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

121. Insurance that pays claims arising out of incidents that occur during the policy term, even if they are filed many years later is known as _____




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Correct Ans:Occurrence Policy
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122. A form of long-term care policy that covers a policyholder's stay in a nursing facility is called _______




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Correct Ans:Nursing Home Insurance
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123. Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people's property or injuries caused to others in an accident is known as ______




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Correct Ans:Umbrella Insurance
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124. ________covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.




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Correct Ans:Nuclear Insurance
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125. Auto insurance coverage that pays for each driver's own injuries, regardless of who caused the accident is called __________




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Correct Ans:No Fault
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126. Peril specifically mentioned as covered in an insurance policy is called __________




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Correct Ans:Named Peril
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127. A single Insurance company offers both life and non-life policies is known as _________




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Correct Ans:Composite Insurer
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128. Which refers damaged property an insurer takes over to reduce its loss after paying a claim?




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Correct Ans:Salvage
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129. An insurance cover that is linked with credit activities and aims to protect the credit is called ______




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Correct Ans:credit life
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130. Insurance companies that band together as self-insurers and form an organization that is chartered and licensed as an insurer in at least one state to handle liability insurance is called_____




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Correct Ans:Retrospective Rating
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131. A method of permitting the final premium for a risk to be adjusted, subject to an agreed-upon maximum and minimum limit based on actual loss experience is called _________




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Correct Ans:Retrospective Rating
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132. The amount of risk retained by an insurance company that is not reinsured is termed as ______




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Correct Ans:Retention
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133. The reinsurance bought by re-insurers to protect their financial stability is termed as ______




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Correct Ans:Retrocession
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134. A policy that is made mandatory for the customer to buy is called _______




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Correct Ans:Compulsory Cover
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135. A form of annuity that ends payments when the annuitant dies is termed as ______




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Correct Ans:Pure Life Annuity
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136. ________covers professionals for negligence and errors or omissions that injure their clients.




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Correct Ans:Professional Liability Insurance
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137. A state tax on premiums paid by its residents and businesses and collected by insurers is called________




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Correct Ans:Premium Tax
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138. National Insurance Academy located in ________




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Correct Ans:Pune
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139. Which of the following is the first life insurance company in India?




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Correct Ans:Oriental Insurance
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140. Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers ?




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Correct Ans:Variable Life Insurance
Explanation:
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