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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-9 section-7

Each section contains 100 MCQs on Insurance .
81
Which of the below statement is correct?
Discuss
Answer & Solution
Answer: Option B
Solution:
Statement B is correct.
The typical loading to a net premium would have premiums, parts: a) a percentage of premiums, b) a constant amount for each ‘1000 sum assured ’ and c) a constant amount per policy.
82
In order for the policy to acquire a guaranteed surrender value, for how long must the premium be paid as per law?
Discuss
Answer & Solution
Answer: Option B
Solution:
In order for the policy to acquire a guaranteed surrender value, Premiums must be paid for at least 3 consecuitve years the premium be paid as per law.
83
What will happen if the policy holder does not pay the premium by the due date and dies during the grace period?
Discuss
Answer & Solution
Answer: Option C
Solution:
If the policy holder does not pay the premium by the due date and dies during the grace period the insurer will pay the claim after deducting the unpaid premium.
84
Amrita is pregnant. She has applied for a term insurance cover. WHICH of the below option will be the best option to choose for an underwriter to offer insurance to Amrita? Choose the most likely option.
Discuss
Answer & Solution
Answer: Option D
Solution:
A restrictive clause is a clause which functions as an adjective to identify the word it modifies. A restrictive clause is essential for the intended meaning. Hence in this case acceptance with a restrictive clause must be proceeded.
85
Mahesh has brought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favor of khan. Mahesh suffers a heart attack and there is a claim of Rs.50,000 under the critical illness rider. To whom will the payment be made in this case?
Discuss
Answer & Solution
Answer: Option B
Solution:
Mahesh has brought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favor of khan. Mahesh suffers a heart attack and there is a claim of Rs.50,000 under the critical illness rider. The payment be made to Karan in this case.
86
Given below is a list of document to be submitted for a normal death claim by all beneficiaries in the event of death of life insured. Pick the odd one out which is additionally required to be submitted only in case of death by accident.
Discuss
Answer & Solution
Answer: Option A
Solution:
An inquest is a judicial inquiry in common law jurisdictions, particularly one held to determine the cause of a person's death. Inquest can also mean such a jury and the result of such an investigation. In general usage, inquest is also used to mean any investigation or inquiry.
87
Agent’s license is to be renewed _________
Discuss
Answer & Solution
Answer: Option C
Solution:
Agent’s license is to be renewed after every 3 year.
88
_________ is the fees payable to the authority for issue / renewal of license to act as an insurance agent or composite insurance agent.
Discuss
Answer & Solution
Answer: Option A
Solution:
Rs. 250 is the fees payable to the authority for issue / renewal of license to act as an insurance agent or composite insurance agent.
89
If an agent is found guilty of criminal misappropriation the designated person will _________ ,_________
Discuss
Answer & Solution
Answer: Option A
Solution:
If an agent is found guilty of criminal misappropriation the designated person will Cancel the license.
90
The key to successful closing lies helping the prospect to say _________
Discuss
Answer & Solution
Answer: Option B
Solution:
The key to successful closing lies helping the prospect to say yes.