Insurance mcqs

✅ The correct answer is B.
License to work as an insurance agent is issued by Insurance Regulatory and Development Authority (IRDA). Licence to work as an insurance agent is issued by the IRDA. Agent‟s licence is to be renewed every three years. Rs. 250 is the fees payable to the Authority for issue/ renewal of licence to act as an insurance agent or composite insurance agent.

✅ The correct answer is A.
It is direct approach of the prospect for insurance purposes without any prior announcement or appointment. Cold calling is a technique in which a salesperson contacts individuals who have not previously expressed interest in the offered products or services. Cold calling typically refers to solicitation by phone or telemarketing, but can also involve in-person visits, such as with door-to-door salespeople.

✅ The correct answer is D.
Prospectus is a document which is Providing details about product. A prospectus includes some of the following information: A brief summary of the company’s background and financial information. The name of the company issuing the stock. The number of shares.

✅ The correct answer is C.
Two measures of a Blood pressure of a person are Systolic and Diastolic. The top number refers to the amount of pressure in your arteries during the contraction of your heart muscle. This is called systolic pressure. The bottom number refers to your blood pressure when your heart muscle is between beats. This is called diastolic pressure.

✅ The correct answer is A.
Risk transfer means insuring with an insurance company. Risk transfer is most often accomplished through an insurance policy. This is a voluntary arrangement between two parties, the insurance company and the policyholder, where the insurance company assumes strictly defined financial risks from the policyholder.

✅ The correct answer is B.
A race goer with betting habits and usually a heavy consumer of alcohol is the moral hazard present. Moral hazard is the risk that a party has not entered into a contract in good faith or has provided misleading information about its assets, liabilities, or credit capacity.

✅ The correct answer is C.
Both A & B are dilemma of an old age person. How much old age pension is to be provided and Where to invest the fund.

✅ The correct answer is A.
Uninsured plan is usually funded pension or retirement plan not providing for the guarantee of benefits by an insurance company.

✅ The correct answer is D.
Success in life insurance agency career depends on self-motivation for accepting challenges in the profession with fire in his belly, positive self-image with high morale and a spirit of entrepreneurial skill.

✅ The correct answer is B.
State Commission consumer grievance redressal agencies would handle consumer disputes amounting between rupees 20 lakh and 100 lakh.