Insurance - Study Mode
[#116] If a policy is lapsed for a very short period of time only, what would be the requirement:-
Correct Answer
(C) Certificate of good health
Explanation
Solution: If a policy is lapsed for a very short period of time only, Certificate of good health would be the requirement.
[#117] When a medical report would be called at the time of revival?
Correct Answer
(D) All of the above
[#118] It would be advantageous to Revive a lapsed policy rather than taking a new policy. Most apt reason is -
Correct Answer
(D) Premium under a new policy would be more based on his latest age
Explanation
Solution: It would be advantageous to Revive a lapsed policy rather than taking a new policy. Most apt reason is -Premium under a new policy would be more based on his latest age.
[#119] Which among the following is a wealth accumulation product?
Correct Answer
(B) Shares
Explanation
Solution: Shares is a wealth accumulation product. To build a corpus for long-term goals like buying a house, building a retirement kitty or funding a child's education, investors must choose products that provide enhanced earning power. This can come in the form of diversified equity funds.
[#120] Savings can be considered as a composite of two decisions. Choose them from the list below.
Correct Answer
(D) Postponement of consumption and parting with liquidity
Explanation
Solution: Savings can be considered as a composite of Postponement of consumption and parting with liquidity. Postponement of consumption: an allocation of resources between present and future consumption. Parting with liquidity (or ready purchasing power) in exchange for less liquid assets. For instance, purchase of a life insurance policy implies exchanging money for a contract which is less liquid.