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Practice Insurance Awareness Questions and Answers

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.
Which Section of the IRDA Act 1999, specifies the Duties, Powers and Functions of the Authority?
What is the liability of individuals, corporations, or partnerships for accidents caused by people other than employees for whose acts or omissions the cor...
___________ is the liability arising from contractual agreements in which it is stated that some losses, if they occur, are to be borne by specific parties...
_______ is an insurance coverage protecting the manufacturer, distributor, seller of a product against legal liability resulting from a defective condition...
In Insurance, CGL stands for?
Legal responsibility of a fiduciary to safeguard assets of beneficiaries is termed as?
A legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept is te...
A section of the risk-based capital formula calculating requirements for reserves and premiums is termed as?
Circumstance including possibility of loss or no loss but no possibility of gain is termed as?
Event covered under insured’s policy agreement is called?
A provision added to a home owners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflec...
Any insurance risk resulting from a human decision is called?
Insurance companies that band together as self-insurers and form an organization that is chartered and licensed as an insurer in at least one state to hand...
Risks for which it is difficult for someone to get insurance is called?
Which type of risks are not insurable ?
A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience is ...
A single insurance policy that combines several coverage previously sold separately is termed as?
Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later is known as?
What is an extension of endowment plans?
How many Insurance Ombudsman are functional in India?

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