Question
a.
"Insurance is a ready-made product."
b.
"Insurance is the subject matter of solicitation."
c.
"Insurance can only be bought and not sold."
d.
"Insurance must be paid for in full before coverage starts."
Posted under IC38 Life Insurance Agent Exam
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. What is the traditional declaration regarding insurance?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. Who is responsible for initiating the solicitation process for insurance?
View solution
Q. What are insurance agents appointed for in the solicitation process?
View solution
Q. What is a grace period in insurance?
View solution
Q. In Life insurance, what is the grace period for paying premiums in case of Monthly mode of Premium collection?
View solution
Q. How long is the grace period for renewing Motor Policies?
View solution
Q. What was the additional grace period allowed for Life insurance policies during the Covid-19 pandemic?
View solution
Q. How long was the grace period allowed for renewing Motor Vehicle Third Party Insurance policies during the Covid-19 pandemic?
View solution
Q. What is a "Free-Look Period" in insurance?
View solution
Q. How long is the Free-Look Period for Life Insurance and Health Insurance policies?
View solution
Q. In what type of insurance policies is the Free-Look Period typically available?
View solution
Q. What does the policyholder need to do if they want to cancel the policy during the Free-Look Period?
View solution
Q. What happens to the premium if a policy is canceled during the Free-Look Period?
View solution
Q. What is the term used for the proportionate calculation of premium when a policy is canceled, and no claims have been paid?
View solution
Q. How do insurers typically handle premium refunds for annual policies when canceled by the insured?
View solution
Q. What is the term used for the rates disclosed as part of the insurance contract that defines how premiums are handled when a policy is canceled by the insured?
View solution
Q. Which of the following does NOT fall under the categories of "Coercion," "Undue Influence," "Fraud," or "Mistake" in contract law?
View solution
Q. Why do insurers charge/retain premiums at higher rates and refund premiums at higher rates for canceled annual policies?
View solution
Q. What is the consideration in an insurance contract?
View solution
Q. Which of the following is NOT one of the elements of a valid contract?
View solution
Q. What is the primary purpose of an insurance contract?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
