Insurance mcqs

✅ The correct answer is B.
The facility to withdraw 1/3rd of the accumulated amount at the time of retirement is called Commutation.

✅ The correct answer is D.
Defined contribution (DC) schemes are occupational pension schemes where your own contributions and your employer’s contributions are both invested and the proceeds used to buy a pension and/or other benefits at retirement.

✅ The correct answer is C.
Within one year of rejection of the complaint by the insurer can approach an insurance ombudsman.

✅ The correct answer is C.
Coercion involves pressure applied through criminal means. When a person who is able to dominate the will of another, uses her position to obtain an undue advantage over the other.

✅ The correct answer is D.
On payment of a rider benefit, a policy contract continues. A rider is an add-on to the primary policy, which offers benefits over and above the policy subject to certain conditions. One way to maximize the benefits on your life insurance policy and to customize it to suit your specific needs is by opting for riders.

✅ The correct answer is D.
An insurance company put is to real test at the time of announcement of bonuses. Bonus refers to an extra amount of money one receives in addition to the base amount. The same concept also holds true with bonuses payable in a life insurance policy.

✅ The correct answer is D.
Social security charge is not a component of ULIP premiums. Social security contributions are compulsory payments paid to general government that confer entitlement to receive a (contingent) future social benefit.

✅ The correct answer is D.
Insurance is a Contingency product. The Contingency Insurance Industry is a specialized group of individuals that deal with insurance products that usually fall outside of the more easily recognized property, marine, casualty, and financial services departments of most companies.

✅ The correct answer is C.
Inadvertent omission of information and Intentional suppression of information (Concealment) could be classified as Nondisclosure.

✅ The correct answer is D.
Inquest Report document is an additional document required to be submitted in case of accidental death as compared to natural death. In general, a court inquiry (sometimes with the aid of specially chosen jury) into a specific matter. In particular, an inquiry by a coroner into the death of person who died under suspicious circumstances or in police custody.