Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Insurance agent represents his client in the first place

B. Insurance agent represents his company in the first place and always

C. There is a difference between an agent and a broker

D. Broker represents his client unlike an agent

A. Bancassurance model can either be a bank forming an insurance company on its own or acting as an agent for another Insurance company without capital participation

B. Such an agency of bank acting for an insurer is known as corporate agency

C. A commercial bank is not barred from acting as an agent for insurance companies

D. All of the above

A. Self-motivation for accepting challenges in the profession with fire in his belly

B. Positive self-image with high morale

C. A spirit of entrepreneurial skill

D. All of the above

A. Misrepresentation

B. Illustrations without giving both optimistic and conservative estimation of returns

C. Replacement of an existing policy by a fresh policy without any specific need

D. All of the above

A. Have a need for life insurance

B. Meet the underwriting requirements

C. Can be approached for this purpose

D. All of the above

A. Location of areas where people need life insurance protection

B. Identifying people who may work as agents

C. Estimating assets of prospects

D. Estimating the net worth of prospects

A. Reliability

B. Smartness

C. Empathy and understanding

D. Responsiveness

A. In interview of the prospect agent is knowledge alone is not important

B. Listening is not important as the prospect may not know much about life insurance

C. The agent should avoid being judgmental. It is necessary for the agent to pay

D. Attention to what the prospect says as also to his body language

A. Rs.20 lakhs

B. Rs.50 lakhs

C. Rs.100 lakhs

D. There is no limit

A. If the shopkeeper charges a price higher than MRP

B. Faulty products including expiry date crossed while selling

C. Allergy warning not stated clearly on the front of a drug bottle

D. All of the above