First Pregnancy clause
General provisions
Policy schedule
Standard provisions
✅ The correct answer is A.
First Pregnancy clause is the specific provision in a policy.
First Pregnancy clause is the specific provision in a policy.
Insurance mcqs
Risk Financing includes –
Risk Retention
Risk Transfer
A & B correct
None of the above
✅ The correct answer is C.
In business economics, risk financing is concerned with providing funds to cover the financial effect of unexpected losses experienced by a firm. Traditional forms of finance include risk transfer, funded retention by way of reserves (often called self-insurance) and risk pooling.
In business economics, risk financing is concerned with providing funds to cover the financial effect of unexpected losses experienced by a firm. Traditional forms of finance include risk transfer, funded retention by way of reserves (often called self-insurance) and risk pooling.
A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics is called?
Actuary
Birjoo
Amola
Prixam
✅ The correct answer is A.
An actuary, in Insurance terms, is a professional expert in Insurance mathematics and uses their knowledge to calculate premium rates, dividends, company reserves, and other statistics.
An actuary, in Insurance terms, is a professional expert in Insurance mathematics and uses their knowledge to calculate premium rates, dividends, company reserves, and other statistics.
As per IRDA, which of the following non-traditional products are permitted to be sold?
A) Variable insurance plans
B) Unit Linked insurance plans
C) Both A & B
D) None of the above
✅ ANSWER: C
As per IRDA, Variable insurance plans and Unit Linked insurance plans non-traditional products are permitted to be sold. 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. Unit linked insurance plan(ULIP) is a market-linked product that aggregates the very best of investment and insurance. It is a plan which is linked to the capital market and offers flexibility to invest in equity or debt funds as per risk appetite.
As per IRDA, Variable insurance plans and Unit Linked insurance plans non-traditional products are permitted to be sold. 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. Unit linked insurance plan(ULIP) is a market-linked product that aggregates the very best of investment and insurance. It is a plan which is linked to the capital market and offers flexibility to invest in equity or debt funds as per risk appetite.
The Authority may issue duplicate licence in case it is _________.
A) Lost
B) Destroyed
C) Mutilated
D) All of the above
✅ ANSWER: D
The Authority may issue duplicate licence in case it is lost, destroyed or mutilated.
The Authority may issue duplicate licence in case it is lost, destroyed or mutilated.
Which is evidence of contract?
A) Policy document
B) Prospectus
C) Proposal form
D) FPR
✅ ANSWER: A
Policy document is evidence of contract. Policy document is a detailed document and it is the Evidence of the insurance contract which mentions all the terms and conditions of the insurance.
Policy document is evidence of contract. Policy document is a detailed document and it is the Evidence of the insurance contract which mentions all the terms and conditions of the insurance.
What will happen if the insured person loses the original life insurance policy document?
A) The insurance company will issue a duplicate policy without making any changes to the contract
B) The insurance contract will come to an end
C) The insurance company will issue a duplicate policy with renewed terms and conditions based on the current health declarations of the life insured
D) The insurance company will issue a duplicate policy without making any changes to the contract, but only after a court order
✅ ANSWER: A
If the insured person loses the original life insurance policy document the insurance company will issue a duplicate policy without making any changes to the contract. If you lose your policy bond, report it to the insurance company immediately. Get a duplicate policy by complying with the formalities. The duplicate policy confers the same rights as the original policy bond.
If the insured person loses the original life insurance policy document the insurance company will issue a duplicate policy without making any changes to the contract. If you lose your policy bond, report it to the insurance company immediately. Get a duplicate policy by complying with the formalities. The duplicate policy confers the same rights as the original policy bond.
The main advantage of term insurance lies in
A) Protection
B) Thrift
C) Savings
D) Price
✅ ANSWER: D
The main advantage of term insurance lies in Price. The premium for term plan is lower than that for cash value policies.
The main advantage of term insurance lies in Price. The premium for term plan is lower than that for cash value policies.
Which policy referring to policies that provide coverage only for the loss caused by the perils?
A) Specifies perils
B) Named Perils
C) All Risk
D) All perils
✅ ANSWER: B
Named Perils is a property insurance term referring to policies that provide coverage only for the loss caused by the perils specifically listed as covered.
Named Perils is a property insurance term referring to policies that provide coverage only for the loss caused by the perils specifically listed as covered.
When medical report of the life insured is essential?
A) Sum proposed or age is high
B) Medical characteristics of the proposer
C) Both A & B
D) None of the above
✅ ANSWER: C
The medical report of the life insured is essential Sum proposed or age is high or Medical characteristics of the proposer.
The medical report of the life insured is essential Sum proposed or age is high or Medical characteristics of the proposer.