Q-A Insurance Vocabulary

A detailed illustration representing various insurance concepts such as policies, claims, and risk management, featuring elements like houses, cars, and health symbols amidst a vibrant background.

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

40 Questions10 MinutesCreated by LearningLion123

………….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

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

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