Insurance MCQ Questions and Solutions with Explanations | Commerce

A. There is a bar on appointment of a minor as agent of an insurance company

B. A person found guilty of fraud or any criminal offence is ineligible for appointment as agent of an insurer

C. A minor can be appointed agent of a life insurance company

D. No applicant is exempt from mandatory training before appointment as agent

A. Agency licence is to be renewed once in 3 years

B. An agent’s licence has to be renewed after 5 years of issue

C. A licence has to be renewed once in 10 years

D. There is provision for life time licence, once issued

A. Life insurance selling is different from selling of other items

B. Life insurance involves concept selling and hence challenging

C. An agent has to create in his client’s mind need for life insurance

D. All of the above

A. Self-respect and high knowledge

B. Empathy and ego drive

C. Wealth and desire to increase it through life insurance agency

D. Blessings of elders and help from bosses

A. Being open, confident and positive is not so important for an agent

B. Being punctual for appointments is important for an agent

C. Presenting oneself appropriately is important for an agent

D. Being fully prepared for the interview with facts and details is important

A. Paying close attention to the speaker and occasionally smiling or nodding one’s head

B. Giving one’s comments on the points raised by the other party

C. While being attentive to the speaker, giving occasional nod and smile along with feedback

D. All of the above

A. Life Insurance

B. A television set

C. Iphone

D. A farmhouse

A. Analysis of present and future needs of the client

B. Financial value of the above needs

C. Gap between funds needed for goals fulfilment and the available funds with the client

D. All of the above

A. Consumer Disputes involving private insurance companies can be heard by Consumer Forum or commission

B. Life Insurance does not come under Consumer Protection Act 1986

C. Complaints can be lodged against private insurers as also public sector companies/corporation like LIC

D. Complaints can be lodged only life insurance companies as also non-life insurance companies

A. Complainant has to approach a consumer forum before moving the Ombudsman

B. The complaint has to be lodged with in two year of the insurer rejecting the compliant

C. There is no separate financial limit of various forum and commissions

D. All of the above