Insurance MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10

1.
Who can do a nomination under the policy?

A. Assignor

B. Assignee

C. Life Insured

D. Nominee

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2.
Assignee can do another _ but cannot do _

A. Nomination, Assignment

B. Nomination, Surrender

C. Assignment, Foreclosure

D. Assignment, Nomination

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3.
Which type of alterations amongst the following is not permitted?

A. Reduction in sum assured

B. Change in mode of premium payment

C. Correction in name

D. Increase in risk

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4.
Which type of alterations amongst the following is not permitted?

A. Extension of term

B. Change from with profit to without profit

C. Alterations which result in lowering the premium

D. All of the above

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5.
Anti-selection means -

A. Tendency of people who expect loss to take insurance eagerly leading to loss to the insurer

B. Tendency of people to go for small amount of insurance

C. Tendency of people who have good health to go for insurance

D. Non evincing keen interest in buying an insurance

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6.
If a life has an anticipated mortality significantly lower than standard lives and could be charged lower premium the life is a –

A. Standard life

B. Sub-standard life

C. Declined risk

D. Preferred risks

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7.
What are the 2 methods of underwriting?

A. Direct & indirect

B. Accept or decline

C. Judgement & Numerical

D. Openended & closeended methods

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8.
The medical opinion could be taken from –

A. Any Doctor

B. Medical Referee

C. Medical Consultant

D. Medical Practitioner

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9.
What is lien?

A. An underwriting decision where increased death benefit would be payable

B. An underwriting decision where decreased death benefit would be payable

C. A decision which does not alter the death benefit

D. None of the three

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10.
Number of cases which gets accepted by the underwriting under Non-medical are –

A. Very small

B. Small

C. Large

D. Not significant

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Insurance MCQ Questions and Solutions with Explanations | Commerce

1. Who can do a nomination under the policy?

Answer & Solution

2. Assignee can do another _________ but cannot do _________

Answer & Solution

3. Which type of alterations amongst the following is not permitted?

Answer & Solution

4. Which type of alterations amongst the following is not permitted?

Answer & Solution

5. Anti-selection means -

Answer & Solution

6. If a life has an anticipated mortality significantly lower than standard lives and could be charged lower premium the life is a –

Answer & Solution

7. What are the 2 methods of underwriting?

Answer & Solution

8. The medical opinion could be taken from –

Answer & Solution

9. What is lien?

Answer & Solution

10. Number of cases which gets accepted by the underwriting under Non-medical are –

Answer & Solution

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1.
Who can do a nomination under the policy?

2.
Assignee can do another _ but cannot do _

3.
Which type of alterations amongst the following is not permitted?

4.
Which type of alterations amongst the following is not permitted?

5.
Anti-selection means -

6.
If a life has an anticipated mortality significantly lower than standard lives and could be charged lower premium the life is a –

7.
What are the 2 methods of underwriting?

8.
The medical opinion could be taken from –

9.
What is lien?

10.
Number of cases which gets accepted by the underwriting under Non-medical are –