A) No, not at this stage
B) Don’t know
C) Yes
D) I will have to think again
✅ ANSWER: C
Key to successful closing is helping the prospect to say Yes.
Key to successful closing is helping the prospect to say Yes.
Insurance mcqs
Which of the following statements is correct?
A) The policy document has to be signed by a competent authority, but need not be compulsorily stamped according to the Indian Stamp Act
B) The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act
C) The policy document need not be signed by a competent authority, but should be stamped according to the Indian Stamp Act
D) The policy document neither needs to be signed by a competent authority nor it needs to be compulsorily stamped according to the Indian Stamp Act
✅ ANSWER: B
According to the Indian Stamp Act, the policy document has to be signed by a competent authority as well as stamped. Hence, option (2) is correct.
According to the Indian Stamp Act, the policy document has to be signed by a competent authority as well as stamped. Hence, option (2) is correct.
Which one of the following statements is correct?
A) Annuity would stop strictly with the death of the annuitant
B) Annuity could be paid to the surviving spouse in case of joint life annuity
C) Both A & B
D) None of the above
✅ ANSWER: B
Both the statements are correct.
Annuity would stop strictly with the death of the annuitant and Annuity could be paid to the surviving spouse in case of joint life annuity.
Both the statements are correct.
Annuity would stop strictly with the death of the annuitant and Annuity could be paid to the surviving spouse in case of joint life annuity.
Health insurance policy premiums qualify for tax relief under Income Tax Act?
A) 80C
B) 80D
C) 10(10D)
D) 80E
✅ ANSWER: B
The premium paid towards health insurance policies qualifies for deduction under Section 80D of the Income Tax Act. On the premium paid for self, spouse, children and parents, the maximum deduction that can be availed is Rs 25,000 a year, provided the age of the individual is not above 60.
The premium paid towards health insurance policies qualifies for deduction under Section 80D of the Income Tax Act. On the premium paid for self, spouse, children and parents, the maximum deduction that can be availed is Rs 25,000 a year, provided the age of the individual is not above 60.
Who are the likely buyers of variable life policies?
A) Persons with low risk appetite
B) Persons who look for predetermined and fixed returns of interest
C) Persons with comfort in equity on account of their knowledge
D) Generally young persons
✅ ANSWER: C
Persons with comfort in equity on account of their knowledge are the likely buyers of variable life policies. 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.
Persons with comfort in equity on account of their knowledge are the likely buyers of variable life policies. 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.
What does moral hazard indicate?
A) The possibility that client would undertake dangerous expeditions after taking a policy
B) The possibility of ending own life or the life of another
C) Both the above instances
D) None of the three
✅ ANSWER: C
Moral hazard indicates that the possibility that client would undertake dangerous expeditions after taking a policy and the possibility of ending own life or the life of another.
Moral hazard indicates that the possibility that client would undertake dangerous expeditions after taking a policy and the possibility of ending own life or the life of another.
_________ life insurance pays off a policyholder’s mortgage in the event of the person’s death.
A) Term
B) Mortgage
C) Whole
D) Endowment
✅ ANSWER: B
Mortgage life insurance pays off a policyholder’s mortgage in the event of the person’s death. This protects a mortgage holder’s heirs in the event of his/her untimely demise. If the beneficiary dies after he/she has finished paying for the house, no mortgage life insurance is paid out.
Mortgage life insurance pays off a policyholder’s mortgage in the event of the person’s death. This protects a mortgage holder’s heirs in the event of his/her untimely demise. If the beneficiary dies after he/she has finished paying for the house, no mortgage life insurance is paid out.
What does the term “premium” denote in relation to an insurance policy?
A) Profit earned by the insurer
B) Price paid by an insured for purchasing the policy
C) Price paid by an insured for purchasing the policy
D) Expenses incurred by an insurer on a policy
✅ ANSWER: B
The term premium denotes the price that is paid by an insured for purchasing an insurance policy.
The term premium denotes the price that is paid by an insured for purchasing an insurance policy.
In which city the head office of Corporation Bank is situated?
A) Bengaluru
B) Mumbai
C) Mangalore
D) Kolkata
✅ ANSWER: C
Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has a pan-Indian presence. Presently, the bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.
Corporation Bank is a public-sector banking company headquartered in Mangalore, India. The bank has a pan-Indian presence. Presently, the bank has a network of 2,600 fully automated CBS branches, 3,040 ATMs, and 4,724 branchless banking units across the country.
An insurance agent represents a/an
A) Insurance company
B) Sub-agent
C) Co-agent
D) Broker
✅ ANSWER: A
An insurance company is responsible for the acts of its agents and it can be assumed by an insurance applicant that any information or payment of money to the agent will be received by the insurance company.
An insurance company is responsible for the acts of its agents and it can be assumed by an insurance applicant that any information or payment of money to the agent will be received by the insurance company.