Insurance Questions and Answers updated daily – General Knowledge



90 Insurance Questions and answers section with explanation for various online exam preparation, various interviews, General Knowledge Insurance online test. Insurance Questions with detailed description, explanation will help you to master the topic.

Insurance Questions

1. An amount of premium for which payment has been made by the policyholder but coverage has not yet been provided is known as ______



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Correct Ans:Unearned Premium
Explanation:


2. Which include claims that have been incurred but not reported?



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Correct Ans:Unpaid losses
Explanation:


3. An adjustable life insurance under which premiums and coverage are adjustable, company's expenses are not specifically disclosed to the insured but a financial report is provided to policyholders annually is called _____



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Correct Ans:Universal Life Insurance
Explanation:


4. A section of the risk-based capital formula calculating requirements for reserves and premiums is termed as _____



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Correct Ans:Underwriting Risk
Explanation:


5. A person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate. That person is known as _______



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Correct Ans:Underwriter
Explanation:


6. Reinsurance placed with a company not authorized in the reporting company's state of domicile is called _______



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Correct Ans:Unauthorized Reinsurance
Explanation:


7. A form of whole-life insurance with a predefined number of premiums to be paid is known as ________



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Correct Ans:Limited Payment Life Insurance
Explanation:


8. A Life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout is called _____



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Correct Ans:Level Premium Insurance
Explanation:


9. A life insurance and annuity provision limiting the time within which the insurer has the legal right to void the contract on grounds of material misrepresentation in the policy application is termed as ________



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Correct Ans:Incontestability Provision
Explanation:


10. A risk transfer mechanism whereby one party assumes the liability of another party by contract is known as ______



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Correct Ans:Hold-Harmless Agreement
Explanation:


11. The conversion of the account balance of a deferred annuity contract to income payments is termed as ________



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Correct Ans:Annuitization
Explanation:


12. Selling insurance through groups is called ________



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Correct Ans:Affinity sales
Explanation:


13. An insurance company not licensed to do business within a given state is called _____



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Correct Ans:Non-admitted Insurer
Explanation:


14. Contingencies outlined in an insurance policy is called ________



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Correct Ans:Provisions
Explanation:


15. Event covered under insured's policy agreement is called _____



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Correct Ans:Proximate Clause
Explanation:


16. Circumstance including possibility of loss or no loss but no possibility of gain is termed as ______



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Correct Ans:Pure Risk
Explanation:


17. _______ is an insurance coverage protecting the manufacturer, distributor, seller of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product.



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Correct Ans:Product Liability
Explanation:


18. The portion of risk that a reinsurance company cedes or amount of insurance the company chooses not to retain is called ______



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Correct Ans:Retrocession
Explanation:


19. 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 _______



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Correct Ans:Retrospective Rating
Explanation:


20. The person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured is called _______



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Correct Ans:Third Person
Explanation:





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