Practice Insurance Awareness Questions and Answers

• 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?
• 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...
• An insurance policy designed to protect professionals and business owners when they are found to be at fault for a specific event such as misjudgement is t...
• 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?