Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Risk of longevity is best managed through pensions

B. Early death can be handled through pension

C. Investment risk cannot be addressed through pensions

D. Inflation risk is not managed through pensions

A. In an ordinary annuity payments are made or received at the beginning of each period

B. On maturity

C. 3 months before expiry

D. At the end of each period

A. Health Insurance cover can come only as a standalone policy

B. Health Insurance cover can come with life insurance cover provided by a life insurer

C. Health cover can be issued only by a nonlife insurer

D. There is no limit on the benefits in a health cover

A. He is a patient who receives medical attention without admission in a hospital

B. He is after admission in a hospital receiving medical attention and treatment while being there

C. He is a day care patient for treatment

D. He is a patient in a house receiving care of doctors

A. In a MWP Act policy claim moneys can be paid to a near relative of the assured

B. Policy claim moneys can be paid to the assured in a maturity claim

C. Policy claim money can be paid only to the named trustee as the policy is a separate trust

D. Death claim may be paid to the nominee in a WWP Policy

A. 'Ramakant’s indebtedness after his demise can lead to the creditors taking away his property

B. 'Ramakant’s bank accounts can be attached to clear off his debts

C. Mutual funds proceeds can be attached by the creditors

D. Term policy proceeds under MWP Act

A. MRI

B. Whole Life Policy

C. Term Insurance policy

D. Property insurance under non-life category

A. In endowment policies for 20 years premium is payable for all years under all circumstances

B. There cannot be a single premium policy of 20 years

C. In a 20 year endowment policy there can be provision for payment of premium only for a few years

D. In life insurance terminology premium and price are different

A. A policy lapses if the premium is not paid on the due date

B. A policy lapses if the premium is not paid within the grace period

C. A policy does not lapse at all under any conditions

D. Investment risk in a ULIP policy is borne by the Insurer

A. In determination of premium higher the rate of interest assumed the lower is the premium

B. In determination of premium higher the rate of interest assumed higher is the premium

C. In determination of premium lower the rate of interest assumed lower is the premium

D. Premium is not determined by rate of interest assumed to be earned by the insurer