Insurance MCQ Questions and Solutions with Explanations | Commerce

A. ULIPS are bundled products

B. ULIPS have clear aspects of term, expenses and savings components

C. In ULIP Plans the investment risk is borne by the Insurer

D. Value of units is determined in advance as per a formula of the Insurer

A. As per IRDA norms ULIPs are allowed but not Variable life plans

B. Only variable plans are allowed but not ULIP policies as per IRDA norms

C. Neither of the above plans is allowed in India

D. Both plans are allowed by the IRDA in India. State the correct statement

A. Time taken to build up a corpus

B. Period during which Annuity payments are made by the insurer

C. Insolvency period

D. Time between purchase of annuity and start of payment of annuity payments by the insurer

A. Insurance company

B. NGO's who get Government money

C. State

D. Employees

A. Amortised plan of loan

B. Annuity in perpetuity

C. APR

D. Principal

A. Premium paid by a client for health cover enjoys income tax deduction under 80.C of the Income Tax Act

B. Premium paid towards health cover earns income tax rebate under sec.80D of the Income Tax Act

C. Premium paid for a health cover does not qualify for tax benefit under any provision of the Income Tax Act

D. There is no upper limit to sum assured in a health insurance policy

A. 60 days

B. 45 days

C. 30 days

D. 15 days only

A. Cashless facility means no cash need to be paid by anybody to the care provider

B. Cashless facility means a facility extended by an insurer to the insured where payments are made directly by the insurer to the network provider subject to preauthorisation

C. In cashless facility treatment is free for anyone seeking medical care

D. Cashless facility means that payments are split between the hospital and the insurer

A. Policy proceeds on surrender may be paid to the assured in an emergency

B. Only wife can be a trustee in such policy

C. If a trustee is not appointed the policy money can only be paid to the official trustee of the state

D. Only children can be beneficiaries of the policy

A. The premium paid by the employer is treated as an allowable business expense

B. In a death claim the policy money is payable to the company

C. Death claim proceeds are treated as taxable income of the employer

D. All of the above