Insurance mcqs

✅ The correct answer is C.
Investment need and Risk profile could be the basis for choice of fund in a Unit Linked policy. Unit linked insurance plans allow policy takers to closely monitor their portfolios. They also offer the flexibility to switch your capital between funds with varying risk-return profiles.

✅ The correct answer is B.
To ascertain Premium paying capacity Age proof is not required.

✅ The correct answer is B.
Three elements that promote trust are Attraction, communication and punctuality.

✅ The correct answer is C.
A person can directly lodge a complaint with ombudsman. Hence, it is not a pre-requisite that complainant has to approach a consumer forum prior to ombudsman.

✅ The correct answer is B.
Employers throughout the world has migrated from defined benefit to defined contribution in recent times.

✅ The correct answer is D.
Public Pensions are provided by the State. Public pensions are especially important for the 28 percent of state and local government workers not covered by Social Security.

✅ The correct answer is B.
A lien is a legal right granted by the owner of property, by a law or otherwise acquired by a creditor. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien. A lien is an underwriting decision where decreased death benefit would be payable.

✅ The correct answer is A.
The sum insured under a health insurance policy primarily depends on the age of the person insured.

✅ The correct answer is B.

✅ The correct answer is C.
As per IRDA norms, both products are permitted in India.
A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that, unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan.
Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account, which is invested in a number of sub-accounts available in the policy. A sub-account acts similar to a mutual fund, except it’s only available within a variable life insurance policy.