Question

What are insurance agents appointed for in the solicitation process?

a.

To provide financial advice to customers

b.

To initiate the solicitation process

c.

To engage in professional sales of insurance products

d.

To handle policy renewals

Answer: (c).To engage in professional sales of insurance products Explanation:Insurance agents are appointed by insurers to engage in the solicitation process and procure insurance business, including business relating to the continuance, renewal, or revival of policies of insurance.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What are insurance agents appointed for in the solicitation process?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is a grace period in insurance?

Q. In Life insurance, what is the grace period for paying premiums in case of Monthly mode of Premium collection?

Q. How long is the grace period for renewing Motor Policies?

Q. What was the additional grace period allowed for Life insurance policies during the Covid-19 pandemic?

Q. How long was the grace period allowed for renewing Motor Vehicle Third Party Insurance policies during the Covid-19 pandemic?

Q. What is a "Free-Look Period" in insurance?

Q. How long is the Free-Look Period for Life Insurance and Health Insurance policies?

Q. In what type of insurance policies is the Free-Look Period typically available?

Q. What does the policyholder need to do if they want to cancel the policy during the Free-Look Period?

Q. What happens to the premium if a policy is canceled during the Free-Look Period?

Q. What is the term used for the proportionate calculation of premium when a policy is canceled, and no claims have been paid?

Q. How do insurers typically handle premium refunds for annual policies when canceled by the insured?

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?

Q. Which of the following does NOT fall under the categories of "Coercion," "Undue Influence," "Fraud," or "Mistake" in contract law?

Q. Why do insurers charge/retain premiums at higher rates and refund premiums at higher rates for canceled annual policies?

Q. What is the consideration in an insurance contract?

Q. Which of the following is NOT one of the elements of a valid contract?

Q. What is the primary purpose of an insurance contract?

Q. In the context of insurance, what does "consensus ad-idem" mean?

Q. What is the enforceability of a valid contract governed by in India?

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!