Insurance mcqs

✅ The correct answer is C.
If the premium has not been paid even during days of grace policy is deemed to be lapsed. The policy for which all benefits to the policy holder cease and is terminated due to non payment of premium amount on the due date or even after the grace period is called a lapsed policy.

✅ The correct answer is A.
SEF is abbreviated as Standard Endorsement Form.

✅ The correct answer is B.
The insurance ombudsman mechanism had been set up by the insurers themselves, as an alternative dispute redressal system. It is a quasi-judicial body, established to address the grievances of customers, without them having to involve themselves in lengthy court proceedings.

✅ The correct answer is D.
Agency licence in all cases is issued by the IRDA through the Designated Parson of the Insurer.

✅ The correct answer is A.
Minors (those under the age of 18, in most states) lack the capacity to make a contract. So a minor who signs a contract can either honor the deal or void the contract.

✅ The correct answer is B.
The policy document is the most important document associated with insurance. It is evidence of the contract between the assured and the insurance company.

✅ The correct answer is D.
There is no limit of the National Consumer Disputes Commission.

✅ The correct answer is B.
Exclusions in a health insurance policy mean diseases specifically not covered. An exclusion is a provision within an insurance policy that eliminates coverage for certain acts, property, types of damage or locations.

✅ The correct answer is D.
All the statements are correct.
Payment is subject to an order from a competent court of law, Payment will depend on the policy status as on the date of the court order and Seven year waiting period is as per the Indian Evidence Act.

✅ The correct answer is A.
In commercial contracts, the principle to be observed is Caveat Emptor. Caveat emptor is a Latin term that means “let the buyer beware.” Similar to the phrase “sold as is,” this term means that the buyer assumes the risk that a product may fail to meet expectations or have defects.