1494. Given below are some events that will trigger survival claims. Identify which of the below statement is incorrect?

by
Claim paid on maturity of a term insurance policy
An instalment payable upon reaching the milestone under a money-back policy
Claim paid for critical illnesses covered under the policy as a rider benefit
Surrender value paid on surrender of an endowment policy by the policyholder
✅ The correct answer is A.
Claim paid on maturity of a term insurance policy will trigger survival claims. The payment by the insurer to the insured on the date of maturity is called maturity payment. The amount payable at the time of the maturity includes a sum assured and bonus/incentives, if any.

1511. Costing system, which classify cost into cost categories in a way when an expense is incurred in process is called

by
conversion expense costing system
inventory costing system
process costing system
job costing system
✅ The correct answer is C.
Costing system, which classify cost into cost categories in a way when an expense is incurred in process is called process costing system. Process costing is a type of operation costing which is used to ascertain the cost of a product at each process or stage of manufacture.

1508. As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim after 2 years from issuance of policy if the material facts in the proposal are _________ made.

by
Innocently
Falsely
Frantically
Fraudulently
✅ The correct answer is D.
As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim after 2 years from issuance of policy if the material facts in the proposal are fraudulently made.