Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Break-up of joint family system

B. Changing lifestyle

C. Underwriting

D. Change in behavioral pattern

A. Young age

B. Middle age

C. Advanced age

D. First salary

A. Surrender

B. Loan

C. Assignment

D. Free look period

A. IRDA Act, 1999

B. IRDA (Licensing of Agents) Regulations, 2000

C. Insurance Act, 1938

D. IRDA (Protection of Policyholders' Interests) Regulations, 2002

A. Waiting and Starting phases

B. Loading and Unloading phases

C. Accumulation and Payout phases

D. Commutation and Continuation phases

A. Insurer

B. Insured

C. State

D. Risk pool

A. Life insurance policies are contracts of indemnity, while general insurance policies are contracts of assurance

B. Life insurance policies are contracts of assurance, while general insurance policies are contracts of indemnity

C. In case of general insurance, the risk event protected against is certain

D. The certainty of risk event in case of general insurance increases with time

A. Ombudsman is appointed by the Central Government under powers of the Insurance Act 38 and under Redressal of Public Grievance Rules 1998

B. The recommendations of the Ombudsman are always binding on the insured

C. The Ombudsman can act as a mediator by mutual agreement between the insurer and the insured

D. If mediated, the decision of the Ombudsman is final whether to accept or reject the complaint

A. In a policy document, it is now compulsory to indicate the address of the local Ombudsman

B. Address of the insured is optional in the policy document

C. The address of the IRDA is also necessarily shown in the policy document

D. Either the local Ombudsman's address or that of the IRDA needs to be shown in the policy

A. 25 hours

B. 50 hours

C. 35 hours

D. 75 hours