Insurance - Study Mode
[#766] Which of the following is the correct statement?
Correct Answer
(B) Life insurance is a legally enforceable contract between the insurer and the insured, as per the Indian Contract Act, 1872
Explanation
Solution: As per the Indian Contract Act, 1972, life insurance contract is a legally enforceable contract between the insurer and the insured.
[#767] Health plus life combo products would mean a combination of
Correct Answer
(C) Both A & B
Explanation
Solution: Health plus life combo products would mean a combination of health insurance from a non-life company and life cover from a life insurance company and health insurance from a standalone health company and life cover from a life insurance company.
[#768] The free look period available to cancel a policy is –
Correct Answer
(A) 15 days
Explanation
Solution: The free look period available to cancel a policy is 15 days. The law allows the policyholder 15 days as free-look period from the date of receipt of the policy document. Policyholder is allowed to cancel the policy during this period and get a refund.
[#769] When free look period under a policy would commence?
Correct Answer
(B) Date of receipt of policy bond
Explanation
Solution: Free look period under a policy would commence on the date of receipt of policy bond. A policy holder can return the policy back to the insurer within 15 days from the receipt of the policy documents.
[#770] Which is evidence of commencement of contract/risk cover?
Correct Answer
(D) FPR
Explanation
Solution: FPR is evidence of commencement of contract/risk cover.