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 Quiz 2 includes Questions and Answers 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 Quiz 2 is extremely important for aspirants of Insurance related recruitment’s such as UIIC, OICL, LIC, HFL, AAO, etc.
Q1
Which is a fixed amount for a covered service in health sector ?
- A. Coinsurance
B. Deductible
C. Copay
D. Health Insurance
A copayment or copay is a fixed amount for a covered service, paid by a patient to the insurance company before patient receives service from physician.
Q2
A deductible is usually mentioned in
- A. Rupee
B. Dollar
C. Euro
D. Any currency
A deductible is usually a fix dollar amount that you have to pay out of your own pocket before the insurance will cover the remaining eligible expenses
Q3
The amount of risk retained by an insurance company that is not re-insured is called
- A. Retention
B. Uninsurable risk
C. Insurable risk
D. Reinsure
Retention is the amount of risk retained by an insurance company that is not re-insured.
Q4
The Coinsurance is specified by
- A. Equity
B. Ratio
C. Percentage
D. None of these
Coinsurance refers to money that an individual is required to pay for services, after a deductible has been paid. Coinsurance is often specified by a percentage.
Q5
In BCAR, C related with __________
- A. Capital
B. Currency
C. Customer
D. Claim
Best’s Capital Adequacy Relativity (BCAR) – This percentage measures a company’s relative capital strength compared to its industry peer composite
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Study Guide
Exams
| Competitive Exams - College Entrance Exams | |||
|---|---|---|---|
| Category | Notification | ||
| Diploma | NITC New Delhi | Goa Diploma Admissions 2019 | |
| Graduate | WBJEE JECA | ||
| Click Here For – All India Entrance Exam Notifications | |||
Daily CA
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SP Quiz
| Competitive Exams - Practice Sets | |
|---|---|
| Category | Quiz |
| Quant Aptitude | Profit and Loss |
| Reasoning Ability | Spotting Errors |
| Insurance Awareness | Insurance Awareness |
GK
| General Knowledge for Competitive Examinations | |
|---|---|
| Topic | Name of the Article |
| GK - World | June 2019 Awards And Honors |
| Multinational Companies CEOs | |
| Nobel Prize Winners List | |
| GK - India | Various Indian Price Indices |
| Indian Museums | |
| Vedic Literature | |
| GK - Abbreviations | Computer Aptitude Abbreviations |
| Finance Abbreviations | |
| Education Abbreviations | |
| GK - Banking & Insurance | Banking Ombudsman |
| Indian Currency System | |
| Money and Money Market | |