Q-A Insurance Vocabulary
Insurance Vocabulary Quiz
Test your knowledge of essential insurance terminology with our comprehensive quiz designed for both beginners and professionals in the field. Whether you're studying for certification or just looking to enhance your understanding, this quiz offers challenging questions that cover a broad spectrum of insurance concepts.
- 40 multiple-choice questions
- Score tracking for your progress
- Great for self-assessment and learning
………….is the person who likely to be covered under the insurance policy. *
Surveyor
Insurer
Underwriter
Insured
What is the amount to be covered under the coverages in an insurance policy? *
Premium
Commission
Sum Insured
Brokerage Fee
What is the amount that insured pays to insurer for exchanging the coverages? *
Sum Insured
Premium
Commission
Brokerage Fee
Which of these words can be defined as "that which influences the operation of the peril"? *
Hazard
Risk
Peril
Liability
Which entity body is accepting risks from insureds? *
Thai General Insurance Association
Office of Insurance Commission
Insurer
Insurance Broker
Which of these words can be defined as "The possibility of an unfortunate occurance"? *
Hazard
Risk
Peril
Liability
Which of these words can be defined as "that which gives rise to a loss"? *
Hazard
Risk
Peril
Liability
What is an activity that the company makes a decision on accepting the risk? *
Indemnifying
Underwriting
Disclose
Policy Issuing
…………..is a type of document effecting the alteration that is attached after policy has been issued. *
Endorsement
Policy Schedule
Application
Quotation
In which part of an insurance policy will details of inception and expiry date be found? *
Policy Wording
Policy Schedule
Condition
Warranty
What is a document that provide the offering of the coverages from an insurer to a prospected customer? *
Application
Quotation
Insurance Certificate
Policy Schedule
………………is Thailand's insurance regulator. *
Thai General Insurance Association
Office of Insurance Commission
Monetary Authority of Thailand
Financial Service Authority
Applicant must fill in the ……………. For the company's consideration and premium paid before coverage and issuing the policy. *
Insurance Certificate
Application
Warranty
Condition
A dismemberment to an insured from an accident can be cover under ……….. coverage. *
Liability
Bail Bond
Property Damage
Bodily Injury
The compulsory insurance is an example of which class of insurance? *
Motor Insurance
Travel Insurance
Hull Insurance
Property Insurance
The……………..in insurance shows the relationship between incurred losses and numbers of claim and is expressed as a percentage. *
Average Severity
Average Frequency
Loss Ratio
Combined Ratio
The……………..in insurance shows the relationship between incurred losses and earned premiums and is expressed as a percentage. *
Average Severity
Average Frequency
Loss Ratio
Combined Ratio
The……………..in insurance shows the relationship between numbers of claim and earned policy and is expressed as a percentage. *
Average Severity
Average Frequency
Loss Ratio
Combined Ratio
What is the amount that insurance company need to set aside until the expiry of risks? *
Premium Reserved
Operating Expenses
Commission
Indemnity
To set ……………is to split money into several equal amount and spread over an agreed period of time. *
First Loss
Agree Value
Unearned Premium
Instalment
You may decide to………………rather than risk transferring via purchasing insurance. *
Coinsurance
Indemnity
Self-Insure
Underinsured
One objective of "waiting period" is to prevent …………..claim in health insurance. *
Exposure
Partial Loss
Total Loss
Fraud
Which loss does not cause by a Natural Peril? *
World Trade Center was attacked by the terrorists.
Tsunami hit Phuket Island in 2004.
The buildings in Tokyo were collapse due to earthquake.
Volcano Eruption in Hawaii spewed lava that destroyed hundreds of homes.
What is not likely to classified as catastrophe peril? *
Accidental Damage
Earthquake
Flood
Hurricane
Not only an insured, but a policy can also be issued to………. *
Insurer
Agent
Policy Holder
Underwriter
………...includes the loss, or the loss of body parts or functions (e.g., limbs, speech, eyesight, or hearing). *
Reimbursement
Brokerage
Pre-Existing Condition
Dismemberment
.............is the person or entity entitled to receive the claim amount and other benefits upon the death of the insured. *
Agent
Broker
Beneficiary
Insurer
The prospected customer needs to………………..the true information to the insurers. *
Replace
Instalment
Declare
Retain
What is the requirement of paying premium prior to inception date of policy? *
Cash before Cover
Compensation
Reimbursement
First Loss
A customer bought a fire insurance sum insured THB 2 millions , however the actual cost of building is THB 5 millions . This example can be defined as………………. *
Under-Insurance
Over-Insurance
Under-Limitation
Partial-Insurance
The resulting improved condition of the damaged insured object is known as............. *
Betterment
Depreciation
Replacement
Wear and Tear
Under the duty of………., a person applying for insurance must reveal relevant facts to the insurer. *
Disclosure
Claimant
Fraud
Warranty
In a property insurance policy, what can be defined as subject matter of insurance where coverage applies to, such as building owned by an insured? *
Insured Premises
Comprehensive
Policy Holder
Exposure
What can be defined as the monetary value of an asset decreases over time due to use, wear and tear or obsolescence? *
Benefit
Warranty
First Loss
Depreciation
The health underwriter would be very concerned if the applicant has a……………………before accepting an insurance policy. *
Beneficiary
Statutory Heir
Pre-Existing Condition
No-Claim Bonus
Who does receive commission as an income? *
Coinsurer
Reinsurer
Insured
Claimant
Surveyor
Loss Adjuster
Underwriter
Agent
Regulator
Actuary
Loss Assessor
Who is a business professional who analyzes the financial consequences of risk by using mathematics, statistics, and financial theory to study uncertain future events? *
Coinsurer
Reinsurer
Insured
Claimant
Surveyor
Loss Adjuster
Underwriter
Agent
Regulator
Actuary
Loss Assessor
Which insurance professional decides whether a proposed risk is accepted by an insurer? *
Coinsurer
Reinsurer
Insured
Claimant
Surveyor
Loss Adjuster
Underwriter
Agent
Regulator
Actuary
Loss Assessor
The individual appointed by an insurer to work together with an insured in the process of a claim settlement is known as a………………. *
Coinsurer
Reinsurer
Insured
Claimant
Surveyor
Loss Adjuster
Underwriter
Agent
Regulator
Actuary
Loss Assessor
An insurer who has accepted a risk too large to retain can choose to insure part of the risk with………………. *
Coinsurer
Reinsurer
Insured
Claimant
Surveyor
Loss Adjuster
Underwriter
Agent
Regulator
Actuary
Loss Assessor
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