Insurance mcqs

✅ The correct answer is C.
The method in which Profits of the ins.co. could be shared in the form of dividends are Portfolio method and Current money method. An income portfolio focuses on making money through dividends or other types of distributions to stakeholders. An income portfolio should generate positive cash flow. A cash dividend is funds or money paid to stockholders generally as part of the corporation’s current earnings or accumulated profits.

✅ The correct answer is D.
Life Insurance marketing differs from marketing of products and services because Life insurance needs to be sold, rather than bought, Life insurance is intangible unlike a tangible product and Value of life insurance is not seen at the time of purchase unlike a consumable product.

✅ The correct answer is D.
Universal life insurance is characterized by Flexible premiums, Flexible face amount and Death benefit.

✅ The correct answer is A.
If the claim could not be settled for want of proper identification of a payee, the insurer shall pay interest at the rate of savings bank account.

✅ The correct answer is A.
Misrepresentation relates of inaccurate statements, which are made without any fraudulent intention.

✅ The correct answer is C.
First point of contact for health care to a needy person. Primary healthcare is the first contact a person has with the health system when they have a health problem.

✅ The correct answer is D.
After the issue of the FPR, the insurance company will issue subsequent premium receipts when it receives further premiums from the proposer. These receipts are known as renewal premium receipts (RPR). The RPRs act as proof of payment in the event of any disputes related to premium payment.

✅ The correct answer is C.
Both Innocent misrepresentation and fraudulent misrepresentation could be termed Misrepresentation. Innocent misrepresentation is a misrepresentation made by someone who had reasonable grounds for believing that his false statement was true. Fraudulent misrepresentation is a civil tort arising out of contract law. It is a false statement of fact that causes or induces someone to enter into a contract.

✅ The correct answer is E.
All statements are true about NABARD.
It is a development bank in the sector of Regional Rural Banks in India, It provides and regulates credits in the rural area, It gives assistance for the promotion and development of rural sectors, mainly agriculture and It finances rural crafts.

✅ The correct answer is B.
Revival of a life insurance policy means reinstating a lapsed policy. The documentation requirements for revival or reinstatement of a policy depend on the time elapsed between the date of lapsation and the date when the request for revival has been made by the policyholder.