Q. What does ‘Paid Up’ policy means in insurance?
✅ Correct Answer: (A)
Policy that requires no further premium payments and continues to provide benefits till maturity.
General Insurance MCQs and Notes
Q. The situation where the benefits of insurance policy gets terminated due to non-payment of premium is called as
✅ Correct Answer: (B)
Lapse
Q. An insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgment is termed as
✅ Correct Answer: (A)
Indemnity Insurance
Q. The Insurance companies provide an option of reactivating the lapsed policy, within a specific period of time post the grace period. This period is known as
✅ Correct Answer: (C)
Revival Period
Q. The insurance in which risks are shared between multiple insurers is known as
✅ Correct Answer: (B)
Co Insurance
Q. The Pradhan Mantri Vaya Vandana Yojana (PMVVY) has been launched by
✅ Correct Answer: (A)
Life Insurance Corporation of India
Q. What percentage of annual profit does Life Insurance Corporation of India (LIC) pays its policy holder?
✅ Correct Answer: (D)
0.95
Q. What percentage of annual profit does Life Insurance Corporation of India (LIC) pays to Central government?
✅ Correct Answer: (B)
0.05
Q. In which bank has Life Insurance Corporation of India (LIC) bought 51% stake recently?
✅ Correct Answer: (C)
IDBI Bank
Q. What is the slogan of Life Insurance Corporation of India (LIC)?
✅ Correct Answer: (D)
Yogakshemam Vahaamyaham