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Practice Insurance Awareness Questions and Answers

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?
Once an insurance company has paid up to the limit, it will pay no more during that year is known as?
A clause that allows the transfer of rights under a policy from one person to another, usually by means of a written document is called?
A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as?
A policy that can be cancelled or have the premiums raised by the insurer on a specific anniversary date, subject to certain reasons written into the polic...
A term policy that can be converted to permanent coverage rather than expiring on a specific date is called?
A document given to an applicant for life insurance stating that the company’s acceptance is contingent upon determination of the applicant’s insurabil...
Losses other than property damage that occur as a result of physical loss to a business for example, the cost of maintaining key employees to help reorgani...
In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as?
An environment where insurance is plentiful and sold at a lower cost, also known as a Buyer’s market is called?
Contract under which the ultimate liability of the reinsurer is capped and on which anticipated investment income is expressly acknowledged as an underwrit...
What is lapse in insurance ?
Life Insurance Companies cannot reject insurance claim after how many years ?
Which type of insurance can covers two or more items or location ?
________________ is some amount of money will paid before insurance will pay 100% for an individual’s health-care expenses.
What does ‘Paid Up’ policy means in insurance?
Which among the following is an accidental insurance scheme?
The Private equity investors shall not hold more than _________ percent of the paid up equity share capital of the Indian insurance company.
In case of an individual, the proposed shareholding in the paid up equity capital of the insurance company is capped at _____________ percent
The Employment State Insurance (ESI) Act of 1948 is applicable to all establishments having __________or more workers.

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