Insurance EQ 1

Insurance Awareness Expected Questions - Part 1

1. The complaint to Insurance Ombudsman
must be lodged within _______.
- 1 year of the incident
8. SBI General Insurance Company is a Joint
Venture between State Bank of India and
______________.
- Insurance Australia Group

2. How much do you need to pay to lodge a

complaint to Insurance Ombudsman? 9. Insurance Australia Group has recently

n
increased the share to 49% in which general
- Nil
insurance company?

- SBI General Insurance Company

t.i
3. What is the maximum claim amount for an
Insurance Ombudsman complaint?
10. What is the cover amount of full disability
- Rs 20 Lakhs
in Pradhan Mantri Suraksha Bima Yojana?

i
nd
- 2 Lakhs
4. TATA AIG General Insurance Company is a
Joint Venture between TATA Group and
______________. 11. Laxmi Vilas Bank recently signed a 5 year
Bancassurance Pact with which Insurance
- American International Group(AIG)
company?
pu
- Max Life
5. AVIVA India is a Joint Venture between
Aviva PLC and ___________.
12. Insurance Policy which is provided as an
- Dabur Group
additional layer of security to those who are at
risk for being sued for damages to other
am

people's property or injuries caused to others

6. Max Life Insurance is a Joint Venture in an accident is called __________.
between Max India and __________.
- Umbrella Insurance
- Mitsui Sumitomo Insurance Co Ltd

13. A life insurance policy that a company

7. IndiaFirst Life Insurance Company is a Joint
ex

purchases on a key executive's life.

Venture between Bank of Baroda, UK's Legal &
General and which other Indian Public Sector - Keyman Insurance / Chairman
Bank? Insurance/Business Life Insurance

- Andhra Bank
14. Type of reinsurance in which risks is coded
on an individual basis. The coding company
can choose whether or not to reinsurer can

8/12/2015 Downloaded from www.exampundit.in 1

 Insurance EQ 1

decide to accept or reject the business is called 20. A form of insurance in which individual
____________. policies are issued to the employees of a
common employer or the members of an
- Facultative Insurance
association under an arrangement by which
the employer or association agrees to collect
the premium and remit them to the insurer.

- Franchise Insurance
15. The theory that enables the insurance

n
company to predict potential losses based on a
study of the insured’s previous loss
21. What does GIVE stands for in Insurance?
experiences.

t.i
- Gross Insurance Value Element
- Theory of Probability

22. A policy designed to provide coverage

i
16. Insurance policy that has values assigned
under a single limit for two or more items (e.g.

nd
to insured items, the values being agreed by
building and/or contents), two or more
the insurer and in the event of claim for total
locations, or a combination of items and/or
loss, that is the sum paid without the need for
locations.
further negotiation.
- Blanket Insurance
- Valued Policy
pu
23. A No-claim Bonus (or No-claim Discount)
17. The amount payable, as stated in a life
system in which the premium level reached
insurance policy, to the designated beneficiary
after a policyholder has made claims may be
(ies) upon the death of the insured.
higher than that corresponding to the point of
- Death Benefit Payable entry.
am

- Bonus-malus

18. Section 39 of the Indian Insurance Act 1938

provides for ___________.
24. A company owned solely or in large part by
- Nomination of a person one or more non- insurance entities for the
primary purpose of providing insurance
coverage to the owner or owners.
ex

19. The process takes place when the claims - Captive Insurance Company
examiner looks at the policy document and the
evidence submitted to him or her and makes a
decision to reject it.
25. In insurance, an exceptional loss for
- Repudiation of a claim example, resulting from a flood or earthquake
is called?

- Catastrophe Risk

8/12/2015 Downloaded from www.exampundit.in 2

 Insurance EQ 1

26. Amount of the insurance ceded to a

reinsurer by the original insuring company in a
reinsurance operation.

- Cession

n
27. A single insurance company writing both
life and non-life business.

t.i
- Composite insurer

28. The portion of an insured loss borne by the

i
policyholder.

- Deductible

29. Any insurance risk resulting from a human

decision.
nd
pu
- Dynamic Risk

30. Estimated Maximum Loss (EML) is used in

__________.
am

- Fire, explosion and material damage insurance

policies.

31. 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.
ex

- Stop-Loss

8/12/2015 Downloaded from www.exampundit.in 3