Romsons Group Of Industries Interview Questions and Answers

Premium is the amount paid by the insured to the insurance company for coverage. Underwriters assess risks and determine premiums.

• Premium is the amount paid by the insured to the insurance company in exchange for coverage.

• Underwriters evaluate the risk associated with insuring a particular individual or entity.

• Underwriters use various factors such as medical history, lifestyle, and occupation to determine the premium.

• The role of the underwriter is to ensure that the premium c...read more

Term insurance is a type of life insurance that provides coverage for a specific period of time.

• Term insurance offers a death benefit to the beneficiaries if the insured person passes away during the policy term.

• It does not accumulate cash value like whole life insurance.

• Premiums are typically lower compared to other types of life insurance.

• Policyholders can choose the term length, such as 10, 20, or 30 years.

• Once the term ends, the coverage ceases unless the policy is renewe...read more

Insurance is a financial protection plan that provides coverage for unexpected events or expenses.

• Insurance is a contract between an individual or organization and an insurance company.

• The individual or organization pays a premium in exchange for the insurance company's promise to cover specific losses or damages.

• Types of insurance include health insurance, life insurance, auto insurance, and property insurance.

• Insurance helps mitigate financial risks and provides peace of mi...read more

Underwriting is the process of evaluating and assessing the risk of insuring a person or entity.

• Underwriting involves analyzing the potential risks and determining the appropriate premiums to charge for insurance coverage.

• It is used in various types of insurance, including life, health, property, and casualty insurance.

• Underwriters use various factors such as age, health, occupation, and past claims history to determine the level of risk.

• The goal of underwriting is to ensure ...read more

Premium is the amount of money an individual or business pays to an insurance company for a policy.

• Premium is the cost of insurance coverage.

• It is typically paid on a monthly or annual basis.

• The amount of premium can vary based on factors such as age, health status, and coverage level.

• Premiums are used by insurance companies to cover the cost of providing coverage and to make a profit.

• For example, a 30-year-old non-smoker may pay a lower premium for health insurance compared ...read more

Underwriting is the process of evaluating the risk of insuring a person or asset and determining the premium to be charged.

• Underwriting involves assessing the risk associated with insuring a particular individual or asset.

• Underwriters use various factors such as age, health, occupation, and past insurance claims to determine the likelihood of a claim being made.

• The underwriting process helps insurance companies set appropriate premiums to cover potential losses.

• Underwriting c...read more