Insurance Awareness mcq questions and answers for competitive exams

Posted : 4 months ago
Insurance Awareness mcq questions and answers for competitive exams UPSC SSC , SSC CGL, SSC CHSL, upsc Civils , Entrance exams Online test practice online free Quiz, mock practice online
1.
The party to whom the rights of the insured under a policy are transferred is known as

a
Agent
b
Assignee
c
Appointee
d
Policyholder

2.
A single insurance policy that combines several coverages previously sold separately is termed as

a
Multiple Policy
b
Package Policy
c
Combined Policy
d
None of the Above

3.
Which of the following insurance is a coverage for damage to a vessel or aircraft and affixed items?

a
Hull Insurance
b
Social Insurance
c
Group Insurance
d
Renters Insurance

4.
Coverage for property taken or destroyed by breaking and entering the insured's premises, burglary or theft, forgery or counterfeiting, fraud, kidnap and ransom, and off-premises exposure is known as

a
Fire Policy
b
Burglary Policy
c
Jewellers Block Policy
d
None of the Above

5.
Insurance Policy which is provided as an additional layer of security to those who are at risk for being sued for damages to other people's property or injuries caused to others in an accident is know

a
Umbrella Insurance
b
Inland Marine Insurance
c
Kidnap/Ransom Insurance
d
Internet Liability Insurance

6.
A policy which has terminated and is no longer in force due to non-payment of the premium due is called

a
Fiduciary
b
Indemnity
c
Lapsed Policy
d
Key man policy

7.
A state tax on premiums paid by its residents and businesses and collected by insurers is called

a
Direct Tax
b
Indirect Tax
c
Income Tax
d
Premium Tax

8.
The headquarters of Agriculture Insurance Company is located in

a
Pune
b
Mumbai
c
Hyderabad
d
New-Delhi

9.
is the total benefit an insured person will receive at the time of claim.

a
Fire Insurance
b
Escrow Account
c
Earned Premium
d
Total Insured Benefit

10.
is the liability of individuals, corporations, or partnerships for accidents caused by people other than employees for whose acts or omissions the corporations or partnerships are responsibl

a
Convertible
b
Contingent Liability
c
Contractual Liability
d
Contingent Beneficiary

11.
The ratio of losses incurred to premiums earned actually experienced in a given line of insurance activity in a previous time period is called

a
Acts Of God
b
Combined Ratio
c
Actual Loss Ratio
d
Actuarial Cost Assumptions

12.
If you stop paying the premium, but do not withdraw the money from your policy, then the policy is referred to as

a
Sum Assured
b
Maturity Value
c
Paid-up value
d
Surrender Value

13.
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

14.
The headquarters of United India Insurance Ltd is located in

a
Pune
b
Mumbai
c
Chennai
d
Hyderabad

15.
Which is used to determine the actual cash value of property at time of loss?

a
Realization
b
Recognition
c
Depreciation
d
Appreciation

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Insurance Awareness mcq questions and answers for competitive exams

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