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Practice Insurance Awareness Questions and Answers

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?
_________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?

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