Insurance Sector Quiz

What is the primary purpose of insurance?

• To provide financial protection against risks

• To increase wealth

• To promote business growth

• To avoid legal obligations

Who is the insurer in an insurance contract?

• The beneficiary

• The policyholder

• The underwriter

• The insurance company

What does the term 'premium' refer to in insurance?

• The total claims paid out

• The insurance policy document

• The amount paid for coverage

• The amount received by the beneficiary

What is a beneficiary in the context of life insurance?

• The underwriter of the policy

• The person entitled to receive death benefits

• The person who pays the premium

• The insurance company

What role does an underwriter play in the insurance industry?

• They sell insurance policies

• They provide financial advice

• They assess and decide on insurance proposals

• They manage claims

What is the function of actuaries in an insurance company?

• To manage claims processing

• To calculate prices and assess financial health

• To sell insurance products

• To handle customer service

What does TPA stand for in the insurance sector?

• Third Party Administrators

• Temporary Payment Agents

• Total Policy Advisors

• Trusted Policy Agents

Which authority regulates the insurance sector in India?

• Insurance Regulatory and Development Authority (IRDA)

• Reserve Bank of India

• Ministry of Finance

• Securities and Exchange Board of India

What is the main difference between life insurance and general insurance?

• Life insurance covers health risks

• General insurance covers non-life risks

• Life insurance is cheaper

• General insurance is only for businesses

What type of insurance covers medical expenses?

• Motor Insurance

• Health Insurance

• Property Insurance

• Liability Insurance