Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Selling is an art, not a science

B. Selling is a science, not an art

C. Selling is neither an art nor a science

D. Selling is both an art and a science

A. Consumer disputes involving private insurance companies can be heard by consumer forum or commission

B. Life insurance does not come under Consumer Protection Act, 1986

C. Complaints can be lodged against private insurers as well as public sector companies/corporations like LIC

D. Complaints can be lodged only against life insurance as well as non-life insurance companies

A. Insurance Act, 1938

B. IRDA Act, 1999

C. LIC Act, 1956

D. Indian Contract Act, 1872

A. Tax planning

B. Savings

C. Disease

D. Income replacement

A. Financial planning is for wealthy individuals only

B. A disciplined approach and dedicated savings are necessary

C. An unplanned impulsive approach could spell financial distress

D. An investment should suit one's risk appetite

A. Entire premium is invested in units

B. Premium less charges are invested

C. Premium less bonuses are invested in units

D. Premium less risk charges are invested

A. Only I

B. Only II

C. Both I and II

D. Neither I nor II

A. Only I

B. Only II

C. Both I and II

D. Neither I nor II

A. Only I

B. Only II

C. Both I and II

D. Neither I nor II

A. There is an Ombudsman for defined territorial limits

B. There is one Ombudsman for each state in India

C. There is only one Chief Ombudsman for the whole country

D. An Ombudsman has no upper financial limit