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Insurance Awareness Practice Set 7

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Insurance Awareness Practice Set 7

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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 7 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 7 is extremely important for aspirants of Insurance related recruitments such as UIIC, OICL, LIC, HFL, AAO, etc.

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1. ______ is a coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults.
    A. Internet Liability Insurance B. Kidnap/Ransom Insurance C. Municipal Bond Insurance D. Gap Insurance

Answer: Option C
2. A company owned by its policyholders that returns part of its profits to the policyholders as dividends is known as ______
    A. Service Provider B. Composite Insurer C. Mutual Insurance Company D. None of the Above

Answer: Option C
3. Auto insurance coverage that pays for each driver’s own injuries, regardless of who caused the accident is called __________
    A. No Fault B. No Pay C. Default D. None of the Above

Answer: Option A
4. Peril specifically mentioned as covered in an insurance policy is called __________
    A. Service Provider B. Named Peril C. Un-named Peril D. None of the Above

Answer: Option B
5. ________covers operators of nuclear reactors and other facilities for liability and property damage in the case of a nuclear accident and involves both private insurers and the federal government.
    A. Internet Liability Insurance B. Kidnap/Ransom Insurance C. Inland Marine Insurance D. Nuclear Insurance

Answer: Option D
1. A form of long-term care policy that covers a policyholder’s stay in a nursing facility is called _______
    A. Nursing Home Insurance B. Kidnap/Ransom Insurance C. Inland Marine Insurance D. Nuclear Insurance

Answer: Option A
2. Risks that affect simultaneously a great number of policyholders is called ______
    A. Partial Risk B. Static Risk C. Covariant Risk D. Pure Risk

Answer: Option C
3. ________ is the total benefit an insured person will receive at the time of claim.
    A. Total Insured Benefit B. Fire Insurance C. Escrow Account D. Earned Premium

Answer: Option A
4. A state tax on premiums paid by its residents and businesses and collected by insurers is called________
    A. Income Tax B. Direct Tax C. Premium Tax D. Indirect Tax

Answer: Option C
5. A form of annuity that ends payments when the annuitant dies is termed as ______
    A. Annuity B. No Pay C. Pure Life Annuity D. None of the Above

Answer: Option C
1. The reinsurance bought by re-insurers to protect their financial stability is termed as ______
    A. Retention B. Retrocession C. Pure Life Annuity D. None of the Above

Answer: Option B
2. An insurance cover that is linked with credit activities and aims to protect the credit is called ______
    A. claims B. Retrocession C. Retrospective Rating D. credit life

Answer: Option D
3. Which refers damaged property an insurer takes over to reduce its loss after paying a claim?
    A. Salvage B. Schedule C. Retrospective Rating D. credit life

Answer: Option A
4. Which of the following is the first life insurance company in India?
    A. United India Insurance B. Oriental Insurance C. LIC D. New India Assurance.

Answer: Option B
5. National Insurance Academy located in ________
    A. Chennai B. Calcutta C. Pune D. Hyderabad

Answer: Option C

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