Question

What is the concept of "product suitability" introduced by IRDAI?

a.

It is the suitability of a product for any prospect.

b.

It is a measure of a product's profitability.

c.

It involves choosing the cheapest insurance product.

d.

It determines the product's compliance with government regulations.

Posted under IC38 Life Insurance Agent Exam

Answer: (a).It is the suitability of a product for any prospect. Explanation:"Product suitability" involves assessing whether a product is suitable for a prospect based on various factors.

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Q. What is the concept of "product suitability" introduced by IRDAI?
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