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

101. A provision added to a homeowners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflect current construction costs is termed as _____




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Correct Ans:Inflation Guard Clause
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102. __________ is a coverage for expenses incurred as the result of an identity theft.




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Correct Ans:Identity Theft Insurance
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103. _________ is a coverage for glass breakage caused by all risks.




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Correct Ans:Glass Insurance
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104. A legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept is termed as ______




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Correct Ans:Gun Liability
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105. Which of the following insurance is mainly used for leased cars ?




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Correct Ans:Commercial Insurance
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106. An automobile insurance option, available in some states, that covers the difference between a car's actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company is called ______




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Correct Ans:Gap Insurance
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107. A period of up to one month during which the purchaser of an annuity can cancel the contract without penalty is known as ______




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Correct Ans:Free Lock Period
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108. A company owned by its policyholders that returns part of its profits to the policyholders as dividends is known as ______




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Correct Ans:Mutual Insurance Company
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109. ______ is a coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults.




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Correct Ans:Municipal Bond Insurance
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110. Any insurance risk resulting from a human decision is called _____




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Correct Ans:Dynamic Risk
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111. A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients is termed as _______




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Correct Ans:Malpractice Insurance
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112. Which section of the Indian Insurance Act 1938 provides for nomination of a person?




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Correct Ans:Section 39
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113. What is the maximum claim amount for an Insurance Ombudsman complaint?




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Correct Ans:20 lakh
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114. _______ is a coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.




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Correct Ans:Liquor Liability
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115. A technique that consists of staggering the maturity dates and the mix of different types of bonds is termed as _______




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Correct Ans:Laddering
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116. The Complaint to Insurance Ombudsman must be registered within ____ year(s)




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Correct Ans:1
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117. _____ is a coverage up to specific limits for the cost of ransom or extortion payments and related expenses




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Correct Ans:Kidnap/Ransom Insurance
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118. ________ is the total benefit an insured person will receive at the time of claim.




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Correct Ans:Total Insured Benefit
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119. Risks that affect simultaneously a great number of policyholders is called ______




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Correct Ans:Covariant Risk
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120. _______ is a life insurance policy that remains in force for the policyholder's lifetime.




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Correct Ans:Ordinary Life Insurance
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