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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-5 section-6

Each section contains 100 MCQs on Insurance .
41
What is correct in the following sentences?
Discuss
Answer & Solution
Answer: Option D
Solution:
All the above statements are correct.
Claim is a demand on the insurer to honour contractual commitment to pay the policy money to the claimant, It s request made to the insurer by the claimant to settle payment and While in some claims, the contract comes to an end with payment in other cases the contract continues.
42
State the correct position in a missing assured death claim
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are correct.
Payment is subject to an order from a competent court of law, Payment will depend on the policy status as on the date of the court order and Seven year waiting period is as per the Indian Evidence Act.
43
What is the main objective of IRDA Regulations 2000?
Discuss
Answer & Solution
Answer: Option B
Solution:
The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.
44
In accidental death claim what reports are required to be submitted by the beneficiary?
Discuss
Answer & Solution
Answer: Option D
Solution:
In accidental death claim reports that are required to be submitted by the beneficiary are Certificate of cremation or burial, Treating physician’s certificate and Inquest report of the Govt. agency.
45
State which is incorrect statement
Discuss
Answer & Solution
Answer: Option A
Solution:
Term insurance can be bought as a stand -alone policy as well as a rider with another policy.
46
What is correct out of the following statements?
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
47
Identify the correct statement
Discuss
Answer & Solution
Answer: Option D
Solution:
The event of loss is insignificant. Tell yourself that it's insignificant and you shouldn't be so weak.
48
State the correct statement
Discuss
Answer & Solution
Answer: Option A
Solution:
Survey and inspection of property is essential before acceptance of risk to assess the risk for rating purpose. Surveys give you objective information on commercial or residential properties and their potential exposure to loss.
49
With whom do we associate the concept of Human Life Value?
Discuss
Answer & Solution
Answer: Option B
Solution:
With Prof.H.S.Huebner we associate the concept of Human Life Value. Human life value (HLV) concept is an economic theory developed in 1920's that attempt to assign a monetary value to one's life.
50
Choose the correct statement.
Discuss
Answer & Solution
Answer: Option A
Solution:
Lower yields are a disadvantage in cash value contracts. Whole life insurance is significantly more expensive. Premiums are often much higher than a term life insurance policy with the same amount of coverage because you're paying for an insurance policy as well as putting money into the cash value portion of the policy.