Insurance Awareness Quiz Set 4

Dear contenders, here you can check the Insurance Awareness Quiz Questions And Answers with a brief explanation. These Questions which are provided in gktodayquiz.com will help for upcoming all competitive exams and also for an Interviews purpose also. Do practice these questions for best output in exams.

Insurance Awareness Quiz Set 4

1. _______ is legal contract in which the outcome depends on an uncertain event.
 
 
 
 
2. An agreement between an insurance company and an agent, granting the agent authority to write insurance from that company is called ________
 
 
 
 
3. A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as _______
 
 
 
 
4. Once an insurance company has paid up to the limit, it will pay no more during that year is known as _______
 
 
 
 
5. Losses other than property damage that occur as a result of physical loss to a business for example, the cost of maintaining key employees to help reorganize after a fire is called
________
 
 
 
 
6. A property or liability insurance contract in which all risks of loss are covered is called _______
 
 
 
 
7. The party to whom the rights of the insured under a policy are transferred is known as _______
 
 
 
 
8. A document was given to an applicant for life insurance stating that the company’s acceptance is contingent upon determination of the applicant’s insurability is known as _______
 
 
 
 
9. A clause that allows the transfer of rights under a policy from one person to another, usually by means of a written document is called _____
 
 
 
 
10. A policy that can be cancelled or have the premiums raised by the insurer on a specific anniversary date, subject to certain reasons written into the policy is known as ________
 
 
 
 
11. The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called ______
 
 
 
 
12. Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations is known as _________
 
 
 
 
13. An individual receiving benefits under an annuity is called ________
 
 
 
 
14. ________ is a fidelity bond that covers all employees of a given class and may also cover perils other than infidelity.
 
 
 
 
15. _______ is the age at which the receipt of pension starts in an insurance-cum-pension plan.
 
 
 
 
16. __________ in insurance is the splitting or spreading of risk among multiple parties.
 
 
 
 
17. Percentage of each premium rupee a property/casualty insurer spends on claims and expenses is called _______
 
 
 
 
18. _________are assumptions about rates of investment earnings, mortality, turnover and distribution or actual ages at which employees are likely to retire.
 
 
 
 
19. Perils that cannot reasonably be guarded against, such as floods and earthquakes is known as ________
 
 
 
 
20. To use life insurance policy benefits as collateral for a loan is called ______
 
 
 
 

 

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