Insurance mcqs

✅ The correct answer is D.
Whole life policies are not entitled for bonuses. Not all life insurance policies are entitled to receive the bonus amount. Only participating (with-profit) policies qualify for the bonus and the policyholders holding a participating life insurance policy will only qualify for the bonus payout.

✅ The correct answer is B.
Insurance Agent is governed by Insurance Act. Insurance agents act as the final connecting link between the insurance company and the individual investor as arepresentative of theinsurer.

✅ The correct answer is D.
Car Insurance is not a product of life insurance. Car insurance is compulsory by law. It is a way we protect ourselves financially in case of damages caused by accidents or a theft.

✅ The correct answer is A.
In respect of a family floater health policy, The total premium payable is less than the total premium payable under non-floater policies.

✅ The correct answer is C.
PAN card is a standard age proof among the following. For the age proof, Aadhar Card, as it’s value has been increased, it can easily be used as an age proof in India. Aadhar, PAN, passport, Driving license issued by Govt. of India, SSC certificate, college/school leaving certificate, birth certificate, probably domicile certificate and nationality certificate as well.

✅ The correct answer is B.
Rider benefit is payable subject to policy terms and conditions on the occurrence of a specified Event.

✅ The correct answer is A.
Terminal Bonus would increase with the duration/term of the policy.

✅ The correct answer is C.
For participating policies, bonus is linked to performance of the fund. Bonus once announced becomes a guarantee. Such a bonus is called Simple Reversionary Bonus.

✅ The correct answer is C.
Attraction, communication and being present are the three elements to promote trust.

✅ The correct answer is D.
Indemnity means that insurer would assess and compensate only the exact amount of loss. Indemnity insurance is a contractual agreement in which one party guarantees compensation for actual or potential losses or damages sustained by another party.