Insurance mcqs

✅ The correct answer is C.
IRDA stand for Insurance Regulatory & development Authority.

✅ The correct answer is C.
A person can be presumed to be dead if he has not been heard about for 7 years.

✅ The correct answer is B.
Smartness is not a true index of service quality. Reliability, Empathy and understanding and Responsiveness is a true index of service quality.

✅ The correct answer is C.
First Premium Receipt and Renewal Premium Receipt both are Premium receipt. Life insurance policy receipt issued upon payment of the first premium by an applicant. It makes the policy in force before the policy documents are issued, provided the applicant meets all requirements. Also called conditional receipt. Renewal premiums are the subsequent premiums that are paid by the insured to the insurer in order to keep the policy in operation and avail the benefits of the policy accordingly.

✅ The correct answer is C.
Documents required for claim is not provided in a Prospectus.

✅ The correct answer is D.
All the above are true regarding current money method of dividend payment.
Returns depend on when the investment was made, Different investment blocks get different returns and It is also called segmented or investment block method.

✅ The correct answer is C.
Smart identity card for presenting it to network hospital in health insurance would be issued by Insurer or TPA.

✅ The correct answer is D.
Discretionary income is not maximised by purchase of insurance policy. Some people use credit cards to purchase discretionary goods, but increasing personal debt is not the same as having discretionary income.

✅ The correct answer is C.
Life insurance is possible because Death is certain but its timing is uncertain.

✅ The correct answer is C.
Mortgage Redemption Insurance (MRI) is an insurance policy that provides financial protection for home loan borrowers. It is basically a decreasing term life insurance policy taken by a mortgagor to repay the balance on a mortgage loan if he/she dies before its full repayment.