Insurance MCQ Questions and Solutions with Explanations | Commerce

When a claim is repudiated, the agent’s trustworthiness is affected. The insurance company will repudiate the claim basis the non disclosure in the proposal form.Insurance company scrutinizes the proposal form and other substantiating documents and facts to assess the genuineness of the claim. Any concealed information at inception may lead to a repudiation of the claim and all your money paid towards the insurance policy will go in vain.

Both the statements are correct.
The social sector is in both urban and rural areas. The social sector also includes the unorganized sector.

Both the statements are incorrect.
The tax provisions are not the same for all kinds of savings. The tax provisions are not included in the Constitution.

The National Insurance Academy is situated in Pune, India. Founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.

Institute of Insurance and Risk Management (IIRM), Promoted by IRDAI and approved by AICTE is situated in Hyderabad, Telangana has been in existence for over a decade and is mandated to deliver excellence in education that meets the changing need of the fast-growing Industry and Economy at large.

The headquarter of United India Insurance Company Limited is in Chennai. It was incorporated on 18 February 1938, and was nationalised in 1972.

An Insurance Repository (IR) is a company licensed by IRDA for maintaining data of insurance policies in electronic form on behalf of Insurers. An IR will thus enable policy holders to buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called “electronic policies” or “e Policies”.

The process of offering shares of a private corporation to the public for the first time is called an initial public offering (IPO).

Car Insurance is not a product of life insurance. Car insurance is compulsory by law. It is a way we protect ourselves financially in case of damages caused by accidents or a theft.

Life insurance is not the product of general insurance. General Insurance is a contract of indemnity which promises to make good your losses. In Life Insurance, the sum assured along with benefits is paid either on the event of death of the policy holder or on maturity of the policy.