Practice Insurance Awareness Questions and Answers

• 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?
• 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...
• A form of whole-life insurance with a predefined number of premiums to be paid is known as?
• Which term referring to property coverage for the perils of burglary, theft and robbery?
• What is a Coverage protecting property against losses caused by a fire or lightning that is usually included in home owners or commercial multiple peril po...
• What is coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance age...
• An auto-mobile insurance option, available in some states, that covers the difference between a car’s actual cash value when it is stolen or wrecked and ...
• Which of the following insurance is mainly used for leased cars?
• What is an insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it?...
• What is a coverage for glass breakage caused by all risks?
• This broad type of coverage was developed for shipments that do not involve ocean transport is known as?
• What is a coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infrin...
• A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed...
• What is a coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults?
• What is a life insurance policy that remains in force for the policyholder’s lifetime?
• Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people’s property or i...
• What covers professionals for negligence and errors or omissions that injure their clients?
• What is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents?
• A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at th...
• Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufact...
• Which of the following principles of Insurance denotes insurance of same subject matter with two different companies or with the same company under two dif...
• The Insurance Regulatory and Development Authority (IRDAI) was formed on the recommendation of which committee?
• An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as...
• Which is used to determine the actual cash value of property at time of loss?
• The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called?
• What is the period between the date of subscription to an insurance-cum-pension policy and the time at which the first instalment of pension is received?
• Which principle specifies an insured should not collect more than the actual cash value of a loss?
• Selling insurance through groups is called?
• The conversion of the account balance of a deferred annuity contract to income payments is termed as?
• A survey to determine a property’s insurable value, or the amount of a loss is termed as?
• The period during which the owner of a deferred annuity makes payments to build up assets is called?
• The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies is termed as?
• Funds that a lender collects to pay monthly premiums in mortgage and home owners insurance, and sometimes to pay property taxes is called?
• Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires is termed as?
• A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions is termed as?
• An insurance cover that is linked with credit activities and aims to protect the credit is called?