Insurance mcqs

✅ The correct answer is A.
The complaint is to be made in writing. Send a written complaint, with supporting documents, to the insurer’s grievance redressal officer, and get an acknowledgement.

✅ The correct answer is C.
As per PML Act, 2002, which came into effect from 2005, money laundering is punishable by Rigorous imprisonment for 3 – 7 years and Fine of Rs.5 lakhs.

✅ The correct answer is A.
Every pension is a kind of annuity. Annuity is a fixed sum that you get every year to provide for pension.

✅ The correct answer is C.
Universal life policies are kept in force even if premiums are not paid, provided its cash value was sufficient to pay for Mortality charges and expenses.

✅ The correct answer is D.
Goodwill is the established reputation of a business and regarded as a quantifiable asset. It is calculated as a part of its value when it is sold.

✅ The correct answer is C.
For purposes of life insurance, everyone is considered to have an insurable interest in their own lives as well as the lives of their spouses and dependents. Employer also has an insurable interest on the life of his employees. Insurable interest is not present in the life of a colleague.

✅ The correct answer is D.
The duration of grace period in a policy is 31 days.

✅ The correct answer is B.
Cashless facility means a facility extended by an insurer to the insured where payments are made directly by the insurer to the network provider subject to preauthorisation. Cashless policies mean that the health insurance company settles the bill directly with healthcare provider, whether a hospital or a nursing home.

✅ The correct answer is B.
Origins of modern insurance business can be traced to Lloyd’s. Insurance pays when there is loss of asset.

✅ The correct answer is D.
There is rider benefit in a policy contract. A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy.