Insurance - Study Mode

Show All Answers

[#411] In accidental death claim what reports are required to be submitted by the beneficiary?

(A) Certificate of cremation or burial

(B) Treating physician’s certificate

(C) Inquest report of the Govt. agency

(D) All of the above

Correct Answer

(D) All of the above

Explanation

Solution: In accidental death claim reports that are required to be submitted by the beneficiary are Certificate of cremation or burial, Treating physician’s certificate and Inquest report of the Govt. agency.

[#412] State which is incorrect statement

(A) Life Insurance agents desirous of doing stand alone Health insurance business will have to be certified under IC-34 separately

(B) Such life agents as above are exempt from passing IC-34 if they have been certified under IC-33 and if they undergo some internal training for 25 hours given by Health Insurance Company

(C) Agents certified under IC 34 for non life insurer can do standalone Health insurance business after undergoing internal training for 25 hrs from the standalone health insurance company

(D) No agent, individual or corporate of life and or non-life insurer shall offer his services to more than one standalone health insurance Company

Correct Answer

(A) Life Insurance agents desirous of doing stand alone Health insurance business will have to be certified under IC-34 separately

Explanation

Solution: Term insurance can be bought as a stand -alone policy as well as a rider with another policy.

[#413] What is correct out of the following statements?

(A) An agent licensed to act as such for an insurer has to have a license under sec.42 of the Insurance Act’38 for procuring and continuing insurance business against payment of commission by the in

(B) An agent can only be a trained individual for working for an insurance company

(C) A bank can also act as a broker for life insurance business

(D) A bank cannot act as an agent of whatever description

Correct Answer

(A) An agent licensed to act as such for an insurer has to have a license under sec.42 of the Insurance Act’38 for procuring and continuing insurance business against payment of commission by the in

[#414] Identify the correct statement

Correct Answer

(D) The owner of assets is prepared to accept the uninsured risks and its effects
(G) Insurance compensates for the loss of the value of assets
(I) Lloyds is the originator of insurance
(P) Losses suffered by a few people are sought to be shared by many in insurance
(R) In compound reversionary bonus it is a percentage of basic benefit and already attached bonus

Explanation

Solution: The event of loss is insignificant. Tell yourself that it's insignificant and you shouldn't be so weak.

[#415] With whom do we associate the concept of Human Life Value?

(A) Martin Luther

(B) Prof.H.S.Huebner

(C) J.M.Keynes

(D) Warren Buffet

Correct Answer

(B) Prof.H.S.Huebner

Explanation

Solution: With Prof.H.S.Huebner we associate the concept of Human Life Value. Human life value (HLV) concept is an economic theory developed in 1920's that attempt to assign a monetary value to one's life.