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Insurance Awareness Quiz 3 (30 MCQs)

Quiz Instructions

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1. ..... is legal contract in which the outcome depends on an uncertain event.
2. "Yogakshemam Vahamyaham" is the tagline of which insurance company?
3. A coverage that protects businesses engaged in electronic commerce from losses caused by hackers is termed as .....
4. The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called .....
5. In a life insurance contract, the stated sum of money to be paid to the beneficiary upon the insured's death is termed as .....
6. "Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas" is the tagline of which insurance company?
7. IRDA is associated with?
8. 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 .....
9. What is the expanded form of the term ALM used in banking sector?
10. Which is a liability coverage for contents within a renter's residence?
11. The conversion of the account balance of a deferred annuity contract to income payments is termed as .....
12. The person other than the insured or insurer who has incurred losses or is entitled to receive payment due to acts or omissions of the insured is called .....
13. A single Insurance company offers both life and non-life policies is known as .....
14. 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 .....
15. This broad type of coverage was developed for shipments that do not involve ocean transport is known as .....
16. 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 .....
17. ..... is a life insurance policy that remains in force for the policyholder's lifetime.
18. A legal concept that holds gun manufacturers liable for the cost of injuries caused by guns. Several cities have filed lawsuits based on this concept is termed as .....
19. A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy is known as .....
20. An insurance cover that is linked with credit activities and aims to protect the credit is called .....
21. 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 .....
22. 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.....
23. Any insurance risk resulting from a human decision is called .....
24. 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 .....
25. A person who represents only one insurance company and is restricted by agreement from submitting business to any other company is termed as .....
26. 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 .....
27. 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 .....
28. Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?
29. What is the minimum paid up capital required for a General Insurance Company to commence its operations in India?
30. Which refers damaged property an insurer takes over to reduce its loss after paying a claim?
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