Insurance related interview questions and answers pdf

Posted on Tuesday, May 11, 2021 5:35:30 PM Posted by Monika R. - 11.05.2021 and pdf, with pdf 4 Comments

insurance related interview questions and answers pdf

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Your company may deal with some reluctant clients from time to time. However, many people are simply unsure about the types of insurance they might need or want, or they do not understand enough to feel comfortable making an informed decision. This question tests your potential hire's ability to be persistent when it comes to selling and gives you insight into their process.

48 National General Insurance interview questions and answers pdf ebook free download

It is the amount to be paid for a contract of insurance to the insurance company. No claim bonus is a benefit for those who have not claimed insurance during the preceding year of cover. This will lower the premium on the following year. The loss payee is a person or institution Bank that receives the insurance payment on the loss of the property or vehicle you own.

It is a legal definition used to cover the investment of other parties or bank that is owned by you. For example, you have a car on loan, and also you have insurance for that car. Now you met an accident, and your car is a total loss meaning completely damaged beyond repair. Your bank still owes money from you in such case when you claim the insurance; the insurance company will pay money directly to Bank or person you owes money. Here bank is a loss payee. Deductible is one of the several types of clause that are used by the insurance company as a threshold for policy payment for health insurance or travel insurance.

Deductible is a decided amount that you have to pay from your pocket while claiming the insurance. Co-insurance term is usually referred to health insurance companies. In this type of policy, you share the coverage with, the insurance company in percentage of the policy value, after paying deductible or co-payment.

An annuity is the term used for the regular amount paid by the insurance company to the insured, after a certain period of time. The payment can be monthly or quarterly, this is often done to supplement income after retirement. Surrender Value is the amount when you stop paying the premium and withdraw the entire amount. The policy ceases as soon as you withdraw the money, and the insured will lose out all the returns on it.

The paid value is something, when the insured stops paying the premium but do not withdraw the amount. The sum assured by the insurance company is reduced proportionally depending when insured has stopped paying the premium. You will get the amount at the end of the term.

If it is not a long duration that you have bought the policy, then you can replace the policy. But in other case it is not advisable as you will lose all the benefits of the previous policy also the premium will go high as you go older.

Also, the two-year period of contestability will also begin again. In order to claim the policy, you have to fill up the claim form and contact your financial advisor from whom you have bought the policy. You have to supplement all the required documents like original payment receipt to your insurance company.

If everything is ok, you will be paid within seven days of the policy claimed. Usually, Insurance Company gives a grace period of days to the insured if they fail to pay the premium before the due date.

Further, if you fail to pay a premium, then your policy will lapse. You can revive your policy by paying the outstanding premium along with the interest, counted from the date the policy got lapsed. Different Insurance Company has a different norm for reviving the policy.

However, if your policy is in force for alonger period like say more than years,and if you fail to pay a premium, then insurance company will deduct the premium amount from your accumulated funds, especially in permanent life insurance. This will continue till there is an available fund after which your policy will be terminated. It is safe to pay the premium through your agent as far as you are making the payment through cheques on the name of Insurance Company and receiving all the receipts for the payments.

Yes, it is possible to get the full payment in free look period; you can cancel your new policy in 15 days by returning the policy to the life Insurance company after you receive all the documents related to the policy.

Participating policy is a policy, where the profit or benefits of the insurance company is shared with the insured in theform of a dividend or reversionary bonuses.

While, the non-participating policy, does not share their profit with insured. Certain Insurance company have a provision of Limited Premium Payment, through which you can pay the premium in 3, 5, 7 or 10 years depend upon your income,and you still can have the coverage for the entire tenure of the policy.

It is possible to claim, if the beneficiary has court declaration that says that the insured person is missing or legally dead disappeared for more than 7 years. The additional insured will be protected under the main policy holder.

For example a vehicle insurance policy which covers all the members of family and not only the owner. General Insurance is basically an insurance policy that protects you from losses and damages other than covered by life insurance.

For example it covers. For example, the owner of the gym has indemnity insurance to compensate it customers in case of injury or accident and to avoid the financial loss due to a lawsuit. This type of policy does not cover suicide, and death caused by gross negligence of the insured person. For example, a person who dies due to natural causes including heart disease or cancer, Murder or conspiracy by beneficiary, or death due to an injury from sheer negligence.

For example, you have an accident where your car gets damaged,and you have car insurance, the insurance company will pay you the money. It is also referred as surrender value.

