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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-2 section-9

Each section contains 100 MCQs on Insurance .
11
Which is a dilemma of an old age person?
Discuss
Answer & Solution
Answer: Option C
Solution:
Both A & B are dilemma of an old age person. How much old age pension is to be provided and Where to invest the fund.
12
Which is not a pension related contingency?
Discuss
Answer & Solution
Answer: Option A
Solution:
Health is not a pension related contingency. Contingent benefits are the benefits payable if a scheme member dies during employment (or self-employment) to which a pension arrangement relates. The definition includes lump sum benefits and pensions payable to dependants.
13
Which item of expense is not covered under a typical health insurance cover?
Discuss
Answer & Solution
Answer: Option B
Solution:
Blood donation charges are not covered under a typical health insurance cover. Health Insurance is an insurance policy that ensures that you get cashless treatment or expense reimbursement, in case you fall ill.
14
Which is correct?
Discuss
Answer & Solution
Answer: Option C
Solution:
Both the statements are correct.
Health insurance companies do not normally provide Outpatient treatment expenses and Some Health insurance companies do provide Outpatient treatment expenses.
15
As part of Outpatient cover, which are the items that could not be covered?
Discuss
Answer & Solution
Answer: Option D
Solution:
As part of Outpatient cover, Surgery could not be covered. Outpatient treatment is the term that most private medical insurance policies use for treatment which is given at a hospital which does not require you to stay in hospital overnight.
16
Day care centre in health insurance parlance would mean –
Discuss
Answer & Solution
Answer: Option C
Solution:
Day care centre in health insurance parlance would mean centre where procedures requiring less than 24 hrs hospitalization are done.
17
Which among the following is not a Day Care procedure?
Discuss
Answer & Solution
Answer: Option A
Solution:
Byepass surgery is not a Day Care procedure. A day care procedure is a surgery or medical procedure that formerly required a prolonged stay in hospital but can now be completed in less than 24 hours.
18
Which is a network hospital?
Discuss
Answer & Solution
Answer: Option C
Solution:
Network hospital is a an hospital enlisted by insurer to provide medical services and an hospital enlisted by TPA to provide medical services.
19
What do you understand by the term ‘Portability’ in so far as it relates to health ins?
Discuss
Answer & Solution
Answer: Option C
Solution:
‘Portability’ in so far as it relates to health insurance means right given to an individual to move from one to another policy of the same co and right to transfer the policy from one insurer to another insurer or from one to another plan.
20
Illness/injury for which treatment was required during a pre-determined time is called –
Discuss
Answer & Solution
Answer: Option A
Solution:
Illness/injury for which treatment was required during a pre-determined time is called Pre-existing illness. A medical illness or injury that you have before you start a new health care plan may be considered a “pre -existing condition.”