Expected Insurance Awareness Questions – Set 2

Hello and welcome to ExamPundit. Here is a set of Insurance Awareness Expected Questions which are important for the upcoming OICL Assistant 2015, IRDA Assistant 2015 and UIIC Assistant 2015.

1. What amount of Sum
is insured in Pradhan Mantri Suraksha Bima Yojana in case of Death?
– 2 Lakh
2. What amount of Sum
is insured in Pradhan Mantri Suraksha Bima Yojana in case of partial
– 1 lakh
3. What is the
Premium amount of Pradhan Mantri Suraksha Bima Yojana?
– Rs. 12 per annum
4. An insurance
Ombudsman is appointed for a term of _________.
– 3 Years or till he reach 65 years. Whichever is earlier
5. The Insurance
ombudsman shall pass an award within a period of _________.
– Three Months
6. You can approach the
Ombudsman with complaint if you have first approached your insurance company
with the complaint and Not responded to it at all for
– 30 Days
7. While approaching
the Insurance Ombudsman the value of the claim including expenses claimed shall

not be above _______.
– Rs. 20 Lakh
8. What is the
premium amount of Pradhan Mantri Jeevan Jyoti Bima Yojana?
– Rs. 330 per annum
9. What is the scope
of coverage of Pradhan Mantri Jeevan Jyoti Bima Yojana?
– 18 to 50 years
10. What is the
minimum and maximum age of Pradhan Mantri Suraksha Bima Yojana?
– 18 Minimum and 70 maximum
11. Insurance
Companies, ensure that in each claim free year the policyholder gets a benefit
known as
– Cumulative Bonus
12. The first
Non-payment of policy premium by the policy holder is known as _______.
– First Unpaid Premium
13. The willful and
malicious burning of property, often with criminal intent is known as _______.
– Arson
14. A group of claims
with a common period of origin is known as ________.
– Claims Cohort
15. An arrangement
whereby a provisional premium is paid and subsequently adjusted by an
or return premium on
receipt of a declaration from the insured giving details of values at risk is
as ________.
– Declaration Basis
16. Intentional
failure to perform a duty, reckless disregard of the consequences as affecting
the life or
property of another is
known as __________.
– Gross Negligence
17. What does IBNR
stands for?
– Incurred but not Reported
18. An all risk
insurance contract that provides jewelers with coverage to losses, which they
would be
exposed is known as
– Jewelers Block Insurance
19. What does
Retrocession mean in Insurance?
– A transaction in which a reinsurer transfers risks it has
reinsured to another reinsurer.
20. What does
Solvency margin mean in Insurance?
– Surplus of assets over liabilities


Team ExamPundit


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Books For 2015 Banking/Insurance Exams