Insurance MCQ Questions and Solutions with Explanations | Commerce

In a policy document it is now compulsory to indicate the address of the local Ombudsman. An ombudsman ombudsperson, ombud, or public advocate is an official who is charged with representing the interests of the public by investigating and addressing complaints of maladministration or a violation of rights.

With discontinuance of premium even after three years amount of surrender value is guaranteed.

In the above case full claim for the original sum assured will be paid after deducting the unpaid premium.

Nomination is a right given to the life insurance policyholder to appoint a person or persons to receive the benefit under the policy in case it becomes a death claim. One can typically come across an assignment where the policyholder is trying to use the life insurance policy as collateral against a loan he intends to raise. However, one must note that the assignment must be in writing and a notice to that effect must be given to the insurer.

All the statements are correct.
Agent is primary underwriter as also field underwriter, Numerical method of underwriting is by far the most objective method and Risk in substandard lives is likely to be higher than standard lives on account of increased mortality risk.

Family history plays a critical role in assessing the risk of inherited medical conditions and single gene disorders. Several methods have been established to obtain family medical histories, including the family history questionnaire or checklist and the pedigree.

True reward for a successful agent is Job satisfaction on performing a challenging role to influence his client to go in for his life’s protection, Recognition in his circles as a knowledgeable and ethical life insurance adviser with social respect and Handsome income through hard work by winning the trust and confidence of his clients

Life Insurance marketing differs from marketing of products and services because Life insurance needs to be sold, rather than bought, Life insurance is intangible unlike a tangible product and Value of life insurance is not seen at the time of purchase unlike a consumable product.

It is direct approach of the prospect for insurance purposes without any prior announcement or appointment. Cold calling is a technique in which a salesperson contacts individuals who have not previously expressed interest in the offered products or services. Cold calling typically refers to solicitation by phone or telemarketing, but can also involve in-person visits, such as with door-to-door salespeople.

Key to successful closing is helping the prospect to say Yes.