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

31.
Which of the following are the disadvantage(s) of Traditional With Profit policies over ULIPs?

A. Bonuses are declared only once a year and do not reflect daily fluctuations in the value of the assets

B. Policyholder's benefits depend on assumptions/discretions of the insurance company

C. Bonus structure does not reflect the true value of assets of the insurer

D. All of the above

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32.
Annuity belongs to

A. One where the annuity amount is fixed (guaranteed)

B. One where the annuity amount is variable (linked to investment performance)

C. Both A & B

D. None of the above

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33.
As per IRDA, all universal life products are known as

A. ULIPs

B. Variable insurance products

C. Both A & B

D. None of the three

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34.
IRDA has implemented guidelines on persistency from

A. 1st July, 2011

B. 1st July, 2012

C. 1st July, 2013

D. 1st July, 2014

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35.
Which of the following are true with regards to MWP Act cases?
I: Death claims are settled in favour of nominees.
II: Death claims are settled in favour of trustees.

A. I is true

B. II is true

C. Both I and II are true

D. Neither I nor II is true

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36.
Which of the following statements are correct?

A. The Ombudsman's authority is limited to claims matters only

B. The Ombudsman is not a judicial authority

C. Both the statements above are correct

D. None of the three

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37.
Which of the following statements are incorrect?

A. Complainant has to approach a consumer forum before moving to the Ombudsman

B. The complaint has to be lodged within two years of the insurer rejecting the compliant

C. There is no separate financial limit of various forums and commissions

D. All of the above

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38.
In the initial years of a ULIP, the value of the benefits would be

A. High

B. Low

C. Moderate

D. None of the three

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39.
As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim after 2 years from issuance of policy if the material facts in the proposal are _________ made.

A. Innocently

B. Falsely

C. Frantically

D. Fraudulently

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40.
Which of the following types of life insurance policies pays the full sum assured to the beneficiaries if the insured dies during the policy term or to the policyholder on the maturity of the policy if he/she survives the term?

A. Whole Life

B. Endowment

C. Money Back

D. Unit Linked

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Insurance MCQ Questions and Solutions with Explanations | Commerce

31. Which of the following are the disadvantage(s) of Traditional With Profit policies over ULIPs?

Answer & Solution

32. Annuity belongs to

Answer & Solution

33. As per IRDA, all universal life products are known as

Answer & Solution

34. IRDA has implemented guidelines on persistency from

Answer & Solution

35. Which of the following are true with regards to MWP Act cases?I: Death claims are settled in favour of nominees.II: Death claims are settled in favour of trustees.

Answer & Solution

36. Which of the following statements are correct?

Answer & Solution

37. Which of the following statements are incorrect?

Answer & Solution

38. In the initial years of a ULIP, the value of the benefits would be

Answer & Solution

39. As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim after 2 years from issuance of policy if the material facts in the proposal are _________ made.

Answer & Solution

40. Which of the following types of life insurance policies pays the full sum assured to the beneficiaries if the insured dies during the policy term or to the policyholder on the maturity of the policy if he/she survives the term?

Answer & Solution

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31.
Which of the following are the disadvantage(s) of Traditional With Profit policies over ULIPs?

32.
Annuity belongs to

33.
As per IRDA, all universal life products are known as

34.
IRDA has implemented guidelines on persistency from

35.
Which of the following are true with regards to MWP Act cases?
I: Death claims are settled in favour of nominees.
II: Death claims are settled in favour of trustees.

36.
Which of the following statements are correct?

37.
Which of the following statements are incorrect?

38.
In the initial years of a ULIP, the value of the benefits would be

39.
As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim after 2 years from issuance of policy if the material facts in the proposal are _________ made.

40.
Which of the following types of life insurance policies pays the full sum assured to the beneficiaries if the insured dies during the policy term or to the policyholder on the maturity of the policy if he/she survives the term?