Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.
Question 1: Recurrent single prom approach is in
(A) Large scheme
(B) All scheme
(C) Small scheme
(D) Only employer employee
(E) None of these
Question 2: Interest rate changes effects
(A) Annuity
(B) Endowment
(C) Single payment
(D) A and b
(E) All the above
Question 3: Which policy has less medical underwriting
(A) Endowment
(B) Traditional
(C) ULIP
(D) Annuity
(E) None of these
Question 4: A technique that consists of staggering the maturity dates and the mix of different types of bonds is termed as _______
(A) Laddering
(B) Fire Insurance
(C) Escrow Account
(D) Earned Premium
(E) None of these
Question 5: What is the maximum claim amount for an Insurance Ombudsman complaint?
(A) 10 lakh
(B) 15 lakh
(C) 5 lakh
(D) 20 lakh
(E) 12 lakh
Question 6: A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients is termed as _______
(A) Malpractice Insurance
(B) Inflation Guard Clause
(C) Inland Marine Insurance
(D) Gap Insurance
(E) None of these
Question 7: A company owned by its policyholders that returns part of its profits to the policyholders as dividends is known as ______
(A) Service Provider
(B) Composite Insurer
(C) Mutual Insurance Company
(D) None of the Above
(E) All of the above
Question 8: Concept of insurance involves a transfer of
(A) Liability
(B) Needs
(C) Ownership
(D) Risk
(E) None of the Above
Question 9: A group insurance contract is a contract
(A) Short term contract
(B) Long term contract
(C) Annual contract
(D) none of above
(E) both A and B
Question 10: Which section of the Indian Insurance Act 1938 provides for nomination of a person?
(A) Section 39
(B) Section 38
(C) Section 37
(D) Section 36
(E) None of these
SOLUTION
1. D
2. E
3. D
4. A
Explanation:
Laddering means you buy multiple smaller policies that custom tailor your needs rather than one large policy.
5. D
Explanation:
Ombudsman’s powers are restricted to insurance contracts of value not exceeding Rs. 20 lakhs.
6. A
Explanation:
A type of professional liability insurance purchased by health care professionals and sometimes by other types of professionals like lawyers.
7. C
Explanation:
A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are rebated to policyholders in the form of dividend distributions or reduced future premiums.
8. D
9. D
10. A
Explanation:
Section 39 of the Indian Insurance Act, 1938, provides for nomination of a person (called nominee) who gets the benefits of the policy on death of the person whose life has been insure(d)
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