Insurance - Study Mode

[#516] Which of the following is not a phase in retirement planning?
Correct Answer

(B) Inflation

Explanation

Solution: Retirement planning involves three phases: 1. Accumulation 2. Conservation 3. Distribution Inflation is not a phase of retirement planning.

[#517] While distributing surplus, care has to be taken for
Correct Answer

(C) Both A & B

Explanation

Solution: Surplus allocation could be towards maintaining solvency requirements, increasing free assets, etc.

[#518] The limit of the National Consumer Disputes Commission is
Correct Answer

(D) No limit

Explanation

Solution: There is no limit of the National Consumer Disputes Commission.

[#519] Which of the following is not an element of the life insurance business?
Correct Answer

(D) Subsidy

Explanation

Solution: Subsidy is not an element of the life insurance business. A subsidy or government incentive is a form of financial aid or support extended to an economic sector generally with the aim of promoting economic and social policy.

[#520] For a household insurance policy, insurable interest need only exist at outset and at what other point?
Correct Answer

(B) The date a claim occurs

Explanation

Solution: For a household insurance policy, insurable interest need only exist at outset and the date a claim occurs.