Insurance - Study Mode

[#326] If a policy document is lost, then
Correct Answer

(C) Both A & B

Explanation

Solution: If a policy document is lost, then claim may be settled on the basis of an indemnity bond and an advertisement may have to be placed in a newspaper if the amount to be paid is high.

[#327] On foreclosure of a policy, which of the following is incorrect?
Correct Answer

(A) Nothing is payable to the policyholder

Explanation

Solution: Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan. On foreclosure of a policy, nothing is payable to the policyholder.

[#328] Which of these is a private sector general insurance company in India?
Correct Answer

(B) Bajaj Allianz

Explanation

Solution: Bajaj Allianz is a private sector general insurance company in India. Bajaj Allianz General Insurance Company has become one of the top general insurance brands in India. It is the only general insurance company in India to cross the Rs. 100 Crore mark in profit in the last two years.

[#329] A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics is called?
Correct Answer

(A) Actuary

Explanation

Solution: An actuary, in Insurance terms, is a professional expert in Insurance mathematics and uses their knowledge to calculate premium rates, dividends, company reserves, and other statistics.

[#330] In the case of a policy under the provision of M.W.P. ACT who can make the death claim?
Correct Answer

(A) Beneficiary

Explanation

Solution: In the case of a policy under the provision of M.W.P. ACT, Beneficiary can make the death claim. A policy covered under the MWP Act will give a clear title to the beneficiary.