Insurance Awareness Quiz | 29th November 2018

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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