Insurance - Study Mode

[#436] As per IRDA, all universal life products are known as
Correct Answer

(B) Variable insurance products

Explanation

Solution: Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account which is invested in a number of sub-accounts available in the policy.

[#437] IRDA has implemented guidelines on persistency from
Correct Answer

(D) 1stxa0July, 2014

Explanation

Solution: IRDA has implemented guidelines on persistency from 1st July, 2014.

[#438] Which of the following are true with regards to MWP Act cases? I: Death claims are settled in favour of nominees. II: Death claims are settled in favour of trustees.
Correct Answer

(B) II is true

Explanation

Solution: Death claims are settled in the favour of trustees, not in the favour of nominees

[#439] Which of the following statements are correct?
Correct Answer

(B) The Ombudsman is not a judicial authority
(H) All of the above

Explanation

Solution: The insurance ombudsman mechanism had been set up by the insurers themselves, as an alternative dispute redressal system. It is a quasi-judicial body, established to address the grievances of customers, without them having to involve themselves in lengthy court proceedings.

[#440] Which of the following statements are incorrect?
Correct Answer

(D) All of the above