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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-9

Each section contains 100 MCQs on Insurance .
21
In which manner Pre-existing illnesses could be covered?
Discuss
Answer & Solution
Answer: Option D
Solution:
After a Waiting period Pre-existing illnesses could be covered. Pre-existing diseases are those that exist at the time of taking a policy and are excluded from the cover during an initial waiting period.
22
Which one of the following statements is correct?
Discuss
Answer & Solution
Answer: Option B
Solution:
Health cover policies cover all illnesses with few exclusions like AIDS, STDs, etc.
23
Typical health ins. policies may exclude from cover routine expenses related to –
Discuss
Answer & Solution
Answer: Option D
Solution:
Typical health ins. policies may exclude from cover routine expenses related to Plastic surgery, Dental treatment and Aesthetic treatment.
24
If a person does not prefer any claim in an health insurance –
Discuss
Answer & Solution
Answer: Option D
Solution:
If a person does not prefer any claim in an health insurance than no claim Bonus is allowed for claim-free years.
25
Domiciliary Hospitalisation means –
Discuss
Answer & Solution
Answer: Option D
Solution:
Domiciliary Hospitalisation means treatment taken at home as the patient could not be moved to hospital.
26
For admission of domiciliary hospitalization claim, the minimum period of medical treatment should be –
Discuss
Answer & Solution
Answer: Option C
Solution:
For admission of domiciliary hospitalization claim, the minimum period of medical treatment should be 3 days.
27
With regard to domiciliary hospitalization which is incorrect?
Discuss
Answer & Solution
Answer: Option B
Solution:
All chronic diseases are not covered there are some exclusion.
28
In respect of a family floater health policy, which of the following statements is correct?
Discuss
Answer & Solution
Answer: Option A
Solution:
In respect of a family floater health policy, The total premium payable is less than the total premium payable under non-floater policies.
29
Health insurance policy premiums qualify for tax relief under Income Tax Act?
Discuss
Answer & Solution
Answer: Option B
Solution:
The premium paid towards health insurance policies qualifies for deduction under Section 80D of the Income Tax Act. On the premium paid for self, spouse, children and parents, the maximum deduction that can be availed is Rs 25,000 a year, provided the age of the individual is not above 60.
30
Cashless facility means –
Discuss
Answer & Solution
Answer: Option C
Solution:
Cashless policies mean that the health insurance company settles the bill directly with healthcare provider, whether a hospital or a nursing home. This is to reduce the direct financial burden on insured individual at the time of hospitalization.