Insurance - Study Mode

[#211] What do you understand by the term ‘Portability’ in so far as it relates to health ins?
Correct Answer

(C) Both A & B

Explanation

Solution: ‘Portability’ in so far as it relates to health insurance means right given to an individual to move from one to another policy of the same co and right to transfer the policy from one insurer to another insurer or from one to another plan.

[#212] Illness/injury for which treatment was required during a pre-determined time is called –
Correct Answer

(A) Pre-existing illness

Explanation

Solution: Illness/injury for which treatment was required during a pre-determined time is called Pre-existing illness. A medical illness or injury that you have before you start a new health care plan may be considered a “pre -existing condition.”

[#213] What of the following statement is correct regarding insurance?
Correct Answer

(C) Prospectus is an introductory document giving details of features and benefits of life insurance products to a proposer

Explanation

Solution: Prospectus is an introductory document giving details of features and benefits of life insurance products to a proposer. When a company seeks to raise capital through the offer of securities to the public, or seeks an admission to trading of securities, a prospectus or listing particulars will be issued detailing in-depth financial information about the company and its future objectives and strategies.

[#214] Identify the correct statement out of the following.
Correct Answer

(D) All of the above

Explanation

Solution: All the statements are correct. Free look period enables the policyholder to return the policy and ask for refund subject to certain conditions, Passport & School certificate is a standard proof of age and Ration card is a non-standard proof of age.

[#215] Rights and privileges in a policy will be found in
Correct Answer

(A) Standard provisions in a policy document

Explanation

Solution: Rights and privileges in a policy will be found in Standard provisions in a policy document. The policy document is the most important document associated with insurance. It is evidence of the contract between the assured and the insurance company. It is not the contract itself.