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Insurance Awareness Quiz 5 (20 MCQs)

Quiz Instructions

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1. 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 termed as .....
2. A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy is known as .....
3. An insurance cover that is linked with credit activities and aims to protect the credit is called .....
4. A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses is called .....
5. 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 handle liability insurance is called.....
6. Any insurance risk resulting from a human decision is called .....
7. 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 called .....
8. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as .....
9. A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as .....
10. A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally is known as .....
11. Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?
12. What is the minimum paid up capital required for a General Insurance Company to commence its operations in India?
13. Which of the following is not a part of India's Money Market?
14. Which refers damaged property an insurer takes over to reduce its loss after paying a claim?
15. Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called .....
16. "Leadership and Beyond" is the tagline of which insurance company?
17. A life annuity in which there is no refund to any beneficiary at the death of the annuitant is termed as .....
18. Which government body regulates Insurance Industry?
19. Which of the following words/ terms is closely associated with the insurance business
20. In pursuance of which one of the following was the General Insurance Corporation of India was formed?
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