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Practice Insurance Awareness Questions and Answers

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?
New India Assurance Co Ltd is a type of ?
The New India Assurance Co. Ltd. was a subsidiary of which of the following company?
Which of the following is a reinsurance company in India?
Coverage for property taken or destroyed by breaking and entering the insured’s premises, burglary or theft, forgery or counterfeiting, fraud, kidnap and...
What are the assumptions about rates of investment earnings, mortality, turnover and distribution or actual ages at which employees are likely to retire?
An agreement between an insurance company and an agent, granting the agent authority to write insurance from that company is called?
A property or liability insurance contract in which all risks of loss are covered is called?
The free-look period is of how many days ?
The process of determining the cost of an insurance policy based on the actual loss experience determined as an adjustment to the initial premium payment i...
The portion of risk that a reinsurance company cedes or amount of insurance the company chooses not to retain is called?
What is a coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder?
Which section of the Indian Insurance Act 1938 provides for nomination of a person?
The maturity age of a whole life policy is?
Which committee is associated with insurance sector ?
_____________ is the only public sector company in the field of life insurance in India
Which of the following organization provides export credit insurance support to Indian exporters?
Section 39 of Insurance Act related with which of the following ?
Which type of insurance policy provides additional coverage to easily movable property ?
Which among the following banks is a subsidiary of the Life Insurance Corporation of India (LIC)?
Which of the following is NOT a duty of an insured after an auto accident covered under the Personal Auto Policy (PAP)?

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