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?