GK - Banking & Insurance - SPLessons
boy2

Insurance Awareness Practice Set 6

Home > > Tutorial
SPLessons 5 Steps, 3 Clicks
5 Steps - 3 Clicks

Insurance Awareness Practice Set 6

shape Introduction

What is an Insurance? According to the dictionary and different insurance policies, Insurance is defined as “an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.” Thus, Insurance is a means of protection from financial loss. Insurance in short is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. The insurance provider is known as an insurer, insurance company, insurance carrier or underwriter. Insurance Awareness is an important section in several recruitment exams in India, primarily in the insurance sector.
Insurance Awareness Practice Set 6 includes Q & A related to the following topics: History of Insurance sectors in India, Insurance Organizations in India, Important Insurance Terms, Insurance Abbreviations & Insurance related information. Insurance Awareness Practice Set 6 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

shape Quiz

1. _______ is a coverage for the policyholder’s own property or person.
    A. First Party Coverage B. Second Party Coverage C. Third Party Coverage D. None of the Above

Answer: Option A
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.
    A. Flood Insurance B. Commercial Insurance C. Industrial Insurance D. Liability Insurance

Answer: Option A
3. A period of up to one month during which the purchaser of an annuity can cancel the contract without penalty is known as ______
    A. Lock Period B. Demutualization C. Annuitization D. Free Lock Period

Answer: Option D
4. An auto-mobile insurance option, available in some states, that covers the difference between a car’s actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company is called ______
    A. Double Insurance B. Commercial Insurance C. Industrial Insurance D. Gap Insurance

Answer: Option D
5. 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 ______
    A. Gun Liability B. Commercial Insurance C. Industrial Insurance D. Gap Insurance

Answer: Option A
1. This broad type of coverage was developed for shipments that do not involve ocean transport is known as ______
    A. Double Insurance B. Inflation Guard Clause C. Inland Marine Insurance D. Gap Insurance

Answer: Option C
2. An organization such as a bank or insurance company that buys and sells large quantities of securities is called __________
    A. Major Investor B. Minor Investor C. Institutional Investor D. Giant

Answer: Option C
3. ________ is a coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infringement, defamation, and violation of privacy.
    A. Internet Liability Insurance B. Inflation Guard Clause C. Inland Marine Insurance D. Gap Insurance

Answer: Option A
4. The Complaint to Insurance Ombudsman must be registered within ____ year(s)
    A. 4 B. 3 C. 2 D. 1

Answer: Option D
5. A technique that consists of staggering the maturity dates and the mix of different types of bonds is termed as _______
    A. Laddering B. Fire Insurance C. Escrow Account D. Earned Premium

Answer: Option A
1. _______ is a coverage for bodily injury or property damage caused by an intoxicated person who was served liquor by the policyholder.
    A. Liquor Liability B. Inflation Guard Clause C. Inland Marine Insurance D. Gap Insurance

Answer: Option A
2. What is the maximum claim amount for an Insurance Ombudsman complaint?
    A. 10 lakh B. 15 lakh C. 5 lakh D. 20 lakh

Answer: Option D
3. Which section of the Indian Insurance Act 1938 provides for nomination of a person?
    A. Section 39 B. Section 38 C. Section 37 D. Section 36

Answer: Option A
4. A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients is termed as _______
    A. Malpractice Insurance B. Inflation Guard Clause C. Inland Marine Insurance D. Gap Insurance

Answer: Option A
5. Any insurance risk resulting from a human decision is called _____
    A. Partial Risk B. Static Risk C. Dynamic Risk D. Pure Risk

Answer: Option C

Other Articles

shape Exams

Competitive Exams - College Entrance Exams
Category Notification
Diploma Goa Diploma


shape Job-Alerts

Competitive Exams - Recent Job Notifications
Category
Banking SSC Railway
Defence Police Insurance
Click Here For – All India Latest Jobs

shape SP Quiz

Competitive Exams - Practice Sets
Category Quiz
Quant Aptitude Time and Work
Current Affairs Current Affairs
Hide Index Show Index