Practice Insurance Awareness Questions and Answers

• The Insurance Act to govern both life insurance and non-life insurance was passed in which year?
• Which of the following is the first life insurance company in India?
• Which act was the first legislation governing all forms of insurance to provide strict state control over insurance business?
• The Oriental Insurance Company Ltd was founded in which year?
• How many companies were merged to form the United India Insurance Company (UIIC)?
• UIIC was nationalized in which year?
• The Agriculture Insurance Company of India Limited was incorporated on?
• The Life Insurance Business is defined in which section of the Insurance Act, 1938?
• Which country is the first in the world to introduce the concept of Insurance Repository services?
• The headquarters of Agriculture Insurance Company is located in?
• Where is the headquarters of Apollo Munich Health Insurance Company Limited located?
• “With Us, You’re Sure” is the tagline of which insurance company?
• “Leadership and Beyond” is the tagline of which insurance company?
• “Prithvi, Agni, Jal, Akash, SabkiSurakshaHamarePaas” is the tagline of which insurance company?
• What is the insurance of human life values against the risks of death, injury, illness or against expenses incidental to the latter?
• What is the insurance of commercial property that protects the property from such perils as fire, theft and natural disaster?
• Coverage for bodily injury and property damage incurred through ownership or operation of a vehicle is called?
• What is a type of reinsurance in which the reinsurer can accept or reject any risk presented by an insurance company seeking reinsurance?
• __________ in insurance is the splitting or spreading of risk among multiple parties.
• Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency is term...
• A coverage that protects businesses engaged in electronic commerce from losses caused by hackers is termed as?
• A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependents is called?
• Coverage against loss through stealing by individuals not in a position of trust is called?
• The result of the policyholder’s failure to buy sufficient insurance is termed as?
• Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in th...
• A standing agreement between insurers and reinsurers. Under a treaty each party automatically accepts a specific percentage of the insurer’s business is ...
• A form of reinsurance that indemnifies the ceding company for the accumulation of losses in excess of a stipulated sum arising from a single catastrophic e...
• A type of reinsurance in which the re-insurer indemnifies the ceding company for losses that exceed a specified limit is called?
• What is a form of non-proportional reinsurance?
• A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for i...
• A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as?
• Which Insurance is a compulsory insurance plan administered by a government agency with the primary emphasis on social adequacy?
• A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expen...
• Which is liability coverage for contents within a renter’s residence?
• Which of the following insurance is coverage for damage to a vessel or aircraft and affixed items?
• Personal and business property coverage combining several types of property insurance in one policy is called?
• A Life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout is called?
• An adjustable life insurance under which premiums and coverage are adjustable, company’s expenses are not specifically disclosed to the insured but a fin...
• Reinsurance placed with a company not authorized in the reporting company’s state of domicile is called?
• A form of whole-life insurance with a predefined number of premiums to be paid is known as?