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Insurance and Finance - General Knowledge Questions
A)
Age and income
B)
Age and sex
C)
Age and number of dependents
D)
Income and size of family

Correct Answer : Option (A) - Age and income

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

Correct Answer : Option (D) - Conditional Contract

A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain.

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

Correct Answer : Option (C) - Aggregate Limits

An aggregate limit is the maximum dollar amount your insurer will pay to settle your claims.

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

Correct Answer : Option (B) - Actuarial Cost Assumptions

Loss Ratio in insurance is the ratio of total amount paid out in claims plus adjustment expenses divided by the total earned premiums.

A)
Maturity Claim
B)
Paid-up value
C)
Surrender Value
D)
Collateral Assignment

Correct Answer : Option (D) - Collateral Assignment

A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan.

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

Correct Answer : Option (A) - Paid-up value

Paid up value is the reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums.

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

Correct Answer : Option (B) - Nominee or Beneficiary

A person who receives the benefit in case of death of the insured person is a nominee.

A)
Health Insurance
B)
Treaty Insurance
C)
Facultative Insurance
D)
None of the Above

Correct Answer : Option (C) - Facultative Insurance

Facultative insurance is reinsurance for a single risk or a defined package of risks.

A)
Equity
B)
Liquidity
C)
Fund
D)
Cover

Correct Answer : Option (A) - Equity

An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation’s assets and profits.

A)
Educational/ Research Institutions.
B)
Godown Keepers.
C)
Shop Keepers.
D)
All of the Above

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

Fire insurance is insurance that is used to cover damage to a property caused by fire. It is a specialized form of insurance beyond the property insurance. It is designed to cover the cost of replacement, reconstruction or repair which all are not covered by the property insurance policy.