Insurance - Study Mode

[#231] As per Section 182 of the Indian Contract Act, _________ is a person employed to do any act for another or to represent another in dealing with a third person.
Correct Answer

(D) Agent

Explanation

Solution: As per Section 182 of the Indian Contract Act, Agent is a person employed to do any act for another or to represent another in dealing with a third person.

[#232] Which of the below reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles?
Correct Answer

(A) To provide competent and customer-focused sales and service

Explanation

Solution: To provide competent and customer-focused sales and service reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles.

[#233] Which of the following is not part of sales process?
Correct Answer

(C) Loss assessment

Explanation

Solution: Loss assessment is not part of sales process. Loss assessment is defined as insurance coverage for condo owners that provides protection for situations when you as an owner of a shared property, like a condominium or co-op, is held financially responsible for a portion of the costs for deductibles or damage to: The building.

[#234] Identify the incorrect statement with regards to a ‘qualified’ prospect.
Correct Answer

(C) A qualified prospect is one who is academically well qualified to buy insurance

Explanation

Solution: A qualified prospect is one who is academically well qualified to buy insurance. Potential customer or client qualified on the basis or his or her buying authority, financial capacity, and willingness to buy. Also called sales lead.

[#235] _________ is not a tangible good
Correct Answer

(B) Insurance

Explanation

Solution: Insurance is not a tangible good. Life insurance can be a very important asset to have, protecting your family against potential hardship.