Insurance Testing Questions and Answers

Insurance Testing | Mock Test

An amendment to insurance policy that becomes a part of the insurance contract and that either expands or limits the benefit payable under the contract is
a. dividend option
b. policy term
c. policy rider
d. retrocession

Answer : policy rider
If you are concerned that your health might deteriorate and prevent you from purchasing more insurance in the future you should purchase a policy with what type of rider?
a. Waiver of premium
b. Disability income
c. Accidental death benefit
d. Guaranteed insurability
Answer : Guaranteed insurability
Life insurance plans which provide only risk cover during a specified period without any survival benefit are called _______________ plans.
a. Money back
b. Term insurance
c. Endowment
d. Variable annuity
Answer : Term insurance
Which of the following policies has a minimum interest rate guarantee on the policy value?
a. Term
b. Universal life
c. Variable life
d. Variable universal life
Answer : Variable life
The claim amount which is most probably paid to insured is determined at what stage of claim handling process
a. Claim notification
b. Claim registration
c. Clam payment
d. Assessment
Answer : Assessment
The initial estimation of the loss is done at what stage of claim handling process
a. Claim notification
b. Claim registration
c. Claim processing
d. Claim payment
Answer : Claim registration
Which one of these is a charecteristic of target market?
a. Geography
b. Age
c. Gender
d. All of the above
Answer : All of the above
The process of accessing and classifying the risk is known as
a. New business
b. Underwriting
c. Claims
d. Accounting
Answer : Underwriting
The process of ceding the higher risk applications to another insurance company is called
a. Reinsurance
b. Coinsurance
c. Add on insurance
d. None of the above
Answer : Reinsurance
Which class of insured will have low premium when compared to others?
a. Preferred class
b. Standard class
c. sub-standard class
d. Declined class
Answer : Preferred class

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One comment on “Insurance Testing Questions and Answers

Rodrigo Ringlein

What’s up, after reading this awesome piece .


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