Question 1

__________ provides risks coverage to the life of person&#10;A) Life Insurance&#10;B)Health Insurance&#10;C)Death Insurance&#10;D)All of these

Accepted Answer

Life Insurance specifically provides coverage for the life of a person, paying out a sum to the designated beneficiaries upon the insured person's death.

Question 2

From the following which is the importance of life Insurance?&#10;A)Encourage investments&#10;B)Credit work ness&#10;C)Tax benefit&#10;D)All of these

Accepted Answer

Life insurance offers multiple benefits including encouraging investments, providing tax benefits, and enhancing creditworthiness, making all of these options correct.

Question 3

__________ refers to the right of an insurer to refuse admittance of the claim by the insured.&#10;A)Replication&#10;B)Repudiation&#10;C)Dufalication&#10;D)None

Accepted Answer

Repudiation refers to the right of an insurer to refuse admittance of a claim by the insured, often due to the claim not meeting the terms of the insurance policy.

Question 4

__________ means the body or frame of the ship or vessel and its machinery.&#10;A)Cargo&#10;B)Fright&#10;C)Hull&#10;D)Voyage

Accepted Answer

The term "hull" refers to the main body or frame of a ship or vessel, including its machinery. It encompasses the structural parts of the ship that provide buoyancy and protection.

Question 5

________ is the charge to be paid to the transportation of the goods.&#10;A)Hull&#10;B)Cargo&#10;C)Fright&#10;D)Premium

Accepted Answer

The correct term is "Freight," which refers to the charge paid for the transport of goods. However, the correct spelling is "Freight," not "Fright" as listed in the options. Despite the misspelling, it's clear that option C is intended to represent this concept.

Question 6

The first requirement of the corporation in the cases of death claim is _____&#10;A)Imitation of death&#10;B)Intimation of death&#10;C)Certificate of death&#10;D)None of these

Accepted Answer

The first requirement of a corporation in the case of a death claim is the "Intimation of death," which means the corporation must be notified about the death of the individual.

Question 7

Expanded form of PPL policy is ___________&#10;A)Policy Procedure of Interest&#10;B)Policy Port of Interest&#10;C)Policy proof of interest&#10;D)Port proof of interest

Accepted Answer

The expanded form of PPL policy is "Policy proof of interest."

Question 8

General Insurance policies are issued for a period of&#10;A)1 year&#10;B)2 year&#10;C)10 year&#10;D)4 year

Accepted Answer

General Insurance policies are typically issued for a period of 1 year, after which they need to be renewed.

Question 9

_______ means the act of throwing a part of the cargo over board lighten the ship in emergencies&#10;A)Barratry&#10;B)Jettison&#10;C)Waiver&#10;D)Premium

Accepted Answer

Jettison refers to the act of throwing cargo overboard to lighten a ship's load in an emergency situation.

Question 10

A valuable policy is just opposite to the ________&#10;A)Value policy&#10;B)Valued policy&#10;C)Both&#10;D)None

Accepted Answer

The answer of A valuable policy is just opposite to...

Question 11

________ Policy covers both fixed and current assets of insured manufactures.&#10;A)Block&#10;B)Blanket&#10;C)Transit&#10;D)Excess

Accepted Answer

The answer of ________ Policy covers both fixed and current...

Question 12

Reinsurance can be called as ________&#10;A)Insurance of Insurance&#10;B)Insurance of insures&#10;C)Insurance of insurance policy&#10;D)None

Accepted Answer

The answer of Reinsurance can be called as ________&#10;A)Insurance of...

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