Practice Insurance Awareness Questions and Answers

• 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?
• _________is a sum of money paid by an employer to an employee for services rendered in the company
• Mortality Charge is the amount charged _____________ by the insurer
• A risk or damage covered by an insurance policy is called as?
• A form of liability insurance providing coverage for negligent acts and omissions such as workers compensation, errors and omissions, fidelity, crime, glas...
• A demand made by the insured, or the insured’s beneficiary, for payment of the benefits is known as?
• Which type of insurance usually requires higher premium ?
• Which of the following is an example of Broad Form Insurance?
• The insurance in which risks are shared between multiple insurers is known as?
• An independent professional person registered under the Insurance Act who represents the insurance buyer to purchase the insurers policy is known as?
• If a policy holder stops paying the premium after three years, but does not withdraw the money from his policy, then the policy is said to be?
• What is the Fee paid to an agent or insurance salesperson as a percentage of the policy premium?
• A person who makes an insurance claim is called?
• _____ is the length of time after a premium is due and unpaid during which the policy, including all riders, remains in force.
• ____________ is the ratio of the number of life insurance policy that lapsed within a given period to the number of policy in Force at the beginning of tha...
• _________ indicates the level of development of insurance sector in a country.
• Which of the following principles of Insurance enables the insured to claim the amount from the third party responsible for the loss?
• What is called when insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposa...
• What is the FDI limit in the Insurance sector?
• If you might want to discontinue the policy, and take whatever money is due to you. The amount the insurance company then pays is known as?
• The Payment to the policyholder at the end of the stipulated term of the policy is called?