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Insurance Awareness
Practice Insurance Awareness Questions and Answers
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A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as?
Which Insurance is a compulsory insurance plan administered by a government agency with the primary emphasis on social adequacy?
A generic term applying to all types of insurance indemnifying or reimbursing for losses caused by bodily injury or illness including related medical expen...
Which is liability coverage for contents within a renter’s residence?
Personal and business property coverage combining several types of property insurance in one policy is called?
A Life insurance policy for which the cost is equally distributed over the term of the premium period, remaining constant throughout is called?
An adjustable life insurance under which premiums and coverage are adjustable, company’s expenses are not specifically disclosed to the insured but a fin...
A form of whole-life insurance with a predefined number of premiums to be paid is known as?
Which term referring to property coverage for the perils of burglary, theft and robbery?
What is a Coverage protecting property against losses caused by a fire or lightning that is usually included in home owners or commercial multiple peril po...
What is coverage for flood damage is available from the federal government under the National Flood Insurance Program but is sold by licensed insurance age...
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 ...
Which of the following insurance is mainly used for leased cars?
What is an insurance purchased by a bank or creditor on an uninsured debtor’s behalf so if the property is damaged, funding is available to repair it?...
What is a coverage for glass breakage caused by all risks?
This broad type of coverage was developed for shipments that do not involve ocean transport is known as?
What is a coverage designed to protect businesses from liabilities that arise from the conducting of business over the Internet, including copyright infrin...
A professional liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed...
What is a coverage that guarantees bondholders timely payment of interest and principal even if the issuer of the bonds defaults?
What is a life insurance policy that remains in force for the policyholder’s lifetime?
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 i...
What covers professionals for negligence and errors or omissions that injure their clients?
What is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents?
A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at th...
Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufact...
Which of the following principles of Insurance denotes insurance of same subject matter with two different companies or with the same company under two dif...
The Insurance Regulatory and Development Authority (IRDAI) was formed on the recommendation of which committee?
An individual who may become eligible to receive payment due to will, life insurance policy, retirement plan, annuity, trust, or other contract is known as...
Which is used to determine the actual cash value of property at time of loss?
The amount which is payable by you during the premium paying term at regular intervals for a limited period as specified in the plan schedule is called?
What is the period between the date of subscription to an insurance-cum-pension policy and the time at which the first instalment of pension is received?
Which principle specifies an insured should not collect more than the actual cash value of a loss?
Selling insurance through groups is called?
The conversion of the account balance of a deferred annuity contract to income payments is termed as?
A survey to determine a property’s insurable value, or the amount of a loss is termed as?
The period during which the owner of a deferred annuity makes payments to build up assets is called?
The conversion of insurance companies from mutual companies owned by their policyholders into publicly traded stock companies is termed as?
Funds that a lender collects to pay monthly premiums in mortgage and home owners insurance, and sometimes to pay property taxes is called?
Insurance premiums are payable in advance but the insurance company does not fully earn them until the policy period expires is termed as?
A written form attached to an insurance policy that alters the policy’s coverage, terms, or conditions is termed as?
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