Insurance Awareness Quiz | 27th November 2018

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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