Insurance mcqs

✅ The correct answer is A.
In Needs-analysis location of areas where people need life insurance protection. A good needs analysis also considers how much the death benefit from the life insurance policy is likely to earn if it’s invested.

✅ The correct answer is B.
Premium amount doesn’t decreases with the term of coverage. Premium payments often start at a higher level than policies with similar coverage but are ultimately worth more than competitors as policyholders experience increased coverage over time at no additional expense.

✅ The correct answer is A.
Providing social security is the obligation of State. States must progressively realise the right to social security through measures to offer protection, through cash or in kind, which enables individuals and families to acquire at least essential health care, basic shelter and housing, water and sanitation, food, and the most basic forms of education.

✅ The correct answer is D.
Four major areas of unethical behaviour are Misrepresentation, Illustrations without giving both optimistic and conservative estimation of returns and Replacement of an existing policy by a fresh policy without any specific need.

✅ The correct answer is D.
Domiciliary Hospitalisation means treatment taken at home as the patient could not be moved to hospital.

✅ The correct answer is D.
Maternal uncle cannot be covered under a family floater policy.

✅ The correct answer is D.
No fee is payable by the aggrieved person to the District Consumer Forum while filing his complaint.

✅ The correct answer is D.
An Insurance Repository (IR) is a company licensed by IRDA for maintaining data of insurance policies in electronic form on behalf of Insurers. An IR will thus enable policy holders to buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called “electronic policies” or “e Policies”.

✅ The correct answer is B.
Inter-temporal allocation of resources refer to Allocation of resources over time. One of the principal purposes of saving and investing is to achieve inter-temporal allocation of resources, which is both efficient and effective. Effective allocation implies that sufficient funds are available to satisfy successfully the various needs as they arise in different stages of the life cycle.

✅ The correct answer is C.
The main purpose of the guaranteed insurability rider benefit is to give the policyholder the right to Increase cover when a key life event occurs. A guaranteed insurability rider, also called a GI rider, is a life insurance rider which allows the owner of a life insurance policy to buy additional life insurance with no underwriting. A rider is an additional benefit to a life insurance policy beyond the death benefit.