Insurance - Study Mode

[#631] What is the meaning of the term non-medical underwriting?
Correct Answer

(C) Buying a life insurance without medical exam

Explanation

Solution: Buying a life insurance without medical exam is the meaning of the term non-medical underwriting. No medical exam life insurance policies are term life insurance policies, often with a relatively low face value. You can obtain term life insurance quotes for no exam coverage with no medical exam and perhaps only a few medical questions. Your premiums may be higher based on your answers.

[#632] In respect of nomination, which of the following statements are correct?
Correct Answer

(D) All of the above

Explanation

Solution: All the above statements regarding nomination are true. More than one person can be nominated, Nomination can be done either at the time of commencement or later and Nomination can be changed by making an endorsement.

[#633] Bank deposit addresses which type of need?
Correct Answer

(C) Savings

Explanation

Solution: Bank deposit addresses Savings. A savings account is an interest-bearing deposit account held at a bank or other financial institution that provides a modest interest rate.

[#634] From the below given age proof documents, identify the one which is classified as non-standard by insurance companies.
Correct Answer

(C) Ration card

Explanation

Solution: Ration card is classified as non-standard by insurance companies.

[#635] The sum insured under a health insurance policy would primarily depend on the
Correct Answer

(A) Age

Explanation

Solution: The sum insured under a health insurance policy primarily depends on the age of the person insured.