Insurance

✅ ANSWER: B
the underwriter’s role in an insurance company is to decide acceptability of risks. Underwriters work in several insurance categories, including health, life, auto and home. Their job is to review applications for insurance, analyze risks and decide whether the company will offer coverage. Underwriters must approve applications so that the insurance company can collect premiums.

✅ ANSWER: B
An ordinary annuity is a series of equal payments made at the end of consecutive periods over a fixed length of time. While the payments in an annuity can be made as frequently as every week, in practice, ordinary annuity payments are made monthly, quarterly, semi-annually or annually.

✅ ANSWER: B
Both the statements are correct.
Annuity would stop strictly with the death of the annuitant and Annuity could be paid to the surviving spouse in case of joint life annuity.

✅ ANSWER: B
The premium paid towards health insurance policies qualifies for deduction under Section 80D of the Income Tax Act. On the premium paid for self, spouse, children and parents, the maximum deduction that can be availed is Rs 25,000 a year, provided the age of the individual is not above 60.

✅ ANSWER: C
Persons with comfort in equity on account of their knowledge are the likely buyers of variable life policies. Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy.

✅ ANSWER: C
Moral hazard indicates that the possibility that client would undertake dangerous expeditions after taking a policy and the possibility of ending own life or the life of another.

✅ ANSWER: B
Mortgage life insurance pays off a policyholder’s mortgage in the event of the person’s death. This protects a mortgage holder’s heirs in the event of his/her untimely demise. If the beneficiary dies after he/she has finished paying for the house, no mortgage life insurance is paid out.

✅ ANSWER: B
The term premium denotes the price that is paid by an insured for purchasing an insurance policy.

✅ ANSWER: C
Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has a pan-Indian presence. Presently, the bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.

✅ ANSWER: A
An insurance company is responsible for the acts of its agents and it can be assumed by an insurance applicant that any information or payment of money to the agent will be received by the insurance company.