All of the following are reasons to buy life insurance except one of the following

  • Survivor protection
  • Estate creation
  • Retirement income
  • Estate conservation

What is a standard risk classification?

  • Uses Mortality table
  • Fix additional charge to premium
  • A lien is placed against the policy to reduce amount of insurance
  • Rate person on age, health, habit and occupation

A type of short term insurance is

  • Accident policy
  • Catastrophic policy
  • Credit disability
  • Travel insurance

The concept of insurance involves transfer of

  • Liability
  • Risk
  • Ownership
  • Needs

_________ was created by a Government of India Notification dated 11th November, 1998 with the purpose of quick disposal of the grievances of the insured customers and to mitigate their problems involved in redressal of those grievances.

  • Life Insurance Council
  • Institute of Insurance and Risk Management
  • IRDA
  • The Institution of Insurance Ombudsman

In 1972 with the passing of the _______________________ Act, general insurance business was nationalized with effect from 1st January, 1973

  • The Indian Life Assurance Companies Act
  • The Insurance Act
  • the Indian Insurance Companies Act
  • General Insurance Business Act

The Regulatory authority for Insurance sector is

  • Institute of Insurance and Risk Management
  • Insurance Regulatory and Development Authority
  • Life Insurance Council
  • Securities and Exchange Board of India.

Insurance works on the principle of

  • Trust
  • Sharing
  • Randomness
  • All of the above

Insurance that provides protection for a stated period of time is defined as _______ insurance

  • Straight life
  • Term
  • Limited-payment
  • Whole life

Which one of this is a re-insurance company?

  • Oriental Insurance Company
  • General Insurance Coperation of India
  • The Indian Life Assurance Companies
  • The Indian Insurance Companies