Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Alterations can be done by placing a suitable endorsement on the policy

B. For some alterations, cancellation of existing policy and issuance of new policy are resorted to

C. Both the above are wrong

D. None of the three

A. Sum insured

B. Sum insured + bonus

C. Return of premiums

D. Nothing

A. 10 days

B. 15 days

C. 30 days

D. 90 days

A. High

B. Low

C. Moderate

D. None of the three

A. Peace

B. Affection

C. Wrath

D. Goodwill

A. 1 month

B. 6 months

C. 1 year

D. 2 years

A. There is no legal obligation to repay a policy loan

B. In case of policy loan, there is no need for a credit check

C. Both A & B

D. None of the three

A. An agent

B. A retailer

C. A broker

D. An intermediary

A. Term insurance can be taken as a standalone policy

B. Term insurance cannot be taken as a rider

C. Term insurance policies are sold by life insurance companies

D. Term insurance policies provide cover for a fixed period

A. The entire surplus would be distributed to policyholders

B. The entire surplus would be distributed to shareholders

C. A portion of the surplus would be left for distribution to shareholders

D. All of the above