Practice Insurance Awareness Questions and Answers

• A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations is called?  
• A policy that is made mandatory for the customer to buy is called?
• 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?
• Gratuity is paid when an employee?
• Which is the provision of insurance products by a bank?
• 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 ?
• Who will sells both casualty insurance and life 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.