Insurance mcqs

✅ The correct answer is C.
Horoscope is not a standard age proof. A horoscope is an astrological chart or diagram representing the positions of the Sun, Moon, planets, astrological aspects and sensitive angles at the time of an event, such as the moment of a person’s birth.

✅ The correct answer is B.
Greater the investment horizon the larger the returns is the relation between investment horizon and returns. The growth rate of the investments will depend on your risk profile, i.e., higher the risk you take in investments.

✅ The correct answer is A.
Insurable interest is essentially a monetary interest which one should have on the continuing existence of the object of insurance. So, it is important for it to be there at the time of taking out insurance.

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

✅ The correct answer is D.
In case the policyholder is not satisfied with the policy, he / she can return the policy within the free-look period i.e. within 15 days of receiving the policy document.

✅ The correct answer is B.
An alternative to bonus method of distribution of surplus is Contribution method. Contribution method is a method of apportioning loss among multiple insurers.

✅ The correct answer is C.
In decreasing term insurance the premium is constant through the term. A term life insurance policy in which the policyholder pays a constant premium but the benefit decreases over time, either on a monthly, quarterly, or yearly basis.

✅ The correct answer is D.
The time limit set for an insurer by IRDA Regulations for settling non-early claims from date of receipt of all documents are 30 days.

✅ The correct answer is A.
The premium is the consideration from the insured, and the promise to indemnify, is the consideration from the insurers.

✅ The correct answer is D.
Bonuses are declared only once a year and do not reflect daily fluctuations in the value of the assets, Policyholder’s benefits depend on assumptions/discretions of the insurance company and Bonus structure does not reflect the true value of assets of the insurer are the disadvantages of Traditional With Profit policies over ULIPs.