Insurance

1. State which of the following statements is correct

In ULIPs, the offer bid spread is the difference between the two prices
In ULIPs, the offer bid spread, will in some cases be zero
Both the above statements are correct
Both the above statements are wrong

Detailed SolutionState which of the following statements is correct

2. State which of the following statements is correct

ULIPs provide for flexibility
ULIPs are better than traditional policies
Both the above statements are correct
Both the above statements are wrong

Detailed SolutionState which of the following statements is correct

3. Which one of the following statements is correct?

The foreign exchange regulations apply if the life insured is a non-resident
The foreign exchange regulations apply if the claimant is a non-resident
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich one of the following statements is correct?

4. If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,

Section 45 of the Act will not apply
The claim can be treated as an early claim
Foul play must be suspected
All of the above

Detailed SolutionIf a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,

5. Which one of the following statements is correct?

A policy reported to be lost, may actually have been assigned
A policy has no value after the payment of survival benefits
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich one of the following statements is correct?

6. Which one of the following statements is correct?

Maturity claim cheques are paid to the trustees in a MWP Act case
Maturity claim cheques are paid to the beneficiaries in a MWP Act case
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich one of the following statements is correct?

7. When does a claim arise under an insurance policy?

Whenever the policyholder feels the need for money
When the insured events happen
When a premium is not paid
Whenever any of the three things mentioned above happen

Detailed SolutionWhen does a claim arise under an insurance policy?

8. Which one of the following statements is correct?

A presumption of death is not the same as proof of death
Presumption of death allows inheritance of property
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich one of the following statements is correct?

9. Which one of the following statements is correct?

Foreclosure action cannot be taken till a notice is served on the policyholder
When a foreclosure action is taken, nothing is payable to the policyholder
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich one of the following statements is correct?

10. Which one of the following statements is correct?

Revivals are not done unless the entire outstanding premium is paid
Revivals are not done unless the underwriter agrees
Both the statements above are correct
Both the statements above are wrong

Detailed SolutionWhich one of the following statements is correct?

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