Dear Aspirants, Welcome to Insurance Awareness Questions in ambitiousbaba.com. Here we are covering some important questions for insurance exams.
Question 1: The conversion of the account balance of a deferred annuity contract to income payments is termed as ________
A. Affinity sales
B. Pure Risk
C. Annuitization
D. Proximate Clause
Question 2: Selling insurance through groups is called ________
A. Affinity sales
B. Pure Risk
C. Non-admitted Insurer
D. Proximate Clause
Question 3: An insurance company not licensed to do business within a given state is called _____
A. Product Liability
B. Pure Risk
C. Non-admitted Insurer
D. Proximate Clause
Question 4: Contingencies outlined in an insurance policy is called ________
A. Product Liability
B. Pure Risk
C. Provisions
D. Proximate Clause
Question 5: 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 _______
A. Universal Life Insurance
B. Unauthorized Reinsurance
C. Unearned Premium
D. Retrospective Ratin
Question 6: Where is the headquarters of Apollo Munich Health Insurance Company Limited located?
A Gurgaon
B New Delhi
C Chennai
D Lucknow
Question7: Where is the headquarters of Star Health and Allied Insurance Company Limited located?
A New Delhi
B Chennai
C Hyderabad
D Mumbai
Question 8: Where is the headquarters of Agriculture Insurance Co. of India Ltd. located?
A Kolkata
B Chennai
C Jaipur
D New Delhi
Question 9: Where is the headquarters of Export Credit Guarantee Corporation of India Ltd. located?
A New Delhi
B Gurgaon
C Pune
D Mumbai
Question 10: Where is the headquarters of United India Insurance Co. Ltd. located?
A Mumbai
B Chennai
C Gurgaon
D Bengaluru
Solution
1. C
Explanation:
Annuitization is a single, one-time event that occurs between the accumulation and payout phases in an annuity.
2. A
Explanation:
The sale of insurance through groups such as business or professional associations is known as Affinity sales
3. C
Explanation:
An insurance company that is “non-admitted” has not been approved by the state’s insurance department.
4. C
Explanation:
A provision is a legal clause or condition contained within a contract that requires or prevents either one or both parties to perform a particular requirement by some specified time.
5. D
Explanation:
An insurance policy with a premium that adjusts according to the losses experienced by the insured company, rather than according to an industry-wide loss experience is called Retrospective Rating.
6. A
7. B
8. D
9. D
10. B
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