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 is an International Insurance Certification Body?
A) ICFA
B) IIC
C) IRDA
D) LOMA
E) ICWA
Question 2: Who approves the stamp duty rates
A) IRDA
B) State Govt.
C) Parliament
D) Ministry of Finance
D) Nota
Question 3: Life insurance is also known as
A) Benefit contract
B) Reimbursement contract
C) None
D) Both
E) Money back
Question 4: In life insurance, a life assured is known as
A) Insurer
B) Insured
C) Beneficiary
D) None of the above
E) All of above
Question 5: Which is a liability coverage for contents within a renter’s residence?
A. Renters Insurance
B. Hull Insurance
C. Group Insurance
D. Social Insurance
E.None
Question 6: Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called ______
A. Hospital Insurance
B. Renewable Term Insurance
C. Group Insurance
D. Social Insurance
E.All of the above
Question 7: 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
E.All of the above
Question 8: Which of the following is the highest
A. Single premium
B. Quarterly premium
C. Half yearly premium
D. Annual premium
E. All of the above
Question 9: 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
E.All of the above
Question 10: Mortality is the most important factor for pricing of
A Term product
B Whole life
C Endowment
D Ulip
E None
SOLUTION
- D
- B
- A
- B
- A
Renters’ insurance is an insurance policy which provides most of the benefits of homeowners’ insurance.
6. D
Form of compensation provided and controlled by a government for elderly, disable, or unemployed people
7. B
Renewable Term is a clause in a term insurance contract that allows the beneficiary to extend the coverage term for a set period of time without having to re qualify for coverage.
8. B
9. D
Multiple-peril insurance coverage is a kind of insurance that bundles together multiple coverages that typically would be needed with each other.
10. A
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