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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-4 section-9

Each section contains 100 MCQs on Insurance .
31
Smart identity card for presenting it to network hospital in health insurance would be issued by–
Discuss
Answer & Solution
Answer: Option C
Solution:
Smart identity card for presenting it to network hospital in health insurance would be issued by Insurer or TPA.
32
In case of hospitalization in a network hospital, admission would be on the basis of –
Discuss
Answer & Solution
Answer: Option C
Solution:
In case of hospitalization in a network hospital, admission would be on the basis of Smart card or Pre-authorisation from Insurer/TPA.
33
If the insured gets admitted in a non-network hospital,
Discuss
Answer & Solution
Answer: Option B
Solution:
If the insured gets admitted in a non-network hospital, he would settle hospital bills and would get reimbursed by the insurer.
34
Who prescribes the format of a pre-authorisation letter and standard claim forms?
Discuss
Answer & Solution
Answer: Option D
Solution:
IRDA prescribes the format of a pre-authorisation letter and standard claim forms. The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.
35
As per IRDA regulations on health insurance –
Discuss
Answer & Solution
Answer: Option B
Solution:
On health insurance, lifetime cover is mandatory.
36
Which of the following is incorrect?
Discuss
Answer & Solution
Answer: Option C
Solution:
The same yardstick as is followed by a firm cannot be applied while life insurance valuation. Both have different ways.
37
Assets can be valued by –
Discuss
Answer & Solution
Answer: Option D
Solution:
Assets can be valued by Book value, Market value or Discounted present value.
38
The surplus in an insurance company is a function of –
Discuss
Answer & Solution
Answer: Option C
Solution:
The surplus in an insurance company is a function of how Assets & Liabilities are valued. Surplus is also known as net worth or the difference between the market value of assets and the present value of the liabilities and their relationship.
39
If Liabilities are liberally valued it would result in –
Discuss
Answer & Solution
Answer: Option A
Solution:
If Liabilities are liberally valued it would result in more surplus.
40
If Liabilities are undervalued it would result in –
Discuss
Answer & Solution
Answer: Option A
Solution:
If Liabilities are undervalued it would result in more surplus.