Questions on Life Insurance - Postal Insurance - Underwriting
Question-MCQ-on-Life-Insurance.php
1. What is the usual period on completion of which a Life Insurance policy acquires some surrender value?
Answer:
2. What is the main features of a without-profit policy?
Answer:
3. In life insurance at what time or event, claims becomes payable?
Answer:
4. Can I convert a term Life policy or any other type of life policy to another type of policy?
Answer:
5. Which type of insurance policies are paid annual bonus or dividend?
Answer:
6. Can Risk of living too long can be covered an insuranc epolicy
Answer:
7. What is Policy Allocation Charge (PAC). What does it consists of?
Answer:
8. What is Accumulation Hazard?
Answer:
9. A unique hazard that have presence in a Group Life Policy is_____
Answer:
10. Can I foreclose a policy?
Answer:
11. Will insurance company revive a lapse Policy?
Answer:
12. What is discounted maturity Claim? /Can I get a maturity claim before the maturity date?
Answer:
13. What is the stipulated period, within which, a claim under a Life Assurance Policy, shall be paid by an insurance company?
Answer:
14. What will happen to a claim if the claimant (Nominee or Legal Heirs) is unable to product identification documents?
Answer:
15. Who is Lien-Holder?
Answer:
16. What is No-claim Bonus and when an Insured is entitled to it?
Answer:
17. What are the factors, that need to be considered for calculating Human Life Value (H.L.V.)?
Answer:
18. Who is the inventor of Human Life Value (H.L.V.)?
Answer:
19. Does death by suicide is covered in India under Life Insurance cover?
Answer:
20. Does Medical Examination is also required to be undergone on each renewal?
Answer:
21. Can the claimant (nominee/legal heirs) can ask the insurance company to pay the claim amounts as a regular annuity instead of one time payment?
Answer:
22. What is annuity payment?
Answer:
23. What kind of insurance policy can be recommended for a childless couple?
Answer:
24. What is vesting age in a pension plan?
Answer:
25. Mr. A who had a life insurance policy forgot to appoint a nominee. He died, who will get the proceed of life insurance policy as there is no Nominee?
Answer:
26. What will happen if the insured declared or under-stated his actual age while buying an insurance policy?
Answer:
27. Who are contingent beneficiary?
Answer:
28. Who are defined as Key-Person in a Partnership Firm?
Answer:
29. Does farm animals, cattles, livestock etc. can be covered under Life Insurance?
Answer:
30. How 'incontestable clause' helps a policy holder?
Answer:
31. Which age determination method is considered as favourable to the Insured?
Answer:
32. Why Level Premium is charged by an Insurance company
Answer:
33. Which type of premium collection method reduces the chances of default?
Answer:
34. What is 'Office premium'?
Answer:
35. If the Sum-Assured is Rupees 60,000 and the Tabular Premium is Rupees 33.54, Calculate the premium amount
Answer:
36. Explain Vesting Bonus
Answer:
37. Explain Compound Reversionary Bonus
Answer:
38. On which date bonus on policy is usually declare?
Answer:
39. What is Persistency Bonus?
Answer:
40. Which insurance plan covers both the Short-lived life and Long-lived Life?
Answer:
41. Which insurance plan covers both the Short-lived life and Long-lived Life?
Answer:
42. Which Insurance Plan Covers for Both the Contingencies of Survival and Contingencies of Death
Answer:
43. Which Police is suitable for people who has financial obligation like mortgage or housing loan.
Answer:
44. Whats the benefit of Decreating term life insurance?
Answer:
45. Mr. A who purchased a Double Endowment Insurance plan with sum assured of Rs. 5,00,000/-. Identify the amount he will be entitled if he survive the policy period?
