Question

What does the term "nomination" refer to in the context of an insurance prospectus?

a.

A political endorsement for a candidate

b.

The process of selecting board members

c.

The availability of facility for policyholders to choose beneficiaries

d.

The insurance company's brand logo

Answer: (c).The availability of facility for policyholders to choose beneficiaries Explanation:In the context of an insurance prospectus, "nomination" refers to the availability of a facility for policyholders to choose beneficiaries.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What does the term "nomination" refer to in the context of an insurance prospectus?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Which of the following it not usually part of the insurance prospectus?

Q. What is the purpose of a Proposal Form in the insurance application process?

Q. What is the "Principle of Utmost Good Faith" associated with when it comes to the Proposal Form?

Q. How long should the insurer take to provide a copy of the proposal submitted by the insured, as per IRDAI guidelines?

Q. Which party is responsible for ensuring the timely refund of a proposal deposit if it is refundable?

Q. In the insurance context, what does "duty of disclosure" refer to?

Q. What can be the format of a Proposal Form?

Q. How long does the insurer have to provide a copy of the proposal to the insured, as per IRDAI guidelines?

Q. In which stage of the insurance process does the duty of disclosure begin?

Q. What is the main consequence of providing incorrect or concealed information on the Proposal Form?

Q. What is the primary purpose of the Proposal Form in the insurance documentation process?

Q. What kind of information is collected in the Proposal Form for life and health insurances?

Q. In addition to personal details, what other information may be asked for in the Proposal Form depending on the insurance product?

Q. What is the role of insurance advisors in the Proposal Form process?

Q. Which document(s) may be collected to determine the true identity of the proposer?

Q. What is the primary purpose of the declaration at the end of the Proposal Form?

Q. What is the role of the declaration in the Proposal Form regarding the principle of utmost good faith?

Q. What information does the Proposal Form typically collect from the proposer?

Q. What is the purpose of the agent's recommendations in the Proposal Form?

Q. What is the significance of the declaration in the Proposal Form for the insured and the insurer?

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!