Insurance - Study Mode
[#506] Identify the correct option(s).
Correct Answer
(D) All of the above
Explanation
Solution: All the given statements are correct. Revival of a lapsed policy is subject to certain conditions as set out by the underwriter, Revival of a lapsed policy cannot increase the risk for the insurer and Fresh medical examination report is not always required for revival of a lapsed policy.
[#507] In respect of payment of Reversionary Bonuses, which of the following is incorrect?
Correct Answer
(C) Both A & B
Explanation
Solution: Reversionary Bonuses are declared regularly and paid at the end (at the time of claim), i.e. on maturity of policy or death of the person. Hence, option (3) is incorrect.
[#508] Why does an officer conduct special enquiry in the case of death claim which arose after 4 years?
Correct Answer
(A) On suspicion of suppression of facts
Explanation
Solution: An officer can conduct special enquiry in the case of death claim on suspicion of suppression of facts.
[#509] _________ may deal with more than one life insurance company or general insurance company or both.
Correct Answer
(C) A composite agent
Explanation
Solution: A composite insurance agent means an individual who is appointed as an insurance agent by two or more insurers, subject to the condition that he/she shall not act as insurance agent for more than one life insurer, one general insurer, one health insurer and one of each of the mono-line insurers.
[#510] The insurable interest of a mortgagor in the mortgage’s life is equal to the amount of
Correct Answer
(A) Original loan
Explanation
Solution: The insurable interest of a mortgagor in the mortgage's life is equal to the amount ofxa0original loan.