Archives

Where are the headquarters of IrDA?

The headquarters of IRDA is located in – [A]Delhi [B]Mumbai [C]Chennai [D]Hyderabad Show Answer Hyderabad The headquarters of Insurance Regulatory and Development Authority (IRDA) of India is located in Hyderabad.

What is covered in Hospitalization Insurance policy?

In context of heath insurance, under which policy the insurer pays the total or partial amount of the insured person’s hospital bills? [A]Hospitalization policy [B]Hospital Daily Cash Benefit policy [C]Critical Illness benefit policy [D]All of the above Show Answer Hospitalization policy The Hospitalization policy covers, fully or partly, the actual cost of the treatment for […]

Foundation date of LIC of India?

On which date, Life Insurance Corporation of India (LIC) was established? [A]January 19,1956 [B]September 1,1956 [C]August 19,1956 [D]December 1,1956 Show Answer September 1,1956 As per the Life Insurance Corporation Act, 1956, Life Insurance Corporation of India (LIC) was founded by Government of India on September 1,1956.

What is Policy Lapse in Insurance?

Which term refers to termination of a policy due to failure to pay the required renewal premium. [A]Actuary [B]Annuity [C]Policy Lapse [D]CMO Show Answer Policy Lapse Policy Lapse refers to termination of a policy due to failure to pay the required renewal premium.

What is a micro-insurance policy?

If a general or life insurance policy with a sum assured of Rs. 50000 or less, then it denotes which type of insurance category? [A]Mortgage Insurance [B]Micro Insurance [C]Multi-Peril Insurance [D]Nonadmitted Insurance Show Answer Micro Insurance A micro-insurance policy is a general or life insurance policy with a sum assured of Rs. 50000 or less.

What is Morbidity Risk in Insurance?

If a person experience illness, injury, or other physical or psychological impairment, whether temporary or permanent, then it is which type of risk? [A]Morbidity Risk [B]Preferred Risk [C]Morbidity Risk [D]Standard Risk Show Answer Morbidity Risk Morbidity Risk is the potential for a person to experience illness, injury, or other physical or psychological impairment, whether temporary […]

Which type of life insurance coverage payable to a third party lender upon the death of the insured for loss of loan payments?

Which type of life insurance coverage payable to a third party lender upon the death of the insured for loss of loan payments? [A]Micro Insurance [B]Mutual Insurance [C]Mortgage Insurance [D]Health Insurance Show Answer Mortgage Insurance Mortgage Insurance is a form of life insurance coverage payable to a third party lender/mortgagee upon the death of the […]

What do we call the money charged for the insurance coverage?

What do we call the money charged for the insurance coverage? [A]Policy Lapse [B]Morbidity Risk [C]Premium [D]Package Policy Show Answer Premium Premium is the money charged for the insurance coverage reflecting expectation of loss.