Insurance - Study Mode

[#696] AML programme of an insurance company includes
Correct Answer

(D) All of the above

Explanation

Solution: AML programme of an insurance company includes Internal policies and controls, Appointment of a Principal Compliance Officer and Internal audit/control.

[#697] License to work as an insurance agent is issued by
Correct Answer

(B) Insurance Regulatory and Development Authority (IRDA)

Explanation

Solution: License to work as an insurance agent is issued by Insurance Regulatory and Development Authority (IRDA). Licence to work as an insurance agent is issued by the IRDA. Agent‟s licence is to be renewed every three years. Rs. 250 is the fees payable to the Authority for issue/ renewal of licence to act as an insurance agent or composite insurance agent.

[#698] As per IRDA (Protection of Policyholder’s Interest) Regulations, 2002, a claim under a life policy shall be paid or be disputed within
Correct Answer

(C) 30 days

Explanation

Solution: As per IRDA (Protection of Policyholder's Interest) Regulations, 2002, a claim under a life policy shall be paid or be disputed within 30 days from the date of receipt of all relevant papers and clarifications required.

[#699] Mahesh ran a business on borrowed capital. After his sudden demise, all the creditors are doing their best to go after Mahesh’s assets. Which of the below assets is beyond the reach of the creditors?
Correct Answer

(C) Term life insurance policy purchased under section 6 of the MWP Act

Explanation

Solution: The term life insurance policy purchased under Section 6 of the MWP Act cannot be taken by the creditors.

[#700] Which of the below is the most appropriate explanation for the fact that young people are charged lesser life insurance premium as compared to old people?
Correct Answer

(C) Mortality is related to age

Explanation

Solution: Mortality is related to age and hence young people who are less likely to die are charged lower premiums as compared to old people. The level premium is a premium fixed such that it does not increase with age but remains constant throughout the contract period.