Insurance mcqs

Which is not the product of general insurance?

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A) Motor insurance
B) Personal accident insurance
C) Medical and health insurance
D) Life insurance
✅ ANSWER: D
Life insurance is not the product of general insurance. General Insurance is a contract of indemnity which promises to make good your losses. In Life Insurance, the sum assured along with benefits is paid either on the event of death of the policy holder or on maturity of the policy.

_________ as a profession refers to the act of inducing a commercial transaction through inducing the purchase of a product or service. Such act is carried out with the intent of earning remuneration.

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A) Marketing
B) Selling
C) Advertising
D) Promotion
✅ ANSWER: B
Selling as a profession refers to the act of inducing a commercial transaction through inducing the purchase of a product or service. Such act is carried out with the intent of earning remuneration.

Who markets personal pension products?

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A) Employers
B) IRDA
C) General Insurers
D) Life Insurers
✅ ANSWER: D
Life Insurers markets personal pension products. Personal pensions (also known as “private pensions”) are long-term savings products that individuals contribute to on a voluntary basis, complementing state and workplace pensions. They have a role to play in linking long-term savers with long-term investment opportunities.

Which is not an example of social security schemes of the Government?

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A) Rajeev Gandhi Equity Scheme
B) Janata Personal Accident
C) Jan Arogya Scheme
D) Employees State Insurance Corporation
✅ ANSWER: A
Rajeev Gandhi Equity Scheme is not an example of social security schemes of the Government. The scheme is aimed at encouraging the flow of savings of small investors in the domestic capital market, and presents investors with tax benefits provisioned as a new section, 80CCG, in the Income Tax act.

Traditional cash value plans are also known as

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A) Unbundled plans
B) Bundled plans
C) Annuity
D) ULIP
✅ ANSWER: B
Traditional cash value plans are also known as Bundled plans. Bundled plans consist of multiple types of health coverage that a consumer can purchase together, typically with one integrated premium. The plans are generally designed to complement each other, or to provide varying benefits.