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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-7 section-4

Each section contains 100 MCQs on Insurance .
61
When does a claim arise under an insurance policy?
Discuss
Answer & Solution
Answer: Option B
Solution:
A claim arise under an insurance policy When the insured events happen. The indemnity only applies to claims, arising out of accident occurring in the insured premises during the Period of Insurance, first made in writing against the Insured and notified to the Company by the Insured in writing during the Policy Period or applicable extended reporting period.
62
Which one of the following statements is correct?
Discuss
Answer & Solution
Answer: Option A
Solution:
Maturity claim cheques are paid to the trustees in a MWP Act case. “Each policy under MWP Act is considered as a separate trust automatically (there is no need to create a trust). At the time of the proposal, you have to mention the names of the beneficiaries.
63
If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,
Discuss
Answer & Solution
Answer: Option D
Solution:
If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004, Section 45 of the Act will not apply, The claim can be treated as an early claim and Foul play must be suspected.
64
Which one of the following statements is correct?
Discuss
Answer & Solution
Answer: Option A
Solution:
A policy reported to be lost, may actually have been assigned.
65
Which one of the following statements is correct?
Discuss
Answer & Solution
Answer: Option C
Solution:
Both the statements are correct.
The foreign exchange regulations apply if the life insured is a non-resident. The foreign exchange regulations apply if the claimant is a non-resident.
66
State which of the following statements is correct
Discuss
Answer & Solution
Answer: Option A
Solution:
ULIPs offer an advantage in terms of being flexible and customisable. ULIPs provide flexibility of premium payment, option to move your money between equity and debt funds and allow you to withdraw a part of your money whenever you need it.
67
State which of the following statements is correct
Discuss
Answer & Solution
Answer: Option C
Solution:
Both the statements are correct.
In ULIPs, the offer bid spread is the difference between the two prices. In ULIPs, the offer bid spread, will in some cases be zero.
68
State which of the following statements is correct
Discuss
Answer & Solution
Answer: Option A
Solution:
In ULIPs the insurance cover must be a minimum multiple of the premium. ULIPs determine the cover as a multiple of the annual premium. If you are looking for an investment avenue, choose a plan with the lowest Sum Assured because a higher cover means a higher mortality charge.
69
State which one of the following statements is correct
Discuss
Answer & Solution
Answer: Option D
Solution:
Both the statements are incorrect.
Life insurance is not only the best savings scheme for all persons. Life insurance is not only the best investment scheme for young persons. There are many other insurance also.
70
Which of the following statements is correct?
Discuss
Answer & Solution
Answer: Option C
Solution:
An insurance agent works according to his schedule. Insurance sales agents usually determine their own hours of work and often schedule evening and weekend appointments for the convenience of clients.