Insurance mcqs

✅ The correct answer is B.
Promise to indemnify is the ‘consideration’ from the insurer in an insurance contract. In every contract of guarantee there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee, but no sums which he has paid wrongfully.

✅ The correct answer is D.
Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes.

✅ The correct answer is B.
Blood donation charges are not covered under a typical health insurance cover. Health Insurance is an insurance policy that ensures that you get cashless treatment or expense reimbursement, in case you fall ill.

✅ The correct answer is B.
In case of Compound bonus, a company expresses the bonus as a percentage of basic benefit and already attached bonuses.

✅ The correct answer is C.
Health plus life combo products would mean a combination of health insurance from a non-life company and life cover from a life insurance company and health insurance from a standalone health company and life cover from a life insurance company.

✅ The correct answer is C.
Government of India transacts life insurance business in India through Postal Life Insurance.

✅ The correct answer is C.
Ethical behavior helps in developing trust between the agent and the insurer. In the trusting relationship, the prospect allocates trust insofar as they found the conduct of the agent as credible and reliable.

✅ The correct answer is B.
Both are done as per Insurance Act, 1938. The appointment of an individual by the assured to receive the amount secured by the policy, upon the demise of the assured is known as a nomination. On the other hand, assignment refers to cede the right, ownership, and interest in the policy to another person.

✅ The correct answer is D.
In accidental death claim reports that are required to be submitted by the beneficiary are Certificate of cremation or burial, Treating physician’s certificate and Inquest report of the Govt. agency.

✅ The correct answer is D.
The term ‘Money Laundering’ is the concealment of the origin of illegally-obtained money, typically by the means of transfers involving foreign banks or legitimate businesses.