Insurance Awareness Quiz – Set 64
Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions and answers will guide you in all insurance exams like LIC (AAO/ADO), NIACL assistant and AO, UIIC, IRDA and other Bank PO exams and all competitive exams. So attempt these multiple choice questions now based on the exam pattern syllabus.
- Once an insurance company has paid up to the limit, it will pay no more during that year is known as ____________.
A) Aggregate Limits
B) Aleatory Contract
C) All- Risk Agreement
D) Affirmative Warranty
- 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 ___.
A) Appraisal
B) Arbitration
C) Assignment
D) Automatic Treaty
- A contract, such as an insurance contract, required that certain acts be performed if recovery is to be made is known as _____________.
A) Consequential loss
B) Conditional Receipt
C) Conditional Contract
D) Conditional Renewable
- Policy that can be cancelled or have the premium s raised by the insurer on a specific anniversary date, subject to certain reasons written into the policy is known as ______.
A) Conditional Receipt
B) Consequential loss
C) Conditional Contract
D) Conditional Renewable
- 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 ________.
A) Convertible
B) Contingent Liability
C) contractual Liability
D) Contingent Beneficiary
- A term policy that can be converted to permanent coverage rather than expiring on a specific date is called _________.
A) Convertible Insurance
B) ContingentLiability
C) Contractual Liability
D) Contingent Beneficiary
- Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to insured, usually due to insolvency is termed as ________.
A) Convertible
B)Credit Insurance
C) Contingent Liability
D) Contractual Liability
- Percentage of each premium rupee that goes to insurers expenses including overhead, marketing and commissions is called ____.
A) Expense Ratio
B) Expected Loss Ratio
C) Extended Coverage
D) Extra Expense Insurance
- An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basis policy is termed as ________.
A) Expense Ratio
B) Extended Coverage
C) Expected Loss Ratio
D) Extra Expense Insurance
- A coverage that protects businesses engaged in electronic commerce from losses caused by hackers is termed as ______.
A) Hull Insurance
B) Hacker Insurance
C) Hospital Insurance
D) Identify theft Insurance