Deck 8: Insurance Terminology: Understanding Risks, Coverage, and Policies

Question 1

__________ provides risks coverage to the life of person

A) Life Insurance
B)Health Insurance
C)Death Insurance
D)All of these

Answer 1

Life Insurance

Question 2

From the following which is the importance of life Insurance?

A)Encourage investments
B)Credit work ness
C)Tax benefit
D)All of these

Answer 2

All of these

Question 3

__________ refers to the right of an insurer to refuse admittance of the claim by the insured.

A)Replication
B)Repudiation
C)Dufalication
D)None

Answer 3

Repudiation

Question 4

__________ means the body or frame of the ship or vessel and its machinery.

A)Cargo
B)Fright
C)Hull
D)Voyage

Question 5

________ is the charge to be paid to the transportation of the goods.

A)Hull
B)Cargo
C)Fright
D)Premium

Question 6

The first requirement of the corporation in the cases of death claim is _____

A)Imitation of death
B)Intimation of death
C)Certificate of death
D)None of these

Question 7

Expanded form of PPL policy is ___________

A)Policy Procedure of Interest
B)Policy Port of Interest
C)Policy proof of interest
D)Port proof of interest

Question 8

General Insurance policies are issued for a period of

A)1 year
B)2 year
C)10 year
D)4 year

Question 9

_______ means the act of throwing a part of the cargo over board lighten the ship in emergencies

A)Barratry
B)Jettison
C)Waiver
D)Premium

Question 10

A valuable policy is just opposite to the ________

A)Value policy
B)Valued policy
C)Both
D)None

Question 11

________ Policy covers both fixed and current assets of insured manufactures.

A)Block
B)Blanket
C)Transit
D)Excess

Question 12

Reinsurance can be called as ________

A)Insurance of Insurance
B)Insurance of insures
C)Insurance of insurance policy
D)None