This term is normally used for life Insurance contract. After the policy is fully paid up, the company plans to use the cash value to pay your premium until you die. If you take the cash value out, the insurer will require you to pay the premium or reduce the amount of the death benefit so the remaining cash value will support. Term life Insurance is a type of life Insurance, which provides coverage for fixed rate of premium for a limited period of time.

Term Insurance can cover you for the term of one or two years. Permanent Life Insurance coversan individual for the whole life; people take permanent life insurance about years normally. The premiums are slightly higher than Term Life Insurance. In the disability income insurance or loss of income insurance, the elimination period is the amount of time you have to wait before benefits are paid.

In other words,it is a time-periodbetween the beginning of theinjury and the benefits you are paid off. Longer the Elimination period lower the premium and vice versa. An endowment policy is a combination of saving along with risk cover. This type of policy is specially designed to accumulate wealth and at the same time cover your life. In this type of policy the insured will pay a regular premium for specific time period. And in case of death the money will be paid to beneficiary but, if you outlive the policy tenure, you will receive the sum assured along with accumulated bonus.

Normally, such insurance company is more expensive and the insured has to pay a higher premium on their policy. Such policy is taken by an employer for thebigger organization to cover their employee, as anindividual policy holder, it may cost more than a group policy. Generally, the benefits on the life insurance policy are tax free and the beneficiary is not liable to pay any tax after the death of the policy holder.

But if you are changing your beneficiary for monetary gain or other purposes then the beneficiary has to pay tax on it. Yes, it is possible to convert as far as you are having a convertible life insurance policy.

But there is a deadline that has to be taken care of, for converting term life insurance into permanent life insurance. Also, your premium will rise soon you convert your policy.

An insurance policy that covers the damage caused by another person or party is known as third party Insurance. In this type of insurance, the insured is the first party, insurance company is the second party while the damage done by another is referred as thethird party.

This type of Insurance policy is purchased for vehicles, so that in case of theaccident they can claim it. Personal Accident Insurance is for your personal vehicle and covers any fatal accidents to you or your family excluding driver. Most of the insurance companies gives coverage anywhere in the world. It covers the difference between the actual cash value of the vehicle and the balance still owed on financing like loan.

GAP insurance amount is generally paid up front. Collision coverage covers when you have a collision with any other object or vehicle while comprehensive coverage covers your vehicle other than collision, when your car is not in use. Personal liability covers when an individual cause injury to others in an accident while property damage is done when any property get damaged.

In both, the injured party or third party will claim for insurance money from the insurance company of the offender.

You can cover your valuable items like silver or golden ornaments in home insurance, but your premium and policy amount will rise accordingly. Schedule of loss is a document submitted to theinsurance company to claim the policy; it gives the information of damaged or lost items like model number, when it was purchased, cost of the item etc.

If your policy has Additional Living Expenses coverage, then sure the insurance company will pay you additional expense that you require, to maintain your normal standard of living. Incase of fire or natural calamities, if your house is completely damaged and if you want to claim your personal property to insurance company, inventory list is very important.

The insurance company will only pay you for those items where you are able to show the evidence that the damaged items belong to you. So, it is advisable to keep a list of inventory in a safe place. Your email address will not be published. The basic of this article is wrong.

Question 4 is incorrect. Insurrer is the company which provides the insurance policy and Insured is the person who buys policies from the insurer. Kia ye zarori ha jb ap job ky liye jao insurance ma tu apky pas en sb qstns ky answer hone chaye…agr apky pas kii experiwnce na ho tu interview ma kia kia qstn zarori pta ho e cahye..

Continue benriching us with more informations. Please provide more questions answers related to insurance if possible. The above questions are more relevant. Thank you for this. My brother passed last november. His beneficiary is my sister who passed the year before.

Who is the beneficiary? I am the last sibling. Who is responsible? Download PDF.

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Download PDF. Add New Question. Insurance Interview Questions and Answers will guide us now that Insurance in law and economics, is a form of risk management Tell your interviewers about your positive attributes related to the job.


5 Common Insurance Interview Questions & Answers

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Want to excel your career in Insurance sector? Need assistance to prepare for interviews? Builder's risk insurance is coverage that protects a person's or organizations insurable interest in materials, fixtures or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from an insured peril. There are many jobs related to insurance in www.

Although it is true that you cannot predict exactly what the interviewer will ask, you can come in with a full arsenal of ideas if you have spent some time reviewing potential questions. You certainly should consider answers to general questions such as, "What can you tell me about yourself? Take a look at these five insurance interview questions and some sample answers to get ready to make the best possible impression on your big day.

COMMENT 4

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