Insurance - Study Mode

[#386] Traditional cash value plans are also known as
Correct Answer

(B) Bundled plans

Explanation

Solution: Traditional cash value plans are also known as Bundled plans. Bundled plans consist of multiple types of health coverage that a consumer can purchase together, typically with one integrated premium. The plans are generally designed to complement each other, or to provide varying benefits.

[#387] To whom should licence fees be paid?
Correct Answer

(A) Controller of Insurance

Explanation

Solution: Licence fees should be paid to Controller of Insurance. The operation of the Insurance Broker License in India is regulated by regulations issued by IRDAI.

[#388] In a standard insurance policy document, the standard provisions section will have information on which of the following?
Correct Answer

(C) The rights and privileges and other conditions which are applicable under the contract

Explanation

Solution: In a standard insurance policy document, the standard provisions section will have information on the rights and privileges and other conditions which are applicable under the contract.

[#389] _________ is an annuity with an infinite life and continuous annual payments.
Correct Answer

(C) Perpetuity

Explanation

Solution: Perpetuity is an annuity with an infinite life and continuous annual payments. As the name suggests, perpetuity is a bond or security with no fixed maturity date.

[#390] It would be advantageous to go for a family floater rather than non-floater due to the reason that
Correct Answer

(C) Both A & B

Explanation

Solution: It would be advantageous to go for a family floater rather than non-floater due to the reason that higher cover would help any family member in case of high cost treatment and premiums are considerably lower than where cover is taken for individual members.