Insurance - Study Mode

Show All Answers

[#291] Who will issue licence to an applicant on his certification as per regulations?

(A) Designated person in the insurer’s office as authorised by the IRDA

(B) An officer of the IRDA

(C) Controller of Insurance in the Ministry of Finance

(D) An official of the Insurance Institute of India

Correct Answer

(A) Designated person in the insurer’s office as authorised by the IRDA

Explanation

Solution: Designated person in the insurer’s office as authorised by the IRDA will issue licence to an applicant on his certification as per regulations.

[#292] State the correct option?

Correct Answer

(A) Risk of longevity is best managed through pensions
(H) At the end of each period
(J) Health Insurance cover can come with life insurance cover provided by a life insurer
(O) Policy claim money can be paid only to the named trustee as the policy is a separate trust
(S) In a 20 year endowment policy there can be provision for payment of premium only for a few years

Explanation

Solution: Risk of longevity is best managed through pensions. Longevity risk is one of the biggest risks facing retirees. It refers to the risk of outliving your savings. Longevity issues arise as people enter retirement, generally with a fixed amount of money to fund their retirement years (either in the form of a lump sum or pensions), but with no idea of how long they will live and, therefore, no idea how long their money needs to last.

[#293] Who is an inpatient seeking medical attention for his medical problem?

(A) He is a patient who receives medical attention without admission in a hospital

(B) He is after admission in a hospital receiving medical attention and treatment while being there

(C) He is a day care patient for treatment

(D) He is a patient in a house receiving care of doctors

Correct Answer

(B) He is after admission in a hospital receiving medical attention and treatment while being there

Explanation

Solution: An inpatient seeking medical attention for his medical problem after admission in a hospital receiving medical attention and treatment while being there.

[#294] State which of the following assets is beyond the scope of the creditors.

(A) 'Ramakant’s indebtedness after his demise can lead to the creditors taking away his property

(B) 'Ramakant’s bank accounts can be attached to clear off his debts

(C) Mutual funds proceeds can be attached by the creditors

(D) Term policy proceeds under MWP Act

Correct Answer

(D) Term policy proceeds under MWP Act

Explanation

Solution: Term policy proceeds under MWP Act is beyond the scope of the creditors. If the Insurance policy was purchased under MWP Act, creditors cannot claim any amount from the policy proceeds and thus the claimed amount becomes available to the nominees.

[#295] Which of the following policies is most suitable for a home loan mortgage?

(A) MRI

(B) Whole Life Policy

(C) Term Insurance policy

(D) Property insurance under non-life category

Correct Answer

(A) MRI

Explanation

Solution: MRI policies is most suitable for a home loan mortgage. MRI is an insurance policy that provides financial protection for home loan borrowers and their families. Specifically, MRI helps settle outstanding home loan amounts in the event of death or total disablement of the borrowers.