Hello and welcome to ExamPundit. Here is the part 2 of Expected Questions from Insurance Terms and News.
1. The amount
payable, as stated in a life insurance policy, to the designated beneficiary
(ies) upon the death of the insured.
- Death Benefit Payable
2. Section 39 of the
Indian Insurance Act 1938 provides for ___________.
- Nomination of a person
3. The process takes
place when the claims examiner looks at the policy document and the evidence
submitted to him or her and makes a
decision to reject it.
- Repudiation of a claim
4. A form of
insurance in which individual policies are issued to the employees of a common
employer or the members of an association
under an arrangement by which the employer or association agrees to collect the premium and remit them to the
insurer.
- Franchise Insurance
5. What does GIVE
stands for in Insurance?
- Gross Insurance Value Element
6. A policy designed
to provide coverage under a single limit for two or more items (e.g. building
and/or contents), two or more
locations, or a combination of items and/or locations.
- Blanket Insurance
7. A No-claim Bonus
(or No-claim Discount) system in which the premium level reached after a policyholder has made claims may be higher
than that corresponding to the point of entry.
- Bonus-malus
8. A company owned
solely or in large part by one or more non- insurance entities for the primary
purpose of providing insurance coverage
to the owner or owners.
- Captive Insurance Company
9. In insurance, an
exceptional loss for example, resulting from a flood or earthquake is called?
- Catastrophe Risk
10. Amount of the
insurance ceded to a reinsurer by the original insuring company in a
reinsurance operation.
- Cession
11. A single
insurance company writing both life and non-life business.
- Composite insurer
12. The portion of an
insured loss borne by the policyholder.
- Deductible
13. Any insurance
risk resulting from a human decision.
- Dynamic Risk
14. Estimated Maximum Loss (EML) is used in
__________.
- Fire, explosion and material damage insurance policies.
15. Type of insurance
or reinsurance that covers a whole account over a period of time. No payment is
made until the accumulated losses in the
year exceed the stop-loss level.
- Stop-Loss
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