Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Policy schedule

B. General provisions

C. Standard provisions

D. Specific policy provisions

A. Policy Numbermination is not cancelled if the policy is assigned to the insurer in return for a loan

B. Nomination can be done at the time of policy purchase or subsequently

C. Nomination can be changed by making an endorsement in the policy

D. A nominee has full rights on the whole of the claim

A. If the premiums are not paid on due date

B. If the premiums are not paid before the due date

C. If the premium has not been paid even during days of grace

D. If the policy is surrendered

A. Standard length of the grace period is one month

B. The standard length of the grace period is 30 days

C. The standard length of the grace period is one month or 30 days

D. The standard length of the grace period is one month or 31 days

A. Evidence of insurability at revival

B. Revival of the policy leading to increase in risk for the insurance company

C. Payment of unpaid premiums with interest

D. Insured submitting the revival application within a specified time frame

A. Section 10

B. Section 38

C. Section 39

D. Section 45

A. The policy will have to be assigned in favour of the insurance company

B. The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company

C. The nominee’s right will be affected to the extent of the insurer’s interest in the policy

D. The policy loan is usually limited to a percentage of the policy’s surrender value

A. In case of Absolute Assignment, in the event of death of the assignee, the title of the policy would pass to the estate of the deceased assignee

B. The assignment of a life insurance policy implies the act of transferring the rights right, title and interest in the policy (as property) from one person to another

C. It is necessary that the policyholder must give notice of assignment to the insurer

D. In case of Absolute Assignment, the policy vests absolutely with the assignee till maturity, except in case of death of the insured during the policy tenure, wherein the policy reverts back to the ben

A. Splitting up of the policy into two or more policies

B. Extension of the premium paying term

C. Change of the policy from with profit policy to without profit policy

D. Increase in the sum assured

A. Process claims

B. Decide acceptability of risks

C. Product design architect

D. Customer relations manager