Please wait...

Insurance Terms Test 2
Menu grid icon
Result Result point icon
Insurance Terms Test 2
  • Goals icon

    /

    Score
  • Trophy icon

    -

    Rank
White alarm icon Time Taken: -
Result frame illustration
  • Question 1/10
    1 / -0

    In insurance, the amount of benefit an insurance policy will pay in the absence of loans against the policy is called as _______________

    Solutions

    Face Amount – In insurance, the amount of benefit an insurance policy will pay in the absence of loans against the policy. Also known as the principal sum, or benefit amount

     

  • Question 2/10
    1 / -0

    Insurance that provides coverage for a group of persons, usually employees of a company, under one master contract is called ____________

    Solutions

    Group Insurance – Insurance that provides coverage for a group of persons, usually employees of a company, under one master contract

     

  • Question 3/10
    1 / -0

    A person or company that underwrites an insurance risk; the party in an insurance contract undertaking to pay compensation is called ___________

    Solutions

    Insurer – Party that provides insurance coverage, typically through a contract of insurance

     

  • Question 4/10
    1 / -0

    Whole life insurance for which the entire premium is paid in one sum at the beginning of the contract period is called _____________

    Solutions

    Single-Premium Whole Life Insurance – Whole life insurance for which the entire premium is paid in one sum at the beginning of the contract period

     

  • Question 5/10
    1 / -0

    In insurance, Process of assigning people to different risk classes is called ____________

    Solutions

    Underwriting – Process of assigning people to different risk classes. Insurance companies use underwriting to determine whether, and on what basis, an insurance policy will be issued.

     

  • Question 6/10
    1 / -0

    ___________ is a local government official who estimates the value of real property within a city, town, or village's boundaries

    Solutions

    The assessor is a local government official who estimates the value of real property within a city, town, or village’s boundaries. This value is converted into an assessment, which is one component in the computation of real property tax bills.

     

  • Question 7/10
    1 / -0

    ____________ is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages

    Solutions

    Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability for damages.

     

  • Question 8/10
    1 / -0

    The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs is called ____________

    Solutions

    The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs is called Deductible

     

  • Question 9/10
    1 / -0

    __________is an agreement given by the beneficiary to make periodic payments which continue during the survival of the annuitants or for specific period

    Solutions

    Annuity is an agreement given by the beneficiary to make periodic payments which continue during the survival of the annuitants or for specific period.

     

  • Question 10/10
    1 / -0

    The person who is more specialists in the mathematics of insurance who can do all calculations includes rates, reserves, dividends and other statistics is called __________

    Solutions

    The person who is more specialists in the mathematics of insurance who can do all calculations includes rates, reserves, dividends and other statistics. He is called as Actuary

     

Close button icon
User Profile
-

Correct (-)

Wrong (-)

Skipped (-)

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
Mockers logo Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Arrow pointer icon
Click on Allow to receive notifications
Notification bell icon ×
Open Now