Insurance MCQ Questions and Solutions with Explanations | Commerce

A. If dispute is not settled through mediation, Ombudsman will pass an award within 3 months of receipt of the compliant

B. If the award is acceptable to the insured, it is binding on the insurer to implement the award

C. If the insured does not accept the award, it is not implementable at insurer's level

D. All of the above

A. Savings bank account

B. Bank interest + 2%

C. 5.00%

D. 10%

A. Only I

B. Only II

C. Both I and II

D. Neither I nor II

A. When high sum insured is proposed

B. When age is advanced

C. Both A & B

D. Special reports are not necessary in any case

A. Revival of a lapsed policy is subject to certain conditions as set out by the underwriter

B. Revival of a lapsed policy cannot increase the risk for the insurer

C. Fresh medical examination report is not always required for revival of a lapsed policy

D. All of the above

A. Payable on maturity

B. Payable on death

C. Both A & B

D. Payable at any time during the term of a policy

A. On suspicion of suppression of facts

B. As a precaution

C. As a routine

D. For large sum assured

A. An agent licenced to act as such for an insurer is required to have a licence under Section 42 of the Insurance Act, 1938 for procuring and continuing insurance business against payment of commission

B. An agent can only be a trained individual for working for an insurance company

C. A bank can also act as a broker for life insurance business

D. None of the three

A. An agent

B. A surveyor

C. A composite agent

D. None of the three

A. Original loan

B. Outstanding loan plus interest

C. Outstanding loan

D. Installment due to be repaid within the next one year