Answer:
46. Which insurance plan returns the entire sum assured in one or more instalments as survival benefits?
Answer:
47. Who is covered under a Child Insurance Plan?
Answer:
48. Can a person hold more than 1 life insuranc policy in his/her life?
Answer:
49. What tax benefits available under Section 10(10D) on Life insurance purchased?
Answer:
50. Which plan is known as Anticipated Endowment Insurance Plan?
Answer:
51. If a life insurance cover taken under the Married Women's Property (M.W.P.) Act, is surrendered, who will get the surrender value?
Answer:
52. If a life insurance cover taken under the Married Women's Property (M.W.P.) Act, is surrendered, who will get the surrender value?
Answer:
53. Can a policy taken under Married Women's Property (M.W.P.) Act, be surrendered?
Answer:
54. Which Life insurance is considered as the best tool to protect the dependent family members.
Answer:
55. Can I assign a policy taken under MWP Act 1874.
Answer:
56. Who is an Annuitant?
Answer:
57. What is Annuity?
Answer:
58. Is Annuities are insurance contract?
Answer:
59. What are the factors that determines the Annuity Value?
Answer:
60. You being an insurance agent, has been approached by a person who is nearing retirement. What kind of annuity plan you should suggest him?
Answer:
61. You being an insurance agent, has been approached by a young person who just started his career. What kind of annuity plan you should suggest him?
Answer:
62. In annuities, when annutization starts?
Answer:
63. Can a Member/s who exit a group insurance because of retirement/resignation continue the insurance plan of his own name?
Answer:
64. How the sum insured is determined for each member in a group life policy?
Answer:
65. What is Free cover limit in Group Life Plan?
Answer:
66. In annuities, when annutization starts ?
Answer:
67. One of the criteria used in underwriting Group life policy is "Active-at-Work" what does it means?
Answer:
68. Which one is cheaper Group Life Policy or Individually sponsored Life Policy?
Answer:
69. Is gratuity become payable in case of dismissal of employment, fraud, theft, assault, rape, or molestation.
Answer:
70. Where or in which organisation Payment of Gratuity Act, 1972 is mandatorily applicable?
Answer:
71. Is graturity taxable?
Answer:
72. What is correct formula for gratuity calculation?
Answer:
73. In whar type of Pension Scheme, the pension amount is known before-hand and does not effect due to volatility in the market?
Answer:
74. Does Top-Ups in ULIP will also attract Lock-in-Period of 5 years?
Answer:
75. What will happen if a ULIP Holder fails to pay premium in a year?
Answer:
76. With regards to ULIP, what does "Premium-Holiday" means?
Answer:
77. What is Net Asset Value (NAV) in ULIP?
Answer:
78. What is correct formula to calculate Total Fund Value?
Answer:
79. How Unit Price in ULIP is calculated in Expropriation Method?
Answer:
80. Does ULIP declare bonus?
Answer:
81. What happen if you fail to pay a premium in ULIP within stipulated time?
Answer:
82. Can Discounted ULIP can be revived?
Answer:
83. When is the Proposer is generally required to provide Age-Proof?
Answer:
84. What are usual Policy conditions in a Insurance Policy
Answer:
85. What are usual Policy conditions in a Insurance Policy
Answer:
86. If a proposal received from a person with terminal cancer, what will usually be response of an underwriter
Answer:
87. what are the options available under 'Non-forfeiture Benefit?'
Answer:
88. A person who had a life insurance that he was paying premium for last 5 years, is unable to continue paying any further premium due to financial condition. Suggest which Non-Foreclosure Option he can choose?
Answer:
89. When a Policy lapses, who gets benefited?
Answer:
90. What is special Revival Scheme (SRV)?
Answer:
91. Which policies, usually does Not have loan facility??
Answer:
92. What is the minimum duration of a Loan, against an Insurance Policy?
Answer:
93. In what situation, fore-closure of a life insurance policy can be initiated by the Insurer?
Answer:
94. In case of un-natural death or accidental death, what additional documents required to be submitted for claim process?
