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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-6

Each section contains 100 MCQs on Insurance .
91
Three elements that promote trust are
Discuss
Answer & Solution
Answer: Option B
Solution:
Three elements that promote trust are Attraction, communication and punctuality.
92
Identify the correct statement.
Discuss
Answer & Solution
Answer: Option C
Solution:
Ethical behaviour on the part of an agent will help in developing trust and confidence between an agent and his client. Demonstrating ethical sales practices is good business - it helps earn the trust and loyalty of your customers and strengthens your reputation.
93
IGMS stands for
Discuss
Answer & Solution
Answer: Option B
Solution:
The Integrated Grievance Management System(IGMS) facilitates online registration of policyholders' complaints and helps track their status.
94
Identify the correct statement.
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are correct.
After sales service in insurance is more critical and necessary than in other marketing of products and service, Commitment to serving customers is the secret of success in life insurance selling and marketing and Customer lifetime value is the sum of economic benefits arising out of a long time sound and productive business relationship with customers.
95
What fee is payable by the aggrieved person to the District Consumer Forum while filing his complaint?
Discuss
Answer & Solution
Answer: Option D
Solution:
No fee is payable by the aggrieved person to the District Consumer Forum while filing his complaint.
96
State the correct position
Discuss
Answer & Solution
Answer: Option A
Solution:
In Money Back Claim on maturity the balance sum alone is payable along with attached bonus, if any.
97
As per IRDA Regulations 2002, a decision in a claim is to be taken by the insurer within how many days of submission of requirements by the claimant?
Discuss
Answer & Solution
Answer: Option D
Solution:
As per IRDA Regulations 2002, a decision in a claim is to be taken by the insurer within 30 days of submission of requirements by the claimant.
98
State the correct position out of the following.
Discuss
Answer & Solution
Answer: Option B
Solution:
No agent can do insurance business without a valid licence under sec.42 of the Insurance Act 1938. The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.
99
Fees payable to the IRDA for issue of licence to act as an agent of an insurance company are
Discuss
Answer & Solution
Answer: Option C
Solution:
Rs. 250 is the fees payable to the Authority for issue/ renewal of licence to act as an insurance agent or composite insurance agent. The Authority may issue duplicate licence in case it is lost. If an agent is found guilty of criminal misappropriation the designated person will cancel the license.
100
Pick out the correct statement.
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are incorrect.
Educational qualification for becoming an agent in all circumstances is different, Educational qualification for becoming an agent in all cases is not 10th STD pass and The minimum educational qualification for becoming an agent of an insurer is class 10th pass.