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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-3 section-10

Each section contains 100 MCQs on Insurance .
21
Which of the following reports would reflect on the lifestyle and habits of a proposer?
Discuss
Answer & Solution
Answer: Option C
Solution:
Agents confidential reports and moral hazard report would reflect on the lifestyle and habits of a proposer.
22
Which of the following is not a medical factor that influence an underwrititer’s decision?
Discuss
Answer & Solution
Answer: Option B
Solution:
Personal history is not a medical factor that influence an underwrititer’s decision. Underwriting factors in health insurance are used to estimate how likely a potential policyholder is to become ill and how much treatment is likely to cost the insurer. Factors include age, height, weight, preexisting conditions and so forth.
23
Two measures of a Blood pressure of a person are -
Discuss
Answer & Solution
Answer: Option C
Solution:
Two measures of a Blood pressure of a person are Systolic and Diastolic. The top number refers to the amount of pressure in your arteries during the contraction of your heart muscle. This is called systolic pressure. The bottom number refers to your blood pressure when your heart muscle is between beats. This is called diastolic pressure.
24
Which is a not a personal characteristics contributing to tendency to disease?
Discuss
Answer & Solution
Answer: Option D
Solution:
Need is a not a personal characteristics contributing to tendency to disease.
25
Whose obligation is to pay claim?
Discuss
Answer & Solution
Answer: Option A
Solution:
Insurer obligation is to pay claim. When a policyholder files a claim under his or her own insurance policy, the insurer has certain obligations to the insured and has a duty to act with good faith in handling that claim.
26
Which of the following is not an event triggering claim?
Discuss
Answer & Solution
Answer: Option C
Solution:
Age is not an event triggering claim. A triggering event is an occurrence which causes a reaction such as an age milestone in life which changes the terms of an insurance contract.
27
Which of the following policy, survival benefits are payable?
Discuss
Answer & Solution
Answer: Option B
Solution:
Moneyback policy, survival benefits are payable. Money back policy provides accidental death and disability benefit riders.
28
Surrender value is a %age of _________
Discuss
Answer & Solution
Answer: Option C
Solution:
Surrender value is a %age of Paid up value. Surrender value is the amount payable to the policyholder should he decide to discontinue the policy and encash it. It is payable only after three full years' premiums have been paid to the insurance company.
29
Surrender value expressed as a percentage of premiums paid is called –
Discuss
Answer & Solution
Answer: Option A
Solution:
Surrender value expressed as a percentage of premiums paid is called Guaranteed surrender value. The guaranteed surrender value is the amount guaranteed to the policy holder in case of voluntary termination of the policy by the policy holder before maturity.
30
Rider benefit is payable subject to policy terms and conditions on the occurrence of a specified _________
Discuss
Answer & Solution
Answer: Option B
Solution:
Rider benefit is payable subject to policy terms and conditions on the occurrence of a specified Event.