
    • no disclosure
    • claims without documents
    Explanation: Insurance contracts require relevant material facts to be disclosed honestly.
  5. Question 5

    Insurable interest means:

    • bank loan
    • a legally recognized interest in the subject matter insured Correct answer
    • guaranteed return
    • premium discount
    Explanation: Insurable interest reflects a recognized stake that may suffer loss.
  6. Question 6

    Life insurance primarily covers:

    • fire only
    • risks related to human life Correct answer
    • crop prices only
    • vehicle damage only
    Explanation: Life insurance provides benefits linked to specified life events.
  7. Question 7

    General insurance includes:

    • only pensions
    • only bank deposits
    • only mutual funds
    • motor and property insurance Correct answer
    Explanation: General insurance covers non-life risks such as motor and property.
  8. Question 8

    A claim is:

    • a tax return
    • a bank deposit
    • a premium
    • a request for benefit under a policy Correct answer
    Explanation: A claim requests payment or benefit after a covered event under policy terms.
  9. Question 9

    Reinsurance is:

    • a pension
    • a tax rebate
    • insurance purchased by an insurer for its own risk exposure Correct answer
    • a bank loan
    Explanation: Reinsurance transfers part of an insurer's risk to another insurer or reinsurer.
  10. Question 10

    Indemnity generally aims to:

    • create profit from loss
    • remove deductibles
    • restore the insured financially after a covered loss, subject to terms Correct answer
    • double every claim
    Explanation: Indemnity generally prevents unjust enrichment in non-life insurance.
  11. Question 11

    PFRDA regulates mainly the:

    • securities market
    • insurance sector
    • banking system
    • pension sector Correct answer
    Explanation: PFRDA regulates India's pension sector.
  12. Question 12

    LIC is primarily associated with:

    • life insurance Correct answer
    • telecom regulation
    • securities regulation
    • bank supervision
    Explanation: LIC is a major life insurer.

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Explore more: All Competitive Exams quizzes · Insurance Exams

Insurance Exam Practice

Insurance examinations combine subject knowledge with aptitude and general awareness. Practising questions can help you identify concepts that need more attention.

Revise Insurance Fundamentals

Pay attention to terminology, insurance principles and regulatory concepts while reviewing your answers. Keep a separate list of unfamiliar terms for later revision.

Frequently Asked Questions

This quiz has 25 questions and 30 minutes.

You need at least 40% to pass this quiz.

No, there is no negative marking on this quiz.

Yes. You can attempt this quiz again at any time, though first-attempt XP bonuses apply only once.

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