Insurance - Study Mode

[#756] Life insurance policy, in general, is a mixture of
Correct Answer

(C) Protection and Savings

Explanation

Solution: Life insurance policy, in general, is a mixture of Protection and Savings. Life insurance plans are good tax-saving instruments. All the premiums you pay under a term plan are exempt from income tax deductions as per section 80C.

[#757] The person who makes the offer is called the _________ and the person who accepts the offer in an insurance contract is called the _________
Correct Answer

(D) Proposer, Insurer

Explanation

Solution: The person who makes the offer is called the Proposer and the person who accepts the offer in an insurance contract is called the Insurer.

[#758] As per IRDA regulations issued, what is the grace period allowed beyond the expiry date of a policy for renewal?
Correct Answer

(B) 30 days

Explanation

Solution: As per IRDA regulations issued, 30 days is the grace period allowed beyond the expiry date of a policy for renewal. The policy will lapse if the premium is not paid within the grace period.

[#759] Which regulation deals with claim procedure?
Correct Answer

(B) IRDA (Protection of Policyholders' Interests) Regulations, 2002

Explanation

Solution: IRDA (Protection of Policyholders' Interests) Regulations, 2002 regulation deals with claim procedure. These regulations shall come into force from the date of their publication in the official Gazette of the Government of India and supersede Insurance Regulatory and Development Authority (Protection of Policyholders' Interests) Regulations, 2002 and any clarification circulars/guidelines issued in this regard.

[#760] Which of the following statements are true with regard to MWP Act cases? I: Maturity claim cheques are paid to policyholder. II: Maturity claim cheques are paid to trustee.
Correct Answer

(B) II is true

Explanation

Solution: Maturity claim cheques are paid to trustee is true with regard to MWP Act cases.