Insurance Questions and Answers updated daily – General Knowledge

Insurance Questions: Solved 237 Insurance Questions and answers section with explanation for various online exam preparation, various interviews, General Knowledge Category online test. Category Questions section with detailed description, explanation will help you to master the topic.

Insurance Questions

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




SHOW ANSWER
Correct Ans:Underwriting Risk
Explanation:
Workspace



62. 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 _______




SHOW ANSWER
Correct Ans:Underwriter
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Unauthorized Reinsurance
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Limited Payment Life Insurance
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Level Premium Insurance
Explanation:
Workspace



66. 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 ________




SHOW ANSWER
Correct Ans:Incontestability Provision
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Hold-Harmless Agreement
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Annuitization
Explanation:
Workspace



69. Selling insurance through groups is called ________




SHOW ANSWER
Correct Ans:Affinity sales
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Non-admitted Insurer
Explanation:
Workspace



71. Contingencies outlined in an insurance policy is called ________




SHOW ANSWER
Correct Ans:Provisions
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Proximate Clause
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Pure Risk
Explanation:
Workspace



74. _______ 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.




SHOW ANSWER
Correct Ans:Product Liability
Explanation:
Workspace



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




SHOW ANSWER
Correct Ans:Retrocession
Explanation:
Workspace



76. 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 _______




SHOW ANSWER
Correct Ans:Retrospective Rating
Explanation:
Workspace



77. 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 _______




SHOW ANSWER
Correct Ans:Third Person
Explanation:
Workspace



78. 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:
Workspace



79. 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:
Workspace



80. What is the Full form of GIVE ?




SHOW ANSWER
Correct Ans:Gross Insurance Value Element
Explanation:
Workspace



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.


Online Test for Data Interpretation
Online Test for C Language
FreshersLive - No.1 Job site in India. Here you can find latest 2023 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...
DMCA.com Protection Status