Insurance mcqs

✅ The correct answer is A.
Consideration deals with premium in a valid contract. Consideration means “something in return” (quid pro quo).

✅ The correct answer is C.
For an insurance policy nomination is allowed under Section 39 of the Insurance Act, 1938.

✅ The correct answer is C.
They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872 is true about life insurance contracts.

✅ The correct answer is C.
An individual with an aggressive risk profile is likely to follow wealth accumulation investment style.

✅ The correct answer is A.
Adhesion contract is a legally binding agreement between two parties to do a certain thing, in which one side has all the bargaining power and uses it to write the contract primarily to his or her advantage.

✅ The correct answer is B.
Every Pension is an Annuity.
Pension scheme gives an opportunity to invest and accumulate savings and get lump sum amount as regular income through annuity plan on retirement.

✅ The correct answer is C.
The Integrated Grievance Management System(IGMS) facilitates online registration of policyholders’ complaints and helps track their statuses.

✅ The correct answer is C.
In respect of Traditional cash value plans, Cash value component is not well defined. Cash value life insurance is a form of permanent life insurance that features a cash value savings component.

✅ The correct answer is B.
In a money back plan, maturity claim payable is the sum insured less survival benefits paid already. The insured is entitled to claim the maturity benefits only when the policy is in force and all premiums have been paid duly.

✅ The correct answer is D.