Insurance mcqs

✅ The correct answer is C.
ROP plan offers premium refund at maturity if the policyholder survives the tenure.

✅ The correct answer is B.
The lesser the period of investment, the greater they will multiply is incorrect because if period of investment will be less, the result will also be less.

✅ The correct answer is C.
On vesting, the insured person doesnt have an option to change the term of the policy and to increase the SA.

✅ The correct answer is A.

✅ The correct answer is B.
When the person assured dies during the Term of the policy i.e. before the date of maturity, proceeds under the policy as a claim, is payable to the beneficiary which is called a Death claim.

✅ The correct answer is D.
Inter temporal allocation of resources means allocation of resources across Time. Intertemporal choice is an economic term describing how an individual’s current decisions affect what options become available in the future. Theoretically, by not consuming today, consumption levels could increase significantly in the future, and vice versa.

✅ The correct answer is A.
Designated person in the insurer’s office as authorised by the IRDA will issue licence to an applicant on his certification as per regulations.

✅ The correct answer is B.
The set time limit for completing a claim investigation is 6 months.

✅ The correct answer is A.
Ordinary revival is the simplest form of revival. As the name implies, ordinary revival is the most simple form of revival. Here, the revival is done simply by paying the delayed premium amount along with the interest charge.

✅ The correct answer is A.
if complex language is used to word a certain policy document and it has given rise to an ambiguity, it will generally be construed in favour of insured.