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HDFC LIFE-

A visually appealing and informative illustration representing life insurance concepts in India, including symbols of security, finance, and family protection.

Test Your Insurance Knowledge

Are you confident in your understanding of life insurance? Put your knowledge to the test with this engaging quiz designed to help you learn more about the insurance sector in India.

Whether you're a beginner or looking to refresh your knowledge, this quiz covers a range of important topics:

Regulatory bodies
Policy features
Insurance terminology
Free-look period details

10 Questions2 MinutesCreated by LearningLynx123

Q1)Which is the following regulator of insurance sector in India?

A)IRDA

B)RBI

C)AMFI

D)SEBI

Q2)A life insurance policy can be made paid-up only if what feature exists

A) Rider benefit

B) Savings element

C) Indexation benefit

D) Nomination facility

Q3) ______is the amount of money you are entitled to receive at the end of specified durations

A) Paid Up Value

b) Surrender Value

C) Survival Benefit

D) Interim Benefit

Q4) How long is the free-look period under a life insurance policy from the date of receipt of policy document

A) 5 days

B) 10 days

C) 15 days

D) 20 days

Q5) The amount an insurance company would pay to the nominee if a policyholder died is known as the.

A) Premium

B) Sum assured

C) Face value

D) Real value

Q6) What is free-look period in a life insurance policy?

A) The timeframe within which you can use the policy for free

B) The timeframe within which you will get your money back

C) The timeframe within which you can return the policy

D) Both (a) and(c)

Q7) The party bearing the risk is known as the ‘insured’ or‘ assurer’ and the Party whose risk is covered is known as the ‘insurer’ or ‘assured.

A)True

B)False

Q8) Unit Linked Insurance Plans: same as endowment plans, a part of premiums go toward the death benefit while the remaining goes toward mutual fund investments.

A)True

B) False

Q9) IRDAI is

A)Insurance Regulatory and Development Authority of India

B)Insurance Regulator and Development Authority of India

C)Insurance Regulatory and Developing Authority of India

D)None of the above

Q10) IRDAI statutory body formed under an Act of Parliament

A) 2009

B)1999

C)1991

D)2000

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