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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-5

Each section contains 100 MCQs on Insurance .
91
“Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of which religion?
Discuss
Answer & Solution
Answer: Option A
Solution:
“Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of Buddhism.
92
The license issued to the agent is valid for _________.
Discuss
Answer & Solution
Answer: Option C
Solution:
The license issued to the agent is valid for Three years. The license is issued on behalf of IRDA and is valid for three years.
93
As per Section 182 of the Indian Contract Act, _________ is a person employed to do any act for another or to represent another in dealing with a third person.
Discuss
Answer & Solution
Answer: Option D
Solution:
As per Section 182 of the Indian Contract Act, Agent is a person employed to do any act for another or to represent another in dealing with a third person.
94
Which of the below reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles?
Discuss
Answer & Solution
Answer: Option A
Solution:
To provide competent and customer-focused sales and service reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles.
95
Which of the following is not part of sales process?
Discuss
Answer & Solution
Answer: Option C
Solution:
Loss assessment is not part of sales process. Loss assessment is defined as insurance coverage for condo owners that provides protection for situations when you as an owner of a shared property, like a condominium or co-op, is held financially responsible for a portion of the costs for deductibles or damage to: The building.
96
Which of the below statement is correct?
Discuss
Answer & Solution
Answer: Option A
Solution:
Is it true Unlike tangible goods which can be seen and experienced before purchase , very few people feel the need for life insurance. Hence, Life insurance is sold, not bought.
97
Identify the incorrect statement with regards to a ‘qualified’ prospect.
Discuss
Answer & Solution
Answer: Option C
Solution:
A qualified prospect is one who is academically well qualified to buy insurance. Potential customer or client qualified on the basis or his or her buying authority, financial capacity, and willingness to buy. Also called sales lead.
98
_________ is not a tangible good
Discuss
Answer & Solution
Answer: Option B
Solution:
Insurance is not a tangible good. Life insurance can be a very important asset to have, protecting your family against potential hardship.
99
_________ is not an indicator of service quality.
Discuss
Answer & Solution
Answer: Option A
Solution:
Cleverness is not an indicator of service quality.
100
_________ refers to the ability to perform the promised service dependably and accurately.
Discuss
Answer & Solution
Answer: Option A
Solution:
Reliability refers to the ability to perform the promised service dependably and accurately.