Insurance - Study Mode

[#541] Benefit under a Unit Linked policy is reckoned by
Correct Answer

(C) Both A & B

Explanation

Solution: Benefit under a Unit Linked policy is reckoned by the value of the units and the number of units standing to the credit of the unit holder.

[#542] When one is near to his retirement years, the risk profile of an individual could be
Correct Answer

(D) Conservative

Explanation

Solution: When one is near to his retirement years, the risk profile of an individual could be conservative. Anyone, senior citizen or millennial, can be a conservative investor.

[#543] Maturity claim is payable when
Correct Answer

(D) The insured survives policy term

Explanation

Solution: Maturity claim is payable when the insured survives policy term. Maturity Claim is associated with the Maturity Benefit of the Policy i.e. the claim which arises when the policy matures. It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured.

[#544] Which of the following statements are 'true'? 1 : The premium under a group insurance policy is constant for all the time to come. 2 : Section 45 of the Insurance Act does not apply to a one year policy.
Correct Answer

(A) Only 1

Explanation

Solution: As per Section 45, a policy is not to be called in question on the grounds of misstatement after two years. Hence, statement (B) is false.

[#545] The term 'Money Laundering' would mean
Correct Answer

(D) All of the above

Explanation

Solution: The term 'Money Laundering' is the concealment of the origin of illegally-obtained money, typically by the means of transfers involving foreign banks or legitimate businesses.