Expected Insurance Awareness Questions - Set 2

Hello and welcome to ExamPundit. Here is a set of Insurance Awareness Expected Questions which are important for the upcoming OICL Assistant 2015, IRDA Assistant 2015 and UIIC Assistant 2015.

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 insurance company 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 shall not 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 or return 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 or property 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 be exposed 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


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Books For 2015 Banking/Insurance Exams