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Insurance and Finance - General Knowledge Questions
A)
60%
B)
70%
C)
85%
D)
100%

Correct Answer : Option (D) - 100%

A)
Waiting period
B)
Benefit period
C)
Off period
D)
Elimination period

Correct Answer : Option (A) - Waiting period

Waiting period : This is the period of time that must pass before your cover comes into effect. During this time you are unable to claim. For example, if you have a waiting period applied for spinal injuries, you would be unable to claim for this condition until the waiting period had passed. This is to prevent people applying for cover when they know that they are likely to claim in the near future.

A)
Balance Sheet
B)
Profit and Loss Account
C)
Revenue Account for each class of Insurance business
D)
All of the above

Correct Answer : Option (D) - All of the above

A)
Consequential loss
B)
Conditional Contract
C)
Conditional Receipt
D)
Conditional Renewable

Correct Answer : Option (C) - Conditional Receipt

A receipt involved in life, health and certain property insurance contracts; if the insured is deemed to be covered by the insurer, the coverage begins on the date the insured receives the conditional binding receipt.

A)
Aggregate Limits
B)
Aleatory contract
C)
Affirmative Warranty
D)
All-Risk Agreement

Correct Answer : Option (B) - Aleatory contract

A)
Actual Loss Ratio
B)
Acts of God
C)
Combined Ratio
D)
Actuarial Cost Assumptions

Correct Answer : Option (C) - Combined Ratio

The combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium.

A)
Blanket Value
B)
Blanket Bond
C)
Blanket Assign
D)
Blanket Coverage

Correct Answer : Option (D) - Blanket Coverage

Blanket coverage refers to a category of business insurance policies covering multiple properties that are similar in nature but not at the same location.

A)
Surrender Value
B)
Maturity Value
C)
Paid-up value
D)
Sum Assured

Correct Answer : Option (A) - Surrender Value

A)
Insured or Policyholder
B)
Agent
C)
Insurer
D)
Nominee or Beneficiary

Correct Answer : Option (C) - Insurer

A)
Liquidity
B)
Indemnity
C)
Premium
D)
Annuity

Correct Answer : Option (B) - Indemnity

The principle of indemnity is such principle of insurance stating that an insured may not be compensated by the insurance company in an amount exceeding the insured’s economic loss.