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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-8 section-7

Each section contains 100 MCQs on Insurance .
71
Identify the correct option out of the following.
Discuss
Answer & Solution
Answer: Option D
Solution:
Agency licence in all cases is issued by the IRDA through the Designated Parson of the Insurer.
72
Identify the correct statement.
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are correct.
Closing a sale is the art of persuading the prospect to buy now based on the recommendation of the agent, Offering alternatives as to mode of payments will quicken the closing and Undue pressure tactics on the prospect are to be always avoided in a close of sales interview.
73
_________ relates of inaccurate statements, which are made without any fraudulent intention.
Discuss
Answer & Solution
Answer: Option A
Solution:
Misrepresentation relates of inaccurate statements, which are made without any fraudulent intention.
74
During which stage of life an individual appreciate past savings the most?
Discuss
Answer & Solution
Answer: Option A
Solution:
During Post retirement an individual appreciate past savings the most. Retirement usually comes at the end in the list of financial goals of most people.
75
Who among the following is most to buy variable life insurance?
Discuss
Answer & Solution
Answer: Option C
Solution:
Knowledgeable people comfortable with equity is most to buy variable life insurance. Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy.
76
From the choices mentioned below , select the one cannot be categorized as an annuity
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
77
_________ is a term used to refer pensions that some level of Government administration.
Discuss
Answer & Solution
Answer: Option B
Solution:
Public pension fund is a term used to refer pensions that some level of Government administration. Public pension funds, or funds for retirement savings of people who work for a government employer or in the public sector.
78
IRDA stand for _________
Discuss
Answer & Solution
Answer: Option C
Solution:
IRDA stand for Insurance Regulatory & development Authority.
79
Identify the term of insurance that is depicted in the following scenario. Scenario: patient pays the health provider and is subsequently reimbursed by the health insurance company.
Discuss
Answer & Solution
Answer: Option C
Solution:
Indemnity insurance protects against claims arising from possible negligence or failure to perform that result in a client's financial loss or legal entanglement.
80
A policy is affected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy become payable to the _________
Discuss
Answer & Solution
Answer: Option B
Solution:
A policy is affected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy become payable to the Official trustee of the State.