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Insurance MCQ Questions and Solutions with Explanations | Commerce

Insurance MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Insurance MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-2

Each section contains 100 MCQs on Insurance .
91
What is the time for approaching an insurance ombudsman?
Discuss
Answer & Solution
Answer: Option C
Solution:
Within one year of rejection of the complaint by the insurer can approach an insurance ombudsman.
92
Which of the following is not a pre-requisite for launching a complaint with ombudsman?
Discuss
Answer & Solution
Answer: Option C
Solution:
A person can directly lodge a complaint with ombudsman. Hence, it is not a pre-requisite that complainant has to approach a consumer forum prior to ombudsman.
93
Are there any charges that need to be paid for lodging a complaint with ombudsman?
Discuss
Answer & Solution
Answer: Option B
Solution:
No fees or charges need to be paid for lodging a complaint with ombudsman. All businesses are entitled to a number of “free” cases.
94
A non-early claim is a claim occurring after _________ of taking a policy of insurance.
Discuss
Answer & Solution
Answer: Option C
Solution:
A claim occurring after three years is a non-early claim. IRDA has taken steps to settle claims older than 3 years too.
95
Surrender value is a percentage of
Discuss
Answer & Solution
Answer: Option C
Solution:
Surrender value is a percentage of paid-up value of the insurance policy. If a policyholder decides to terminate the policy before maturity, the amount which the insurance company will pay to the policyholder is known as surrender value.
96
At what stage in one’s life will savings make an impact on him?
Discuss
Answer & Solution
Answer: Option A
Solution:
At Post retirement stage in one’s life will savings make an impact on him.
97
Which of the following consumer grievance redressal agencies would handle consumer disputes amounting between rupees 20 lakh and 100 lakh?
Discuss
Answer & Solution
Answer: Option B
Solution:
State Commission consumer grievance redressal agencies would handle consumer disputes amounting between rupees 20 lakh and 100 lakh.
98
According to common law, when should insurable interest be present in a general insurance contract?
Discuss
Answer & Solution
Answer: Option C
Solution:
Insurable interest should be present at both the times, i.e. at the time of taking policy as well as at the time of claim.
99
Which of the following statements is incorrect?
Discuss
Answer & Solution
Answer: Option C
Solution:
An agent today is not allowed to work for more than one life insurance company.
100
Insurance is not gambling because of the presence of
Discuss
Answer & Solution
Answer: Option B
Solution:
Insurance is not gambling because of the presence of Insurable interest. Without an insurable interest, it would be wagering, contract. Thus, this principle clearly distinguishes the insurance contract from the gambling.