Insurance Awareness Quiz Set 2

Dear Aspirants, welcome to the Insurance Awareness Quiz in gktodayquiz.com. Candidates can check the questions and answers below in this article. Contenders can also practice these questions for the better output in all competitive exams.

Insurance Awareness Quiz Set 2

1. A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expenses is called _______
 
 
 
 

2. Which Insurance is a compulsory insurance plan administered by a government agency with the primary emphasis on social adequacy?
 
 
 
 

3. The portion of an insurance premium that reflects the basic costs of loss, not including over-head or profit is called ______
 
 
 
 

4. Which is a liability coverage for contents within a renter’s residence?
 
 
 
 

5. A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as ______
 
 
 
 

6. Personal and business property coverage combining several types of property insurance in one policy is called ______
 
 
 
 

7. Insurance that is renewable for a limited number of successive terms by the policyholder and is not contingent upon medical examination is called ______
 
 
 
 

8. A policy purchased by, for the benefit of, a business insuring the life or lives of personnel integral to the business operations is called ______
 
 
 
 

9. Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?
 
 
 
 

10. A type of insurance often used for high frequency low severity risks where risk is not transferred to an insurance company but retained and accounted for internally is known as
______
 
 
 
 

11. 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 _______
 
 
 
 

12. A life annuity in which there is no refund to any beneficiary at the death of the annuitant is termed as ________
 
 
 
 

13. A whole life policy in which premiums are payable as long as the insured lives is called ________
 
 
 
 

14. A single insurance policy that combines several coverages previously sold separately is termed as __________
 
 
 
 

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

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

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

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

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

20. A standing agreement between insurers and re-insurers. Under a treaty each party automatically accepts specific percentages of the insurer’s business is termed as _______
 
 
 
 


 

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