Insurance Awareness Quiz Set 3

Welcome to the readers who are preparing for the competitive exams, they can check the Insurance Awareness quiz with Questions and Answers and as well as with an explanation. So aspirants can use this quiz for the session of practice. This may help for the Interviews also.

Insurance Awareness Quiz Set 3

1. Coverage against loss through stealing by individuals not in a position of trust is called ________
 
 
 
 

2. The legal process by which an insurance company, after paying a loss, seeks to recover the amount of the loss from another party who is legally liable for it is termed as _____
 
 
 
 

3. In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured’s death is termed as _______
 
 
 
 

4. A coverage that protects businesses engaged in electronic commerce from losses caused by hackers is termed as _______
 
 
 
 

5. A seller’s market in which insurance is expensive and in short supply is termed as _______
 
 
 
 

6. A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependants is called __________
 
 
 
 

7. An environment where insurance is plentiful and sold at a lower cost, also known as a Buyers market is called ________
 
 
 
 

8. Term insurance that covers a specific period of time and which cannot be renewed is called ________
 
 
 
 

9. Insurance that indemnifies the owner of real estate in the event that his or her clear ownership of property is challenged by the discovery of faults in the title is called _______
 
 
 
 

10. The result of the policyholder’s failure to buy sufficient insurance is termed as ________
 
 
 
 

11. Coverage for losses incurred as a result of the failure of an insured object on the insured’s premises is referred as ______
 
 
 
 

12. Percentage of each premium rupee that goes to insurers’ expenses including overhead, marketing, and commissions is called_________
 
 
 
 

13. The consequential property insurance that covers the extra expense incurred by the interruption of a business is called _________
 
 
 
 

14. _________ is the liability of individuals, corporations, or partnerships for accidents caused by people other than employees for whose acts or omissions the corporations or partnerships are responsible.
 
 
 
 

15. ___________ is the liability arising from contractual agreements in which it is stated that some losses, if they occur, are to be borne by specific parties.
 
 
 
 

16. A term policy that can be converted to permanent coverage rather than expiring on a specific date is called _________
 
 
 
 

17. Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency is termed as ______
 
 
 
 

18. The ratio of losses incurred to premiums earned; anticipated when rates are first formulated is termed as_______
 
 
 
 

19. An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basic policy is termed as ______
 
 
 
 

20. A person named in a life insurance contract to receive the benefits of the policy if other named beneficiaries are not living is referred as _______
 
 
 
 


 

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