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)?