Insurance mcqs

✅ The correct answer is B.
Public pension fund is a term used to refer pensions that some level of Government administration. Public pension funds, or funds for retirement savings of people who work for a government employer or in the public sector.

✅ The correct answer is B.
Policy withdrawal is Surrender of policy in return for acquired surrender value. In case of life insurance, if you surrender a policy before the completion of its full term, you could get back a portion of the money you paid as premium, after deducting charges. This money is surrender value.

✅ The correct answer is B.
A critical illness rider makes living benefits payable to the insured for medical expenses prior to death.Generally, the extra cover is equal to the sum assured on the base policy and is paid upon diagnosis of the illness.

✅ The correct answer is D.
Selecting an appropriate investment vehicle would not depend on Insurability.

✅ The correct answer is D.
Pravin dies after five and half years of buying a term insurance plan, is the odd one among all. In other three cases death occurs within 3 years.

✅ The correct answer is D.
The major motive for people going for nontraditional products are Flexibility, Wealth accumulation and Transparency.

✅ The correct answer is C.
If the policy holder does not pay the premium by the due date and dies during the grace period the insurer will pay the claim after deducting the unpaid premium.

✅ The correct answer is A.
Agency licence is to be renewed once in 3 years.

✅ The correct answer is B.
Health Insurance cover can come with life insurance cover provided by a life insurer. Health insurance policies offered by life insurance companies pay certain amount for a particular disease on claim settlement.

✅ The correct answer is D.
A person employed to act on behalf of another in dealing with a third person is called Agent. An agent is a person employed to do any act for another, or to represent another in dealings with third persons.