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Important Terms Related to Insurance Sector
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1.
What is the meaning of "Sum Assured" in an insurance policy?
The premium amount paid by the policyholder
The total amount paid by the insurer to the policyholder as maturity benefit
The guaranteed amount payable to the policyholder or nominee upon the occurrence of an insured event
The interest earned on the policy
2.
Which of the following best describes "Underwriting" in insurance?
Issuing the policy document to the policyholder
Assessing and evaluating risks to determine whether to accept or reject an insurance proposal
Paying claims to policyholders
Collecting premiums from policyholders
3.
"Claim Settlement Ratio" refers to:
The ratio of rejected claims to total claims received
The ratio of settled claims to total claims received
The ratio of premiums collected to claims paid
The ratio of policies issued to claims received
4.
What is "Rider" in the context of insurance?
An additional coverage or benefit attached to the main policy
A policy that covers two individuals jointly
A policy that provides loans to the insured
The premium paid for a life insurance policy
5.
"Grace Period" in an insurance policy refers to:
The period between the policy issuance and the first premium payment
The time given after the due date of premium payment during which the policy remains in force
The time taken by the insurer to settle a claim
The waiting period for policy benefits to start
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These questions are part of Banking Awareness - 2025-26 course in GKToday's Android Application. The Course comprises 2400+MCQs on Banking & General Financial Awareness with explanation for All Banking Exams of 2025-26 such as IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking Examinations.
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