Insurance mcqs

✅ The correct answer is B.
Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account which is invested in a number of sub-accounts available in the policy.

✅ The correct answer is C.
Mode of payment of claim is not shown in the policy.

✅ The correct answer is A.
A policy of insurance on one’s own life is not an indemnity because it is merely a contract to pay a certain sum in the event of death.

✅ The correct answer is D.
All the above statements regarding nomination are true.
More than one person can be nominated, Nomination can be done either at the time of commencement or later and Nomination can be changed by making an endorsement.

✅ The correct answer is D.
Policy reserves, Mortality and Expenses are the factors in determining premium in a life policy.

✅ The correct answer is C.
Life Insured can do a nomination under the policy. Nomination is the process by which the policyholder appoints a person or persons to receive policy benefits in case of a death claim.

✅ The correct answer is D.
As per IRDA Regulations 2002, a decision in a claim is to be taken by the insurer within 30 days of submission of requirements by the claimant.

✅ The correct answer is C.
Passport is an example of standard age proof.

✅ The correct answer is B.
If the insured gets admitted in a non-network hospital, he would settle hospital bills and would get reimbursed by the insurer.

✅ The correct answer is B.
Soft skills relate to one’s ability to interact effectively with other workers and customers, both at work and outside. A soft skill is a personal attribute that supports situational awareness and enhances an individual’s ability to get a job done. The term soft skills is often used as a synonym for people skills or emotional intelligence.