Q-11- What is Irrevocable beneficiary designation?
- the policy holder can nominate himself as a beneficiary.
- the policy holder can add more than one beneficiary in the policy.
- the policy holder has to take consent of the beneficiary before the name is changed.
- the policy holder doesn’t require consent of the beneficiary before the name is changed.
Option-3 ‘Irrevocable beneficiary’ designation gives right to the policy holder has to take consent of the beneficiary before the name is changed.
Q-12- What is the Deductible?
- Deductibles is out of pocket expenses and paid by the insured
- Deductibles is out of pocket expenses and paid by the insurer
- Deductibles is mandatory
- Deductibles is optional
Option-1 Deductible is a pre decided amount that you have to pay from your pocket while claiming the insurance.
Q-13- What is Surrender value?
- is the policy payout value at any point of time
- is the policy payout value at end of policy period
- is the policy payout value at the expiry of first 12 months
- is the policy payout value at the expiry of first 18 months
Option-1 Surrender value is the policy payout value at any point of time.It is the amount when you stop paying the premium and withdraw the entire amount.
Q-14- What is Free Look period?
- initial period of policy starts, in which policy can be cancel without any charge/penalty.
- initial period of policy starts, in which policy can’t be cancel without any charge/penalty.
- initial period of policy starts, in which policy will be cancel without any charge/penalty.
- initial period of policy starts, in which policy will be cancel with charge/penalty.
Option-1 ‘Free Look Period’ is a time-period where the insured can cancel their newly bought policy in a specific period of time from the date of issuing the policy without any penalties or surrender charges.
Q-15- No Claim bonus(NCB) discount applicable on which part of premium?
- by discount on own damage(OD) section
- by discount on third party(TP) sectionby dicoun
- by discount on PA section
- by discount on OD plus TP premium
Option-1
Q-16- Can beneficiary claim the policy if the insured person is missing or disappeared for several years?
- Yes, after 10 years
- Yes, as per court order
- No, only insured person can claim
- Yes, but beneficiary should be in blood relation
Option-2 It is possible to claim, if the beneficiary has court declaration that says that the insured person is missing or legally dead (disappeared for more than 7 years).
Q-17- Can an individual take two policies and claim for both of them?
- No,it’s against insurance principle
- Yes,an individual can take two policies and claim for both
- Yes, it is permissible with limit defined as in Insurance Act,1938
- None of above
Option-2 Yes,an individual can take two policies and claim for both.
Q-18- What is third party insurance in vehicle Insurance?
- loss/damage to another party
- every third loss/damage claim will be cover
- coverage of at least three consequential loss/damage claim
- None of above
Option-1 An insurance policy that covers the damage caused by another person or party is known as third party Insurance.
Q-19- What is a ‘PLPD insurance’ stands for?
- Personal Liability and Property Damage
- People Liability and Property Damage
- Pension Liability and Property Damage
- None of above
Option-1 PLPD stands for Personal Liability and Property Damage’. Personal liability covers when an individual cause injury to others in an accident while property damage is done when any property get damaged. In both, the injured party or third party will claim for insurance money from the insurance company of the offender.
Q-20- What is ‘schedule of loss’ in home insurance?
- a document submitted to the insurance company to claim the policy
- a document submitted to the insurance company before policy commencement
- a document submitted to the insurance company having details of assets, which might be in loss in future
- None of above
Option-1Schedule of loss is a document submitted to theinsurance company to claim the policy. It gives the information of damaged or lost items like model number, when it was purchased, cost of the item etc.
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