Insurance MCQ Questions and Solutions with Explanations | Commerce

A. A person insuring his own life

B. A father taking out a life policy on the life of his son

C. A person insuring his colleague

D. An employer taking a life insurance policy on his employees

A. Higher premium will give the beneficiary higher benefits at the time of claim

B. With lower premium in a life insurance policy, higher benefits are available to the beneficiary in a claim

C. Higher premium in a life policy will result in lower benefits to the claimant

D. None of the above

A. Offer and acceptance

B. Capacity to pay premiums

C. Consideration

D. Capacity of the parties

A. A unit holder can choose between different kinds of funds

B. Life insurer provides guarantee for unit values

C. Units may be purchased by payment of a single premium or by regular premium payments

D. ULIP policy structure is transparent with regards to the insurance expenses component

A. Whole life

B. Endowment

C. Money back

D. Term insurance

A. A health insurance company which has only one office throughout the country

B. A life insurance company selling general insurance products like health insurance

C. A general insurance company which sells only health products

D. All of the above

A. Lying about known medical conditions on an insurance proposal form

B. Not revealing known material facts on an insurance proposal form

C. Disclosing known material facts at the time of taking the policy

D. Paying premium on time

A. 1 and 2

B. 1, 2 and 3

C. 1, 3 and 4

D. 1, 2 , 3 and 4

A. Section 38

B. Section 39

C. Section 44

D. Section 45

A. Equity fund

B. Debt fund

C. Balanced fund

D. Money market fund