Insurance mcqs

✅ The correct answer is D.
Deficiency in service giving rise to a customer dispute arises in the following situations If the shopkeeper charges a price higher than MRP, Faulty products including expiry date crossed while selling and Allergy warning not stated clearly on the front of a drug bottle.

✅ The correct answer is C.
The changes in healthcare costs over recent years has had a rise in the need for cover on healthcare insurance.

✅ The correct answer is D.
With regards to valuation of assets by insurance companies, Book value is the value at which the life insurer has purchased or acquired its assets.

✅ The correct answer is D.
Losses of a few persons are shared by many persons thus reducing the burden of contribution to loss compensation.

✅ The correct answer is D.
Both the statements are incorrect.
The tax provisions are not the same for all kinds of savings. The tax provisions are not included in the Constitution.

✅ The correct answer is A.
Amount of annuity depends on duration of annuity payments, principal sum of money, investment period and rate of return. An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees. Annuities are created and sold by financial institutions, which accept and invest funds from individuals and then, upon annuitization, issue a stream of payments at a later point in time.

✅ The correct answer is D.
Maturity claim is payable when the insured survives policy term. Maturity Claim is associated with the Maturity Benefit of the Policy i.e. the claim which arises when the policy matures. It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured.

✅ The correct answer is A.
In Money Back Claim on maturity the balance sum alone is payable along with attached bonus, if any.

✅ The correct answer is C.
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 Authority may issue duplicate licence in case it is lost. If an agent is found guilty of criminal misappropriation the designated person will cancel the license.

✅ The correct answer is C.
Paper gold is the special drawing rights given by the International Monetary Fund to its member countries. It is an accounting entry. It is used only among governments and IMF for balance of payment settlements.