Insurance: Solved 94 Insurance Questions and answers section with explanation for various online exam preparation, various interviews, Logical Reasoning Category online test. Category Questions section with detailed description, explanation will help you to master the topic.

Insurance Questions

1. Risks for which it is difficult for someone to get insurance is called ______




SHOW ANSWER
Correct Ans:Uninsurable Risk
Explanation:


2. A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract is known as ______




SHOW ANSWER
Correct Ans:Unbundled Contracts
Explanation:


3. ________ is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents.




SHOW ANSWER
Correct Ans:Travel Insurance
Explanation:


4. Insurance companies' ability to pay the claims of policyholders is termed as _______




SHOW ANSWER
Correct Ans:Solvency
Explanation:


5. The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies is termed as _________




SHOW ANSWER
Correct Ans:Demutualization
Explanation:


6. If the insurance policy is taken from more the one underwriter where period of insurance, subject matter of insurance and sum insured are same is termed as ________




SHOW ANSWER
Correct Ans:Double Insurance
Explanation:


7. What is the Full form of GIVE ?




SHOW ANSWER
Correct Ans:Gross Insurance Value Element
Explanation:


8. IDC stands for ______




SHOW ANSWER
Correct Ans:Insured Declared Value
Explanation:


9. Which term referring to property coverages for the perils of burglary, theft and robbery?




SHOW ANSWER
Correct Ans:Crime Insurance
Explanation:


10. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as _______




SHOW ANSWER
Correct Ans:Captive Agent
Explanation:


11. A person who holds something in trust for another is known as_________




SHOW ANSWER
Correct Ans:Fiduciary
Explanation:


12. In Insurance, CGL stands for ____________




SHOW ANSWER
Correct Ans:Commercial General Liability
Explanation:


13. A survey to determine a property’s insurable value, or the amount of a loss is termed as ___________




SHOW ANSWER
Correct Ans:Pure Risk
Explanation:


14. The period during which the owner of a deferred annuity makes payments to build up assets is called _______




SHOW ANSWER
Correct Ans:Annuity Accumulation Phase
Explanation:


15. A policy that cannot be cancelled by the insurer prior to a certain age is called ________




SHOW ANSWER
Correct Ans:Non-cancellable
Explanation:
A policy contract that specifies that the insured may continue coverage by paying the premiums for a specific time frame.


16. ________ is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years




SHOW ANSWER
Correct Ans:Term Insurance
Explanation:
Term insurance is a life insurance product offered by an insurance company which offers financial coverage to the policy holder for a specific time period.


17. ________ is reinsurance for a single risk or a defined package of risks.




SHOW ANSWER
Correct Ans:Facultative Reinsurance
Explanation:
Facultative insurance is reinsurance for a single risk or a defined package of risks.


18. _______ is a form of non-proportional reinsurance.




SHOW ANSWER
Correct Ans:Excess of Loss Reinsurance
Explanation:
Excess of loss reinsurance is a form of non-proportional reinsurance.In this type of Reinsurance premium is calculated independently of the premium charged to the insured.


19. A type of reinsurance in which the re-insurer indemnifies the ceding company for losses that exceed a specified limit is called _______




SHOW ANSWER
Correct Ans:Excess of Loss Reinsurance
Explanation:
Excess of loss reinsurance is a type of reinsurance in which the reinsurer indemnifies the ceding company for losses that exceed a specified limit. Excess of loss reinsurance is a form of non-proportional reinsurance.


20. A form of reinsurance that indemnifies the ceding company for the accumulation of losses in excess of a stipulated sum arising from a single catastrophic event or series of events is termed as _______




SHOW ANSWER
Correct Ans: Catastrophe Reinsurance
Explanation:
Catastrophe insurance is Insurance to protect businesses and residences against natural disasters such as earthquakes, floods and hurricanes, and against man-made disasters such as terrorist attacks.





Are you seeking for good platform for practicing Insurance questions in online. This is the right place. The time you spent in Fresherslive will be the most beneficial one for you.

Online Test on Insurance @ Fresherslive

This page provides important questions on Insurance along with correct answers and clear explanation, which will be very useful for various Interviews, Competitive examinations and Entrance tests. Here, Most of the Insurance questions are framed with Latest concepts, so that you may get updated through these Insurance Online tests. Insurance Online Test questions are granted from basic level to complex level.

Why To Practice Insurance Test questions Online @ Fresherslive?

Insurance questions are delivered with accurate answer. For solving each and every question, very lucid explanations are provided with diagrams wherever necessary.

Practice in advance of similar questions on Insurance may improve your performance in the real Exams and Interview.

Time Management for answering the Insurance questions quickly is foremost important for success in Competitive Exams and Placement Interviews.

Through Fresherslive Insurance questions and answers, you can acquire all the essential idea to solve any difficult questions on Insurance in short time and also in short cut method.

Winners are those who can use the simplest method for solving a question. So that they have enough time for solving all the questions in examination, correctly without any tense. Fresherslive provides most simplest methods to answer any tough questions. Practise through Fresherslive test series to ensure success in all competitive exams, entrance exams and placement tests.

Why Fresherslive For Insurance Online Test Preparation?

Most of the job seekers finding it hard to clear Insurance test or get stuck on any particular question, our Insurance test sections will help you to success in Exams as well as Interviews. To acquire clear understanding of Insurance, exercise these advanced Insurance questions with answers.

You're Welcome to use the Fresherslive Online Test at any time you want. Start your beginning, of anything you want by using our sample Insurance Online Test and create yourself a successful one. Fresherslive provides you a new opportunity to improve yourself. Take it and make use of it to the fullest. GOODLUCK for Your Bright Future.

Mock Test Premium Package

₹ 2200 ₹ 575

Banking, Railway, Insurance, SSC etc

Access 100+ Test series

Validity 12 months

One-time payment

Covers Latest Pattern

Includes all sections

1,000+ questions in each section

Clear Explanation for each question

BUY NOW



FreshersLive - No.1 Job site in India. Here you can find latest 2019 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.