Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Insurance Awareness Quiz 2 (60 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. 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 is termed as .....
2. Which of the following insurance plan is not launched by LIC?
3. When was the Indian Mercantile Insurance established?
4. ..... is legal contract in which the outcome depends on an uncertain event.
5. "Yogakshemam Vahamyaham" is the tagline of which insurance company?
6. A coverage that protects businesses engaged in electronic commerce from losses caused by hackers is termed as .....
7. The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called .....
8. In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured's death is termed as .....
9. "Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas" is the tagline of which insurance company?
10. IRDA is associated with?
11. An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basic policy is termed as .....
12. What is the expanded form of the term ALM used in banking sector?
13. Which is a liability coverage for contents within a renter's residence?
14. The conversion of the account balance of a deferred annuity contract to income payments is termed as .....
15. The person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured is called .....
16. A single Insurance company offers both life and non-life policies is known as .....
17. A standing agreement between insurers and re-insurers. Under a treaty each party automatically accepts specific percentages of the insurer's business is termed as .....
18. This broad type of coverage was developed for shipments that do not involve ocean transport is known as .....
19. Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations is known as .....
20. ..... is a life insurance policy that remains in force for the policyholder's lifetime.
21. 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 .....
22. A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy is known as .....
23. An insurance cover that is linked with credit activities and aims to protect the credit is called .....
24. 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 .....
25. 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.....
26. Any insurance risk resulting from a human decision is called .....
27. 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 .....
28. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as .....
29. 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 .....
30. 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 .....
31. Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?
32. What is the minimum paid up capital required for a General Insurance Company to commence its operations in India?
33. Which of the following is not a part of India's Money Market?
34. Which refers damaged property an insurer takes over to reduce its loss after paying a claim?
35. Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called .....
36. "Leadership and Beyond" is the tagline of which insurance company?
37. A life annuity in which there is no refund to any beneficiary at the death of the annuitant is termed as .....
38. Which government body regulates Insurance Industry?
39. Which of the following words/ terms is closely associated with the insurance business
40. In pursuance of which one of the following was the General Insurance Corporation of India was formed?
41. ..... is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents.
42. Coverage for property taken or destroyed by breaking and entering the insured's premises, burglary or theft, forgery or counterfeiting, fraud, kidnap and ransom, and off-premises exposure is known as
43. ..... is the amount the insurance company has to pay you when the policy matures that would also include the sum assured and the bonuses.
44. Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title is called .....
45. Coverage for losses incurred as a result of the failure of an insured object on the insured's premises is referred as .....
46. When was Triton Insurance Company Ltd established?
47. Which one of the following is the special drawing rights given by the International Monetary Fund to its member countries?
48. ..... refers to the insurance company that offers the policy.
49. ..... is a policy contract that for some reason specified in the policy becomes free of all legal effect.
50. To use life insurance policy benefits as collateral for a loan is called .....
51. A single insurance policy that combines several coverages previously sold separately is termed as .....
52. The period during which the owner of a deferred annuity makes payments to build up assets is called .....
53. The reinsurance bought by re-insurers to protect their financial stability is termed as .....
54. An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as .....
55. ..... is a type of reinsurance in which the re-insurer can accept or reject any risk presented by an insurance company seeking reinsurance.
56. How much maximum amount that is insured by "deposit insurance" credit corporation (DICGC)
57. A document given to an applicant for life insurance stating that the company's acceptance is contingent upon determination of the applicant's insurability is known as .....
58. Selling insurance through groups is called .....
59. Perils that cannot reasonably be guarded against, such as floods and earthquakes is known as .....
60. Insurance Act.....
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books