Insurance Awareness mcq questions and answers for competitive exams

is a life insurance policy that remains in force for the policyholder's lifetime.

A standing agreement between insurers and re-insurers. Under a treaty each party automatically accepts specific percentages of the insurer's business is termed as

If the insurance policy is taken from more the one underwriter where period of insurance, subject matter of insurance and sum insured are same is termed as

The period during which the owner of a deferred annuity makes payments to build up assets is called

The legal process by which an insurance company, after paying a loss, seeks to recover the amount of the loss from another party who is legally liable for it is termed as

Which of the following is an optional feature that can be added to a policy?

Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?

In Insurance, CGL stands for

A person who holds something in trust for another is known as

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

plans provide for a 'pension' or a mix of a lump sum amount and a pension to be paid to the policyholder or his spouse.

An amount of premium for which payment has been made by the policyholder but coverage has not yet been provided is known as

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.

is a form of non-proportional reinsurance.

A demand made by the insured, or the insured's beneficiary, for payment of the benefits as provided by the policy is known as