Insurance MCQ Questions and Solutions with Explanations | Commerce

A. 30 days

B. One month

C. One month or 30 days

D. 31 days

A. Nomination can be changed at will by the assured during the course of the policy

B. Assignment can also be changed at will by the assured without referring to the assignee

C. Witness for an assignment is not mandatorily required

D. Like nomination, assignment can also be effected in the proposal

A. An IT manager in TCS

B. A bank officer for a large sum proposed

C. A worker aged 50 in an underground coal mine

D. A manager in a shopping mall

A. A Bank manager with moderate occasional consumption of alcohol

B. A race goer with betting habits and usually a heavy consumer of alcohol

C. A university professor asking for a large cover on his life

D. Where in a proposal the nominee is a near dependant of the proposer

A. Personal history and family history of a proposer are equally important

B. In a non-medical proposal family history is not asked for

C. Large sum assured is not a factor to be considered in non-medical underwriting

D. Moral Hazard is not relevant in nonmedical underwriting

A. Whenever the claim arises before the end of the policy term it is an early claim

B. If the claim arises after 5 years, it is an early claim

C. All death claims are early claims

D. A claim by death within three years of commencement

A. No Maturity claim is paid on the close of Term insurance

B. In Money Back policy interim payments are made after certain frequencies

C. In Money back policy on death within the policy duration full sum assured is payable without deducting the interim instalments already paid

D. There is no such thing as rider benefit in a policy contract

A. Higher of the sum assured or the fund value

B. Lower of the sum assured or the fund value

C. Return of premiums with savings bank rate of interest

D. Surrender value

A. There is no difference between an individual agent and a corporate agent as both of them represent an insurance company

B. An agent can work for a life insurer as also a non-life insurer, either individually or together

C. A composite agent means an agent working for one life and one non-life insurer

D. All of the above

A. Designated person in the insurer’s office as authorised by the IRDA

B. An officer of the IRDA

C. Controller of Insurance in the Ministry of Finance

D. An official of the Insurance Institute of India