Insurance Awareness Quiz | 11th December 2018

Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.

Question 1: What is the minimum number of years a policy must be kept to be able to get surrender value in traditional plan

(A) 2 year                  

(B) 1 year                  

(C) 3 year                  

(D) 5 year

(E) 7 year

Question 2: Additional loan amount generally granted should not exceed what % of surrender value

(A) 80%                     

(B) 90%                     

(C) 100%                   

(D) none

(E) 50%

Question 3: In Insurance market,………..           is exchange for future benefits

(A) S I            

(B) policy      

(C) premium 

(D) money

(E) None

Question 4: In reinsurance arrangement, arbitrage is known as..

(A) Non proportional reinsurance            

(B) facultative reinsurance

(C) treaty reinsurance                                 

(D) financial reinsurance

(E) proportional reinsurance

Question 5: Mortality rate in new life table compared to existing will be

(A) Higher                 

(B) Lower                 

(C) Equal                   

(D) Both a and b

(E) None of these

Question 6: Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people’s property or injuries caused to others in an accident is known as ______
(A). Internet Liability Insurance
(B). Kidnap/Ransom Insurance
(C). Inland Marine Insurance
(D). Umbrella Insuranc

(E) None of these

Question 7: 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 _____
(A) Nursing Home Insurance
(B) Kidnap/Ransom Insurance
(C) Inland Marine Insurance
(D) Occurrence Policy

(E) None of these

Question 8: _______ is a life insurance policy that remains in force for the policyholder’s lifetime.
(A) Nursing Home Insurance
(B) Ordinary Life Insurance
(C) Inland Marine Insurance
(D) Occurrence Policy

(E) None of these

Question9: _______ is thetotal benefit an insured person will receive at the time of claim.
(A) Total Insured Benefit
(B) Fire Insurance
(C) Escrow Account
(D) Earned Premium

(E) None of these

Question 10: Which of the following terms matches closest with foreclosure

(A) maturity claim    

(B) death claim         

(C) nominee              

(D) surrender value

(E) bonus

SOLUTION

1.   C

2.   B

3.   C

4.   D

5.   B

Lower Due to advancements in health field life span is increasing day by day hence death rate decreasing in comparison to present life/mortality table.

6.   D

Umbrella insurance is extra liability insurance. It is designed to help protect you from major claims and lawsuits and as a result it helps protect your assets and your future

7.   D

An Occurrence policy protects you from any covered incident that “occurs” during the policy period, regardless of when a claim is filed. An occurrence policy will respond to claims that come in – even after the policy has been canceled – so long as the incident occurred during the period in which coverage was in force.

8.   B

“ordinary life,” is a life insurance policy which is guaranteed to remain in force for the insured’s entire lifetime, provided required premiums are paid, or to the maturity date.

9.   A

Total Insured Benefit is the total benefit an insured person will receive at the time of claim.

10.            D

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