Insurance mcqs

✅ The correct answer is A.
Term insurance plan has the least or no amount of savings element. Term insurance does not have a savings element associated with it.

✅ The correct answer is A.
Under Universal life products, there was facility of completely flexible premiums after One years.

✅ The correct answer is B.
Premium amount increases with the term of coverage. Hence, option (2) is incorrect.

✅ The correct answer is B.
An occupational pension is one that is provided by an employer. They are also known as company or employers’ pension plans. Occupational pension schemes provide a regular income after retirement.

✅ The correct answer is A.
Insurer bears the investment risk in a fixed benefit annuity. The annuitant bears the investment risk in a variable annuity, whereas the insurer bears the investment risk in a fixed annuity.

✅ The correct answer is D.
True reward for a successful agent is Job satisfaction on performing a challenging role to influence his client to go in for his life’s protection, Recognition in his circles as a knowledgeable and ethical life insurance adviser with social respect and Handsome income through hard work by winning the trust and confidence of his clients

✅ The correct answer is B.
Banned substance abuse condition will affect a person’s insurability negatively.

✅ The correct answer is C.
Savings is a composite of postponement of consumption and parting with liquidity.

✅ The correct answer is C.
Uberrima fides is a Latin phrase, meaning “utmost good faith”. This means that all the parties to an insurance contract must deal in good faith, making a full declaration of all the material facts in the insurance proposal.

✅ The correct answer is D.
Unit Linked policy scores over traditional plan with respect to Transparent charges structure, value of the units related to an index of performance and both premium and sum insured (as a multiple of annual premium) decided by the insured.