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2429. State which is correct.

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

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

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

All of the above

✅ The correct answer is D.
All the above are correct.
There is no difference between an individual agent and a corporate agent as both of them represent an insurance company, An agent can work for a life insurer as also a non-life insurer, either individually or together and A composite agent means an agent working for one life and one non-life insurer.

2430. If a policy is lapsed for a very short period of time only, what would be the requirement:-

Medical Report

Medical Underwriting

Certificate of good health

None of the above

✅ The correct answer is C.
If a policy is lapsed for a very short period of time only, Certificate of good health would be the requirement.

2431. Which of the following statements are ‘true’? 1 : The premium under a group insurance policy is constant for all the time to come. 2 : Section 45 of the Insurance Act does not apply to a one year policy.

Only 1

Only 2

Both A & B

None of the above

✅ The correct answer is A.
As per Section 45, a policy is not to be called in question on the grounds of misstatement after two years. Hence, statement (B) is false.

2432. Which of the following is not considered to be a drawback of Internet auctions?

market inefficiency

trust risks

fulfillment costs

delayed consumption costs

✅ The correct answer is A.
Market inefficiency is not considered to be a drawback of Internet auctions. A market anomaly (or market inefficiency) in a financial market is a price and/or rate of return distortion that seems to contradict the efficient-market hypothesis.

2433. Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments?

Money-back policy

Unit linked insurance policy

Return of premium policy

Term insurance policy

✅ The correct answer is A.
In money-back policy, the claim payment is made in the form of periodic payments. Money back plan simply means that money comes back to the life insured after a specific interval of time as survival benefit. The money back is guaranteed on the survival of the policyholder. However, in case of death of the policyholder, the nominee gets the sum assured and accrued bonuses, if any.

2434. ___________ means a method of filing while indexing.

Classification

Trays

Page Index

Visible Books

✅ The correct answer is A.
Classification means a method of filing while indexing. On the other hand, means the method used for making reference to the records filed.

2435. The labour force participation rate is the

Proportion of population that is working

Proportion of population working or looking for work

Proportion of skilled workers population

Proportion of female workers to male workers

✅ The correct answer is C.
The labour force participation rate is the proportion of skilled workers population. It refers to the number of people who are either employed or are actively looking for work.

2436. In incremental cost allocation method, cost object user who is ranked second in ranking order is known as

First incremental user

primary user

secondary user

second incremental user

✅ The correct answer is A.
In incremental cost allocation method, cost object user who is ranked second in ranking order is known as First incremental user.

2437. With regard to domiciliary hospitalization which is incorrect?

The limit for the same is fixed as a %age of total sum insured

All chronic diseases are covered without any exclusion

Both A & B

None of the above correct

✅ The correct answer is B.
All chronic diseases are not covered there are some exclusion.

2445. Scrap is ________.

residue of material

wastage of material

surplus material

abnormal loss of material

✅ The correct answer is A.
Scrap is residue of material. It is incidental residue from the materials used in manufacturing operations which is recoverable and measurable without processing.

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