Insurance MCQ Questions and Solutions with Explanations | Commerce

A. Claim is a demand on the insurer to honour contractual commitment to pay the policy money to the claimant

B. It s request made to the insurer by the claimant to settle payment

C. While in some claims, the contract comes to an end with payment in other cases the contract continues

D. All of the above

A. Payment is subject to an order from a competent court of law

B. Payment will depend on the policy status as on the date of the court order

C. Seven year waiting period is as per the Indian Evidence Act

D. All of the above

A. Protection of Insurance Company

B. Protection of policyholder and development of orderly growth of insurance business

C. Protection of insurance intermediaries

D. To earn for the Government

A. Certificate of cremation or burial

B. Treating physician’s certificate

C. Inquest report of the Govt. agency

D. All of the above

A. Life Insurance agents desirous of doing stand alone Health insurance business will have to be certified under IC-34 separately

B. Such life agents as above are exempt from passing IC-34 if they have been certified under IC-33 and if they undergo some internal training for 25 hours given by Health Insurance Company

C. Agents certified under IC 34 for non life insurer can do standalone Health insurance business after undergoing internal training for 25 hrs from the standalone health insurance company

D. No agent, individual or corporate of life and or non-life insurer shall offer his services to more than one standalone health insurance Company

A. An agent licensed to act as such for an insurer has to have a license under sec.42 of the Insurance Act’38 for procuring and continuing insurance business against payment of commission by the in

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. A bank cannot act as an agent of whatever description

A. Risk retention would mean absence of possibility of loss or damage

B. The event of loss is insignificant

C. Assets are covered by insurance

D. The owner of assets is prepared to accept the uninsured risks and its effects

A. Survey and inspection of property is essential before acceptance of risk to assess the risk for rating purpose

B. To find out the true value of asset

C. To find out how the asset came into the owner’s possession

D. To know whether any other property in the neighbourhood can be insured

A. Martin Luther

B. Prof.H.S.Huebner

C. J.M.Keynes

D. Warren Buffet

A. Lower yields are a disadvantage in cash value contracts

B. Discipline in saving is not an advantage in cash value contracts

C. Income Tax advantage is not an advantage in cash value contracts

D. Safe and secure investment is not an advantage in cash value contracts