Techsurance Interview Questions and Answers

Q1. What is insurance?
Ans. 
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.

• Insuran...read more
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Q2. What is premium?
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Q1. What is insurance?
Ans. 
Insurance is a financial protection plan that provides coverage for unexpected events or expenses.
• Insurance involves a contract between the insurer and the insured party.

• The insured pays a premium in exchange for the insurer agreeing to cover certain risks.

• Insurance helps individuals and businesses manage financial risks by transferring them to the insurer.

• Types of insurance include health, life, auto, home, and disabi...read more
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Q2. What is premium and role of underwriter?
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Q1. Your knowledge about life insurance
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Q1. Insurance related
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Q1. Process related
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Test will be done at vidyavihar

Q1. Basic questions about underwriter and different form
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Q1. What is your experience past job
Ans. 
In my previous role as an underwriter, I assessed risks and determined coverage terms for various insurance policies.
• Risk Assessment: I evaluated applicants' financial histories and health records to determine their risk levels, ensuring accurate premium pricing.

• Policy Development: Collaborated with agents to create tailored insurance policies that met clients' needs while adhering to company guidelines.

• Data Analysis: ...read more
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Q2. Tell about underwriting on insurance sector
Ans. 
Underwriting in insurance assesses risk and determines policy terms, ensuring financial stability for insurers and clients.
• Risk Assessment: Underwriters evaluate the risk associated with insuring a person or entity, using data and statistical models. For example, in health insurance, they assess medical history.

• Premium Calculation: Based on the risk assessment, underwriters determine the premium amount that policyholde...read more
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Q3. How to handle data of your past company
Ans. 
Handling past company data requires strict adherence to confidentiality, compliance, and ethical standards to protect sensitive information.
• Confidentiality Agreements: Always respect any non-disclosure agreements (NDAs) signed with your previous employer to protect proprietary information.

• Data Anonymization: If sharing data for analysis, ensure that it is anonymized to prevent identification of individuals or sensitive...read more
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Q1. What is term insurance
Ans. 
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 ...read more
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Q2. What is underwriting
Ans. 
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 determin...read more
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