Insurance Verifier Interview Preparation Guide
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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:

1 :: What are the different types of Insurance coverage?

Insurance policy is categorised into two

a) General or Non-life Insurance
b) Life Insurance
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2 :: Please tell us what is ‘declaration page’ in insurance policy?

‘Declaration page’ in insurance policy, bears all the information of thepolicy holder like name, address, vehicle information, type of coverage and loss payee information.
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3 :: Tell us what is Paid Value?

The paid value is something, when the insurer stops paying the premium, but do not withdraw the amount. The sum assured by the insurance company is reduced proportionally depending when insurer has stopped paying the premium. You will get the amount at the end of the term.
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4 :: Tell us what is the difference between the participating and non-participating 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.
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5 :: Explain me what does ‘Indemnity’ term means?

‘Indemnity’ term in theinsurance is used to cover the loss or damage claimed by another person. 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.
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6 :: Please explain what is Elimination period in 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-period between the beginning of the injury and the benefits you are paid off. Longer the Elimination period lower the premium and vice versa.
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7 :: Do you know what is third party Insurance?

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 the third party. This type of Insurance policy is purchased for vehicles, so that in case of the accident they can claim it.
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8 :: Tell us what is a ‘PLPD’ insurance stand for?

PLPD stands for ‘personal liability and property damage’. 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.
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9 :: Explain me what Is A Basic Fire Insurance Policy?

This policy provides you with coverage against loss or damage to insured property (i.e. house, shop and factory) caused by fire, lightning or explosion.
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10 :: Tell me what Are The Risks Which Are Covered In General Insurance?

The risks that are covered by general insurance are:

☛ Property loss, for example, stolen car or burnt house
☛ Liability arising from damage caused by yourself to a third party
☛ Accidental death or injury
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