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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-7

Each section contains 100 MCQs on Insurance .
61
Identify the incorrect statement out of the following ones.
Discuss
Answer & Solution
Answer: Option C
Solution:
A minor cannot be appointed as an agent of a life insurance company.
62
What is correct?
Discuss
Answer & Solution
Answer: Option A
Solution:
Agency licence is to be renewed once in 3 years.
63
Identify the correct options.
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are correct.
Life insurance selling is different from selling of other items, Life insurance involves concept selling and hence challenging and An agent has to create in his client’s mind need for life insurance.
64
Identify two most important and basic qualities for a good and successful agent.
Discuss
Answer & Solution
Answer: Option B
Solution:
Empathy and ego drive are two most important and basic qualities for a good and successful agent. Someone with poor empathy can also have any level of ego drive. Yet, as determinants of sales ability, empathy and ego drive act on and, in fact, reinforce each other. The person with strong ego drive has maximum motivation to fully utilize whatever empathy he possesses.
65
Pick out the incorrect statement.
Discuss
Answer & Solution
Answer: Option A
Solution:
Being open, confident and positive is very important for an agent.
66
Active listening is
Discuss
Answer & Solution
Answer: Option D
Solution:
Active listening is Paying close attention to the speaker and occasionally smiling or nodding one’s head, Giving one’s comments on the points raised by the other party and While being attentive to the speaker, giving occasional nod and smile along with feedback.
67
Which of the following is not a tangible good?
Discuss
Answer & Solution
Answer: Option A
Solution:
Life Insurance is not a tangible good. Because life insurance is not a tangible asset, it cannot be counted against you for things such as food stamps or other assistance programs.
68
In Need Analysis the steps followed are
Discuss
Answer & Solution
Answer: Option D
Solution:
In Need Analysis the steps followed are Analysis of present and future needs of the client, Financial value of the above needs and Gap between funds needed for goals fulfilment and the available funds with the client.
69
Identify the incorrect statements.
Discuss
Answer & Solution
Answer: Option B
Solution:
Life Insurance comes under Consumer Protection Act 1986.
70
Which is incorrect statement?
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are incorrect.
Complainant does not have to approach a consumer forum before moving the Ombudsman, The complaint has to be lodged immediately of the insurer rejecting the compliant and There is a separate financial limit of various forum and commissions.