Insurance

✅ The correct answer is D.
Judgmental method of underwriting is suitable while deciding a complex case, e.g. whether to give insurance to someone who has acute diabetes. Under this method, subjective judgment is used, often relying on the expert opinion of a medical professional known as the medical referee, especially when the deciding case is complex.

✅ The correct answer is C.
Judgement & Numerical are the 2 methods of underwriting.
Judgement Method: Under this methods, subjective judgement is used.
Numerical Method: Under this method underwriting assign positive rating points for all negative or adverse factors.

✅ The correct answer is A.
Amount of annuity depends on duration of annuity payments, principal sum of money, investment period and rate of return. An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. Annuities are created and sold by financial institutions, which accept and invest funds from individuals and then, upon annuitization, issue a stream of payments at a later point in time.

✅ The correct answer is D.
Maturity claim is payable when the insured survives policy term. Maturity Claim is associated with the Maturity Benefit of the Policy i.e. the claim which arises when the policy matures. It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured.

✅ The correct answer is A.
In Money Back Claim on maturity the balance sum alone is payable along with attached bonus, if any.

✅ The correct answer is C.
Rs. 250 is the fees payable to the Authority for issue/ renewal of licence to act as an insurance agent or composite insurance agent. The Authority may issue duplicate licence in case it is lost. If an agent is found guilty of criminal misappropriation the designated person will cancel the license.

✅ The correct answer is C.
Paper gold is the special drawing rights given by the International Monetary Fund to its member countries. It is an accounting entry. It is used only among governments and IMF for balance of payment settlements.

✅ The correct answer is C.
When high sum insured is proposed and when age is advanced special reports would be necessary.

✅ The correct answer is C.
Standalone companies are specifically barred from covering rural masses. Standalone companies are involved in government schemes to provide insurance to rural masses.

✅ The correct answer is D.
Deficiency in service giving rise to a customer dispute arises in the following situations If the shopkeeper charges a price higher than MRP, Faulty products including expiry date crossed while selling and Allergy warning not stated clearly on the front of a drug bottle.