Insurance Interview Questions & Answers

1)       What are the different types of Insurance Coverage?

Insurance policy is categorised into two

a)      General or Non-life  Insurance

b)      Life Insurance

  2)    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’.

3)      What is a premium’?

It is the amount to be paid for a contract of insurance to the insurance company. It is the sum that a person pays monthly, quarterly or annually according to their plan, in return of the coverage he/she has taken from the insurance company.

4)      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.

5)      Who is the beneficiary?

Beneficiary is the one whom you have nominated for the insured amount in case of your death.