Answer:
95. If an insured wants to cancel a policy, what documents required to submitted??
Answer:
96. Intimation of death need to be given within how many days of death of the insured?
Answer:
97. What is Settlement Option in Life Policy?
Answer:
98. What is usual death claim settlement ratio in India?
Answer:
99. When a claim is considered as Early Death Claim? And how such cases are considered by an Insurance company?
Answer:
100. Can I take insurance on the life of my parents even if they are not dependent to me?
Answer:
101. What additional document is asked for in case of accidental death?
Answer:
102. If the Life-Assured had been missing, what is the additional document required to be submitted for settlement of claim?
Answer:
103. Is there a chance of getting the insurance claim in case of policy for which premium payment has been stopped?
Answer:
104. Which one is cheapest form of Life Insurance?
Answer:
105. Does Subrogation principle applies in Life Insurance?
Answer:
106. Does a partner have insurable interest in the life of fellow partner in a Partnership Firm?
Answer:
107. What is Bancassurance?
Answer:
108. Who pays the cost of medical report in a life insurance proposal?
Answer:
109. What documents/process is required at each renewal of a Life Insurance Policy?
Answer:
110. What is Decreasing Term Insurance?
Answer:
111. Who prepares the valuation account in case of a Life Insurance policy?
Answer:
112. Why an actuary prepares a valuation balance sheet each year?
Answer:
113. In a partnership firm, whose life is covered?
Answer:
114. Who does the rate-making function in a life insurance company?
Answer:
115. On what basis a Mortality Tables are prepared by the Actuaries?
Answer:
116. Who carries out Mortality and Morbidity studies in India?
Answer:
117. What is the role of an Actuary in a Life Insurance Company?
Answer:
118. Who set-up the Mortality and Morbidity Investigation Bureau (M.M.l.B.)
Answer:
119. What are the Conditions required to revive a lapsed policy?
Answer:
120. What does Actuarial department do?
Answer:
121. How much can be charged by an insurance company to register or re-gister a nominee?
Answer:
122. Why young people are charged lesser life insurance premium as compared to old people?
Answer:
123. Does the natural wear and tear of a property or asset can be covered under a insurance policy?
Answer:
124. Which policy is also known as Cash value policy?
Answer:
125. Which policy provides permanent coverage that can last for the policyholders lifetime?
Answer:
126. "Unbundling" of life insurance policies refers to?
Answer:
127. How you can secure some rebate on premium?
Answer:
128. What will happen if the policy-holder does not pay the premium by the due date and dies during the grace period?
Answer:
129. When a pregnant women applied for a term insurance cover, which would be the best approach of the Underwriters?
Answer:
130. If a claim is made during the free-look period and a cancellation request is also made during that period, will the claim will be admissible?
Answer:
131. Who carries out Mortality and Morbidity studies in India?
Answer:
132. What is the role of an Actuary in a Life Insurance Company?
Answer:
133. Who set-up the Mortality and Morbidity Investigation Bureau (M.M.l.B.)
Answer:
134. What are the Conditions required to revive a lapsed policy?
Answer:
135. What does Actuarial department do?
Answer:
136. What is "twisting" in Insurance? Is it legal and ethical?
Answer:
137. What are the common and popular riders frequently found in life insurance polices?
Answer:
138. Insurance companies have several departments handling varous responsibilities in the issuance of policies. Which department involved with the selection of risks?
Answer:
139. Does insurer covers sub-standard risks?
Answer:
140. What is Mortgage Protection Term Insurance?
Answer:
141. What is the stipulated Minimum Policy Period required for a Group Unit-Linked Insurance Plan as per IRDA regulations?
Answer:
142. If a person approach an insurer to insure his life for an unexpectedly hugh amount, what will be course of action of the insurer?
Answer:
143. Why Smokers are charged higher premium?
Answer:
144. What is the purpose behind appointing a Medical Referee?
Answer:
145. What is Acturial Surplus or Valuation Surplus?
Answer:
146. What is Acturial Deficits or Valuation Deficits?
