exampundit.in-expected insurance awareness questions - set 2
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exampundit.in http://www.exampundit.in/2015/08/expected-insurance-awareness-questions.html
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 disability?- 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 insurancecompany 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 shallnot 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 additional orreturn premium on receipt of a declaration from the insured giving details of values at risk is known as________.- Declaration Basis
16. Intentional failure to perform a duty, reckless disregard of the consequences as affecting the life orproperty 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 beexposed 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