1.A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion is called _______
A. Variable Life Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Uninsured Motorist Coverage
A. Variable Life InsuranceExplanation:
A form of permanent life insurance, Variable life insurance provides permanent protection to the beneficiary upon the death of the policy holder.
2._______ is a policy contract that for some reason specified in the policy becomes free of all legal effect.
A. Salvage
B. Schedule
C. Retrospective Rating
D. Void
D. Void
Explanation:
A policy or other contract that has no legal validity is described as void. When an insurance company voids a life insurance policy, it is usually due to the discovery of misrepresentation of material facts by the person insured. It is as though the voided policy was never in effect since all premiums paid are usually returned to the policy owner.
3.Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?
A. Warranty Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Uninsured Motorist Coverage
A. Variable Life Insurance
Explanation:
A form of permanent life insurance, Variable life insurance provides permanent protection to the beneficiary upon the death of the policy holder.
4.Which of the following is the first life insurance company in India?
A. United India Insurance
B. Oriental Insurance
C. LIC
D. New India Assurance
B. Oriental Insurance
Explanation:
Oriental Life Insurance Company started by Europeans in Kolkata was the first life insurance company on Indian Soil.
5.National Insurance Academy located in ________
A. Chennai
B. Calcutta
C. Pune
D. Hyderabad
C. Pune
Explanation:
The National Insurance Academy (NIA) is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.
A. Variable Life Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Uninsured Motorist Coverage
A. Variable Life InsuranceExplanation:
A form of permanent life insurance, Variable life insurance provides permanent protection to the beneficiary upon the death of the policy holder.
2._______ is a policy contract that for some reason specified in the policy becomes free of all legal effect.
A. Salvage
B. Schedule
C. Retrospective Rating
D. Void
D. Void
Explanation:
A policy or other contract that has no legal validity is described as void. When an insurance company voids a life insurance policy, it is usually due to the discovery of misrepresentation of material facts by the person insured. It is as though the voided policy was never in effect since all premiums paid are usually returned to the policy owner.
3.Which of the following insurance compensates for the cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?
A. Warranty Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Uninsured Motorist Coverage
A. Variable Life Insurance
Explanation:
A form of permanent life insurance, Variable life insurance provides permanent protection to the beneficiary upon the death of the policy holder.
4.Which of the following is the first life insurance company in India?
A. United India Insurance
B. Oriental Insurance
C. LIC
D. New India Assurance
B. Oriental Insurance
Explanation:
Oriental Life Insurance Company started by Europeans in Kolkata was the first life insurance company on Indian Soil.
5.National Insurance Academy located in ________
A. Chennai
B. Calcutta
C. Pune
D. Hyderabad
C. Pune
Explanation:
The National Insurance Academy (NIA) is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.
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