Insurance Questions and Answers
Test and improve on your knowledge of insurance with these Insurance questions and answers. This aptitude test assesses your understanding of the fundamental concepts of insurance.
Test and improve on your knowledge of insurance with these Insurance questions and answers. This aptitude test assesses your understanding of the fundamental concepts of insurance.
The duty of a loss assessor is to ensure
adequate compensation to the insured
payment of premium to the insurer
that risk manager identifies the risk properly
that insurance broker collects commission
Correct answer is A
A Loss Assessor is appointed by the policyholder when they need to submit a substantial or complex claim.
Independent entity hired and paid by the insured (policy holder) to negotiate an insurance claim with the insurer (insurance company). The loss assessor receives a fee that is usually a percentage of the claim amount received by the insured.
one of the difference between contract of life assurance and non life insurance is?
non-life requires renewal while life does not
life requires renewal while non-life does not
life is subject to indemnity while non life is not
non-life is subject to compensation while life is not
Correct answer is D
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
Non- life insurance refers to the insurance of goods and properties. ... Non- life insurance is taken as a means of providing financial protection for building, machinery, equipment, furniture, and vehicle and merchandise items against the risk of fire, earthquake, accident and theft.
A motor policy that provides cover for the loss or damage of a vehicle used for farming purposes is
private car policy
agricultural policy
special type policy
motor trades policy
Correct answer is C
No explanation has been provided for this answer.
To insure any property, the insured must have
insurable interest
goodwill
premium
valuable consideration
Correct answer is A
Insurable interest is defined as the reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc.
A ''no claim discount'' will be granted under
fidelity guarantee insurance
marine insurance
life insurance
motor insurance
Correct answer is D
No-claim bonus (NCB) is a discount in premium offered by insurance companies if a vehicle owner has not made a single claim during the term of the motor insurance policy.