41⟩ Do you know what Is Pre-mature Death In Life Insurance?
Death that occurs before the stage where it is accepted by society as part of the natural, expected order of life.
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“Insurance Verifier related Frequently Asked Questions by expert members with job experience as Insurance Verifier. These questions and answers will help you strengthen your technical skills, prepare for the new job interview and quickly revise your concepts”
86 Insurance Verifier Questions And Answers
42⟩ Explain me when Do You Need Motor Insurance?
You need motor insurance when you buy a motor vehicle. Motor insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft.
43⟩ Please tell us what do you mean by term “Annuity”?
An annuity is the term used for the regular amount paid by the insurance company to the insurer, after certain period of time. The payment can be monthly or quarterly, this is often done to supplement income after retirement.
44⟩ Please explain in what all Instances you cannot claim your Personal Accident Insurance?
1) If your injuries are a result of sickness or disease
2) If your injuries are self-inflicted or attempt to suicide
3) Stress fractures, sprains and strains
4) Injury occurred while committing crime
5) Deliberately cause an car accident
45⟩ Please explain what Are The Main Products Which Are Included In General Insurance?
The main products of general insurance includes:
☛ Motor insurance
☛ Fire/ House owners/ Householders insurance
☛ Personal accident insurance
☛ Medical and health insurance
☛ Travel insurance
46⟩ Tell us what Is Co-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. It is the split of insurance coverage between you and insurance company; usually the split would be 80/20 % where you are liable to pay 20% and the remaining amount by the insurance company. For example, for health policy you have claimed for $200, according to policy clause you have to pay deductible, let say $100, now after paying deductible the remaining amount is $100, now you have a co-insurance which is split into 80/20%. So you will pay $20 out of $100 from your pocket while the $80 will be paid by co-insurance(meaning the insurance company).
47⟩ Tell me what Is General Insurance? Name 5 Types Of General Insurance?
☛ LIVE STOCK INSURANCE
☛ OVERSEAS INSURANCE
☛ GLASS INSURANCE
☛ FIDELITY INSURANCE
☛ KEY MAN INSURANCE
48⟩ Tell us what do you mean by ‘Loss Payee’?
The loss payee is a person or institution (Bank) that receives the insurance payment on theloss of the property or vehicle you own. It is a legal definition used to cover the investment of other parties or bank which 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.
49⟩ Please explain what do you mean by term ‘Insurer’ and ‘Insured’?
Insured is the one who holds the policy and Insurer is the company that covers the insured.
50⟩ Explain what Are The Main Products Of Life Insurance?
The main products of life insurance include:
☛ Whole life
☛ Endowment
☛ Term
☛ Investment-linked
☛ Life annuity plan
☛ Medical and health
51⟩ Please tell me what Do You Mean By ‘deductible’?
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. For example, you have a deductible of $500, and you have insurance coverage for $2000, then you are responsible for paying for $500 and the remaining amount $1500 will be paid by insurance company.
52⟩ Explain me is it possible to restrict the premium payment for a lesser number of years than the duration of thepolicy?
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.
53⟩ Please explain what is an ‘Endowment Policy’?
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 insurer 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.
54⟩ Explain what Are The Risks Which Are Covered In Life Insurance?
The risks that are covered by life insurance are:
☛ Premature death
☛ Income during retirement
☛ Illness
55⟩ Please tell me what Do You Mean By ‘insurance Coverage’?
The term ‘insurance coverage’ means, when an individual takes an insurance policy the insured will be covered by insurance company for a specific amount for themselves or the things that he had taken the insurance policy, for which he would be paying premiums to the insurance company. The insurance company will pay the insured in case of damage or claims made by the insured according to their ‘insurance coverage’.
56⟩ Tell me do you know what is Co-insurance?
Co-insurance term is usually referred by health insurance companies. In this type of policy,you share the coverage with, theinsurance company in percentage of the policy value, after paying deductible or co-payment. It is the split of insurance coverage between you and insurance company; usually the split would be 80/20 % where you are liable to pay 20% and the remaining amount by the insurance company. For example, for health policy you have claimed for $200, according to policy clause you have to pay deductible, let say $100, now after paying deductible the remaining amount is $100, now you have a co-insurance which is split into 80/20%. So you will pay $20 out of $100from your pocket, while the $80 will be paid by co-insurance(meaning the insurance company).
57⟩ Explain what Is A Life Insurance?
Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. This protection is also offered in a Family takaful plan, a Shariah-based approach to protecting you and your family.
58⟩ Tell me what Is A Mortgage Reducing Term Assurance In Life Insurance?
An insurance protection plan that covers the repayment of an outstanding property loan to the financial institution in the event of untimely death, disability or critical illness of the borrower.
59⟩ Please explain what do you mean by term ‘Double Indemnity’?
‘Double Indemnity’ is a provision provided by certain insurance companies, where according to their policy they are liable to pay double the face amount in case of death by accidental means or murder. This type of policy does not cover suicide, and death caused by gross negligence of theinsured person. For example, a person who dies due to natural causes including heart disease or cancer, Murder or conspiracy by beneficiary, or death due toaninjury from sheer negligence.
60⟩ Tell us what Is A House Owner's Insurance Policy?
This policy provides additional coverage compared to the basic fire policy. It may include loss or damage due to flood, burst pipes, etc.
