Insurance is a valuable risk management tool that helps individuals and businesses protect themselves from financial losses due to unexpected events. Financial experts recommend having insurance to enjoy a sense of security and avoid regret.

There are various types of insurance policies available, ranging from car and health insurance to life and property insurance. The insurance industry plays a significant role in maintaining economic stability by offering financial protection for individuals, families, and businesses alike.

When exploring the insurance world, you may come across questions such as: Who is the oldest insurance company? What is the first insurance company in your country? Why is it necessary to pay insurance premiums? What are the different types of insurance policies, and how do they differ, like whole life insurance versus term life insurance?

These questions and many more can be answered through our engaging and informative insurance quiz questions and answers. Our quizzes provide an interactive and enjoyable way to learn about the insurance industry and test your knowledge. Let’s get started:

Q1. Property damaged because of an earthquake is a:
• Non-insurable risk
• Property risk
• Risk for general insurance
• None of the above
A. Property risk

Q2. In a legal sense, insurance is a:
• Publicity
• Gambling
• Activity
• Contract
A. Contract

Q3. Revenue Account is also called:
• Creditors’ Account
• Policyholders’ Account
• Shareholders’ Account
• None of these
A. Policyholders’ Account

Q4. Bonus in reduction of premium appears in the revenue account as:
• Profit
• Nowhere
• An expense
• An income
A. An expense

Q5. The amount payable to the insured on the happening of an event is:
• Annuity
• Policy
• Claim
• Premium
A. Claim

Q6. A valuation balance sheet is prepared by:
• Life Insurance
• Marine Insurance
• Fire Insurance
• All of these
A. Life Insurance

Q7. In marine insurance, the reserve for unexpired risk is:
• 40%
• 100%
• 50%
• None of these
A. 100%

Q8. Reinsurance is common in:
• General insurance
• Life insurance
• All kinds of insurance
• None of these
A. General insurance

Q9. Insurance prices are called:
• Allowances
• Discounts
• Premiums
• Commissions
A. Premiums

Q10. The consideration in insurance for covering the risk is called:
• Premium
• Annuity
• Claim
• None of these
A. Premium

Q11. General insurance is a contract of:
• Indemnity
• Guarantee
• Contribution
• None of these
A. Indemnity

Q12. Life insurance is a contract of:
• Contribution
• Guarantee
• Indemnity
• None of these
A. Guarantee

Q13. The principle of subrogation applies to:
• Burglary Insurance
• Marine Insurance
• Fire Insurance
• All of these
A. All of these

Q14. Reinsurance is also termed as:
• Insurance of insurance
• Reinsurance of reinsurance
• Double insurance
• None of these
A. Insurance of insurance

Q15. General Insurance includes:
• Burglary Insurance
• Marine Insurance
• Fire Insurance
• All of these
A. All of these

Q16. An example of personal risk is:
• Fire in business premises
• Risk of premature death
• Business loss
• None of the above
A. Risk of premature death

Q17. The party that undertakes the risk in insurance is:
• Underwriter
• Assurer
• Insurer
• All of these
A. All of these

Q18. The agreement of insurance is called:
• Annuity
• Premium
• Policy
• None of these
A. Policy

Q19. The party whose risk is covered in insurance is known as:
• Underwriter
• Insured
• Insurer
• None of these
A. Insured

Q20. The limit of FDI in the insurance sector is:
• 47%
• 50%
• 49%
• 51%
A. 49%

Play More Insurance Quiz Questions, Earn Coins, Rewards, and More!

As we mentioned earlier, engaging in these online quizzes related to the insurance industry serves not only to expand your knowledge but also gives you a chance to collect coins. The more questions you answer correctly, the more coins you accumulate, allowing you to access even more games.

The best part is that you can play these quizzes as many times as you like, without spending any money. With each attempt, you can aim to earn more rewards and boost your leaderboard rankings.

Explore our vast and interactive collection of insurance quiz questions and answers at apayquizzes.com. Register now and aim for the top spot on the leaderboard!