Insurance Awareness Quiz Set 7

Dear aspirants, in this article you can check out Insurance Awareness Quiz with Questions and Answers with a precise explanation. Contenders can practice these Questions to gain their knowledge and for better output in the exam.

Insurance Awareness Quiz Set 7

1. _______ is a Coverage protecting property against losses caused by a fire or lightning that is usually included in homeowners or commercial multiple peril policies.
 
 
 
 

2. _______ is a coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance agents.
 
 
 
 

3. Funds that a lender collects to pay monthly premiums in mortgage and home owners insurance, and sometimes to pay property taxes is called ____
 
 
 
 

4. A provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or locations is called _____
 
 
 
 

5. Contract under which the ultimate liability of the reinsurer is capped and on which anticipated investment income is expressly acknowledged as an underwriting component is
called ________
 
 
 
 

6. Legal responsibility of a fiduciary to safeguard assets of beneficiaries is termed as________
 
 
 
 

7. _______ is a coverage for the policyholder’s own property or person.
 
 
 
 

8. ________ is an insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it.
 
 
 
 

9. Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires is termed as _____
 
 
 
 

10. A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions is termed as _______
 
 
 
 

11. In Insurance, CGL stands for__________
 
 
 
 

12. The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies is termed as _____
 
 
 
 

13. The period during which the owner of a deferred annuity makes payments to build up assets is called _______
 
 
 
 

14. A person who holds something in trust for another is known as_________
 
 
 
 

15. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as _______
 
 
 
 

16. A survey to determine a property’s insurable value, or the amount of a loss is termed as ______
 
 
 
 

17. Which term referring to property coverages for the perils of burglary, theft and robbery?
 
 
 
 

18. What is the Full form of GIVE?
 
 
 
 

19. IDC stands for ______
 
 
 
 

20. If the insurance policy is taken from more the one underwriter where period of insurance, subject matter of insurance and sum insured are same is termed as ________
 
 
 
 


 

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