Insurance MCQ Questions and Solutions with Explanations | Commerce

A. If the underwriter feels that the risk is more, he will accept at OR

B. If the underwriter feels that the risk is more, he may impose a lien

C. Both the statements above are correct

D. Both the statements above are wrong

A. The schedule of a policy is not altered after the policy is issued

B. Changes in the terms of the policy are made through endorsements

C. Both the statements above are correct

D. Both the statements above are wrong

A. The date when the risk effectively begins

B. The date when the next premium falls due

C. The date when the policy will commence

D. None of the above

A. In the case of SSS policies, renewal premium receipts are issued

B. In the case of SSS policies, FPRs are issued

C. Both the statements above are correct

D. Both the statements above are wrong

A. Assignee is free from the assignor’s obligations under the policy

B. A nomination is automatically cancelled when a loan is taken under the policy

C. Both the statements above are correct

D. None of the above

A. The beneficiaries under the MWP Act can be any member of the family

B. A policy can be taken under the MMWP Act for the benefit of parents

C. Both the statements above are correct

D. Both the statements above are wrong

A. Foreclosure can be done only with the consent of the policyholder

B. Foreclosure can be done only after informing the policyholder

C. Both the statements above are correct

D. Both the statements above are wrong

A. Revivals are not done unless the entire outstanding premium is paid

B. Revivals are not done unless the underwriter agrees

C. Both the statements above are correct

D. Both the statements above are wrong

A. Foreclosure action cannot be taken till a notice is served on the policyholder

B. When a foreclosure action is taken, nothing is payable to the policyholder

C. Both the statements above are correct

D. Both the statements above are wrong

A. A presumption of death is not the same as proof of death

B. Presumption of death allows inheritance of property

C. Both the statements above are correct

D. Both the statements above are wrong