All Courses
Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity Get the App Login Join for Free
Sign in Open App
Banking Exams Exam  >  Banking Exams Questions  >  What is a type of life insurance policy that ... Start Learning for Free
SaveJoin the Discussion on the App
What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?
  • a)
    Catastrophe Reinsurance
  • b)
    Excess of Loss Reinsurance
  • c)
    Facultative Reinsurance
  • d)
    Term Insurance
  • e)
    None of these
Correct answer is option 'D'. Can you explain this answer?
FREE This question is part of
Download PDF Attempt Test
Download PDF Attempt this Test
Most Upvoted Answer
What is a type of life insurance policy that provides coverage for a c...
  • Term insurance ​a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years.
  • Term insurance is a type of life insurance policy that provides coverage for a specified period or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active, or in force, a death benefit will be paid in future.
  • After the time interval due to the catastrophe and natural disaster, a fixed amount is paid by the insurance company to the insured, which is called the catastrophe reinsurance.
  • It is a form of reinsurance which condemns the seeding company for the accumulation of losses in excess of the stipulated amount arising from a single catastrophe event or series of events.
  • Facultative reinsurance is coverage purchased by a primary insurer to cover a single risk or a block of risks held in the primary insurer's book of business. Facultative reinsurance is one of the two types of reinsurance, with the other type being treaty reinsurance.
  • Excess of loss reinsurance is a kind of reinsurance in which the reinsurer indemnifies the ceding company for losses that exceed a specified limit. Excess of loss reinsurance is a form of non-proportional reinsurance for the help of insured person.
< Previous Question Next Question >
Explore Courses for Banking Exams exam

Similar Banking Exams Doubts

In the following passage, there are blanks, each of which has been numbered. These numbers are printed below the passage and against every five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case.It is a pity that we do not have good books on insurance written by Indian authors (21) to the steady growth of literature on the subject in other countries especially, the USA, whose insurance laws and (22) are very much similar to those of our country. And students in our colleges and the millions of insurance employees appearing for various insurance examinations have to (23) depend on books written by foreign authors. As these books mainly deal with the problems of the insurance industry of foreign countries, the (24) of the insurance scene in India and the various legal (25) and insurance procedures remains very weak. To (26) the insurance employees and the college students who have opted for (27) courses in insurance with different aspects of theory and practice of insurance we should have good and (28) textbooks. The book under review written by V.M.R. Nair himself an experienced and (29) expert on insurance law based on leading Indian cases will be found very useful by students of the insurance sector as a (30) guide to the principles of insurance.Q. Which word will replace the blank 21?

In the following passage, there are blanks, each of which has been numbered. These numbers are printed below the passage and against every five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case.It is a pity that we do not have good books on insurance written by Indian authors (21) to the steady growth of literature on the subject in other countries especially, the USA, whose insurance laws and (22) are very much similar to those of our country. And students in our colleges and the millions of insurance employees appearing for various insurance examinations have to (23) depend on books written by foreign authors. As these books mainly deal with the problems of the insurance industry of foreign countries, the (24) of the insurance scene in India and the various legal (25) and insurance procedures remains very weak. To (26) the insurance employees and the college students who have opted for (27) courses in insurance with different aspects of theory and practice of insurance we should have good and (28) textbooks. The book under review written by V.M.R. Nair himself an experienced and (29) expert on insurance law based on leading Indian cases will be found very useful by students of the insurance sector as a (30) guide to the principles of insurance.Q. Which word will replace the blank 24?

In the following passage, there are blanks, each of which has been numbered. These numbers are printed below the passage and against every five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case.It is a pity that we do not have good books on insurance written by Indian authors (21) to the steady growth of literature on the subject in other countries especially, the USA, whose insurance laws and (22) are very much similar to those of our country. And students in our colleges and the millions of insurance employees appearing for various insurance examinations have to (23) depend on books written by foreign authors. As these books mainly deal with the problems of the insurance industry of foreign countries, the (24) of the insurance scene in India and the various legal (25) and insurance procedures remains very weak. To (26) the insurance employees and the college students who have opted for (27) courses in insurance with different aspects of theory and practice of insurance we should have good and (28) textbooks. The book under review written by V.M.R. Nair himself an experienced and (29) expert on insurance law based on leading Indian cases will be found very useful by students of the insurance sector as a (30) guide to the principles of insurance.Q. Which word will replace the blank 26?

In the following passage, there are blanks, each of which has been numbered. These numbers are printed below the passage and against every five words are suggested, one of which fits the blank appropriately. Find out the appropriate word in each case.It is a pity that we do not have good books on insurance written by Indian authors (21) to the steady growth of literature on the subject in other countries especially, the USA, whose insurance laws and (22) are very much similar to those of our country. And students in our colleges and the millions of insurance employees appearing for various insurance examinations have to (23) depend on books written by foreign authors. As these books mainly deal with the problems of the insurance industry of foreign countries, the (24) of the insurance scene in India and the various legal (25) and insurance procedures remains very weak. To (26) the insurance employees and the college students who have opted for (27) courses in insurance with different aspects of theory and practice of insurance we should have good and (28) textbooks. The book under review written by V.M.R. Nair himself an experienced and (29) expert on insurance law based on leading Indian cases will be found very useful by students of the insurance sector as a (30) guide to the principles of insurance.Q. Which word will replace the blank 29?

Top Courses for Banking ExamsView all

Top Courses for Banking Exams

What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer?
Question Description
What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer?.
Solutions for What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.
Here you can find the meaning of What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Banking Exams tests.
Explore Courses for Banking Exams exam

Top Courses for Banking Exams

Explore Courses

Suggested Free Tests

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Get App
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup