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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-1 section-7

Each section contains 100 MCQs on Insurance .
1
Pick out the incorrect statement from the below mentioned statements.
Discuss
Answer & Solution
Answer: Option A
Solution:
Insurance agent does not represents his client in the first place. Insurance Agents enter into a contract to represent an insurer.
2
What are the correct statements?
Discuss
Answer & Solution
Answer: Option D
Solution:
All the statements are correct.
Bancassurance model can either be a bank forming an insurance company on its own or acting as an agent for another Insurance company without capital participation, Such an agency of bank acting for an insurer is known as corporate agency and A commercial bank is not barred from acting as an agent for insurance companies.
3
Success in life insurance agency career depends on
Discuss
Answer & Solution
Answer: Option D
Solution:
Success in life insurance agency career depends on self-motivation for accepting challenges in the profession with fire in his belly, positive self-image with high morale and a spirit of entrepreneurial skill.
4
Four major areas of unethical behaviour are
Discuss
Answer & Solution
Answer: Option D
Solution:
Four major areas of unethical behaviour are Misrepresentation, Illustrations without giving both optimistic and conservative estimation of returns and Replacement of an existing policy by a fresh policy without any specific need.
5
Qualified prospects are those people who
Discuss
Answer & Solution
Answer: Option D
Solution:
Qualified prospects are those people who have a need for life insurance, meet the underwriting requirements and can be approached for this purpose.
6
In Needs-analysis the following act is done
Discuss
Answer & Solution
Answer: Option A
Solution:
In Needs-analysis location of areas where people need life insurance protection. A good needs analysis also considers how much the death benefit from the life insurance policy is likely to earn if it's invested.
7
What is not a true index of service quality?
Discuss
Answer & Solution
Answer: Option B
Solution:
Smartness is not a true index of service quality. Reliability, Empathy and understanding and Responsiveness is a true index of service quality.
8
Identify the incorrect statement.
Discuss
Answer & Solution
Answer: Option B
Solution:
Listening is important as the prospect may not know much about life insurance.
9
What is the jurisdictional limit of a District Forum in Consumer Disputes case?
Discuss
Answer & Solution
Answer: Option A
Solution:
Rs.20 lakhs is the jurisdictional limit of a District Forum in Consumer Disputes case.
10
Deficiency in service giving rise to a customer dispute arises in the following situations.
Discuss
Answer & Solution
Answer: Option D
Solution:
Deficiency in service giving rise to a customer dispute arises in the following situations If the shopkeeper charges a price higher than MRP, Faulty products including expiry date crossed while selling and Allergy warning not stated clearly on the front of a drug bottle.