Insurance MCQ Questions and Solutions with Explanations | Commerce

A. When you are about to get married

B. Soon after you have got married

C. Just when you are joined a new job

D. All of the above

A. Large corporations

B. Small companies

C. Single individuals

D. None of the three

A. It is a statutory requirement

B. It is necessary to be able to declare dividends to shareholders

C. It tells the insurer how well it is managing the business

D. All of the above

A. Risk increases as age increases

B. It is convenient to the policyholder

C. It is convenient to the insurer

D. All of the above

A. The place of worship visited by the person to be insured

B. The state of health of the policyholder

C. The decision of the underwriter

D. The report of the agent

A. In a limited payment policy, there is a maximum limit to the SA

B. In a limited payment policy, there is a maximum limit to the term

C. Both the statements above are wrong

D. Both the statements above are correct

A. On vesting, the insured person has an option to change the term of the policy

B. On vesting the insured person has an option to increase the SA

C. Both the statements above are wrong

D. Both the statements above are correct

A. Every plan of insurance is a combination of two basic plans

B. The name given to a plan indicates the benefits available under the plan

C. Both the statements above are correct

D. Both the statement s above are wrong

A. Underwriting is done only when there is a medical examination

B. Medical examination is necessary before a policy can be issued

C. Both the statements above are correct

D. Both the statements above are wrong

A. The underwriter determines the premium to be charged

B. The underwriter is an employee of the insurer

C. Both the statements above are correct

D. Both the statements above are wrong