Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.
Question 1: Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?
A. Renters Insurance
B. Hull Insurance
C. Group Insurance
D. Social Insurance
Question 2: 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 _______
A. Health Insurance
B. Renewable Term Insurance
C. Key-Person Insurance
D. Multi-Peril Insurance
Question 3: A policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations is called ______
A. Hospital Insurance
B. Renewable Term Insurance
C. Key-Person Insurance
D. Multi-Peril Insurance
Question 4: Personal and business property coverage combining several types of property insurance in one policy is called ______
A. Hospital Insurance
B. Renewable Term Insurance
C. Mortgage Insurance
D. Multi-Peril Insurance
Question 5: The portion of an insurance premium that reflects the basic costs of loss, not including over-head or profit is called ______
A. Mixed Premium
B. Pure Premium
C. Impure Premium
D. None of the Above
Question 6: Which of the following is not the principal of insurance:
A) Utmost Good Faith
B) Principle of Contribution
C) Maximization of Profit
D) Causa Proxima
Question 7: “Stepping into shoes of other” related with:
A) Principle of CAUSA PROXIMA
B) Principle of Subrogation
C) Principle of Contribution
D) Principle of Indemnity
Question 8: A person must be benefited by that thing which he wants to be insured is called:
A) Interest
B) Insurable Interest
C) Causa Proxima
D) Contribution of That person
Question 9: IRDA was constituted by which of the following committee’s recommendations:
A) Kumar manglam Committee
B) Malhotra Committee
C) Singh Committee
D) Sahota Committee
Question 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 ______
A. Hospital Insurance
B. Hull Insurance
C. Group Insurance
D. Self Insurance
SOLUTION
1. B
Explanation:
Generally Hull Insurance refers to an insurance policy that provides coverage for the physical integrity of a ship.
2. A
Explanation:
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured
3. C
Explanation:
Key person insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two.
4. D
Explanation:
Multiple-peril insurance coverage is a kind of insurance that bundles together multiple coverages that typically would be needed with each other.
5. B
Explanation:
Part of the premium which is sufficient to pay losses and loss adjustment expenses only, but not other expenses.
6. C
7. B
8. B
9. B
10. D
Explanation:
insurance of oneself or one’s interests by maintaining a fund to cover possible losses rather than by purchasing an insurance policy.
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