Which of the below death claim will be treated as an early death claim?
A. If the insured dies within three years of policy duration
B. If the insured dies within five years of policy duration
C. If the insured dies within seven years of policy duration
D. If the insured dies within ten years of policy duration
Select an option to see the answer and solution.
Given below are some events that will trigger survival claims. Identify which of the below statement is incorrect?
A. Claim paid on maturity of a term insurance policy
B. An instalment payable upon reaching the milestone under a money-back policy
C. Claim paid for critical illnesses covered under the policy as a rider benefit
D. Surrender value paid on surrender of an endowment policy by the policyholder
Select an option to see the answer and solution.
A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?
A. Death claim
B. Maturity claim
C. Periodical survival claim
D. Surrender claim
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Shankar bought a 10 year Unit Linked Insurance Plan. If he dies before the maturity of the policy which of the below will be paid?
A. Premiums paid will be returned with 2% higher interest rate as compared to a bank’s savings deposit
B. Lower of sum assured or fund value
C. Surrender value
D. None of the above
Select an option to see the answer and solution.
Based on classification of claims (early or non-early), pick the odd one out?
A. Ramya dies after 6 months of buying a term insurance plan
B. Manoj dies after one and half years of buying a term insurance plan
C. David dies after two and half years of buying a term insurance plan
D. Pravin dies after five and half years of buying a term insurance plan
Select an option to see the answer and solution.
Applicant shall complete _________ hours training to become an insurance agent.
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Identify the statement which is not correct. Insurance agent should _________.
A. Indicate the scale of commission if asked by the customer
B. Share the commission by way of rebate
C. Disclose his licence on demand
D. Indicate the premium to be charged
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The Authority may issue duplicate licence in case it is _________.
A. Lost
B. Destroyed
C. Mutilated
D. All of the above
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Minimum qualification required for insurance agent is _________ pass.
A. Graduate
B. 10th
C. Post-graduate
D. 7th
Select an option to see the answer and solution.
Direct marketing involves which of the below?
A. Telemarketing
B. Insurance agents
C. Bancassurance
D. All of the above
Select an option to see the answer and solution.
“Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of which religion?
A. Buddhism
B. Christianity
C. Hinduism
D. Judaism
Select an option to see the answer and solution.
The license issued to the agent is valid for _________.
A. One year
B. Two years
C. Three years
D. Five years
Select an option to see the answer and solution.
As per Section 182 of the Indian Contract Act, _________ is a person employed to do any act for another or to represent another in dealing with a third person.
A. Principal Officer
B. Proxy
C. Mediator
D. Agent
Select an option to see the answer and solution.
Which of the below reflects Principle 2 of the Insurance Marketplace Standards Association (IMSA) principles?
A. To provide competent and customer-focused sales and service
B. To engage in active and fair competition
C. To provide for fair and expeditious handling of customer complaints and disputes
D. To maintain a system of supervision and review that is reasonably designed to achieve compliance with these principles of ethical market conduct
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Which of the following is not part of sales process?
A. Prospecting
B. Sales interview
C. Loss assessment
D. Closing
Select an option to see the answer and solution.
Which of the below statement is correct?
A. Life insurance is sold, not bought
B. Life insurance is bought, not sold
C. Life insurance is neither bought nor sold; it is a necessity and hence should be bought by every individual
D. None of the above
Select an option to see the answer and solution.
Identify the incorrect statement with regards to a ‘qualified’ prospect.
A. A qualified prospect is one who can pay for insurance
B. A qualified prospect is one who can be approached on a favourable basis
C. A qualified prospect is one who is academically well qualified to buy insurance
D. A qualified prospect is one who can pass the company underwriting requirements
Select an option to see the answer and solution.
_________ is not a tangible good
A. House
B. Insurance
C. Mobile Phone
D. A pair of jeans
Select an option to see the answer and solution.
_________ is not an indicator of service quality.
A. Cleverness
B. Reliability
C. Empathy
D. Responsiveness
Select an option to see the answer and solution.
_________ refers to the ability to perform the promised service dependably and accurately.
A. Reliability
B. Responsiveness
C. Assurance
D. Empathy
Select an option to see the answer and solution.