Question

Why does the proposal form include questions about the insured person's past insurance and claims history?

a.

To increase the premium cost

b.

To reduce the coverage of the policy

c.

To assess the risk and underwrite the policy

d.

To confuse the insured person

Answer: (c).To assess the risk and underwrite the policy Explanation:Questions about past insurance and claims history are included to assess the risk and underwrite the policy effectively.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Why does the proposal form include questions about the insured person's past insurance and claims history?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What does the proposer agree to when authorizing the insurer to seek medical information from hospitals or medical practitioners?

Q. What is the purpose of the medical questionnaire in case of adverse medical history in the proposal form?

Q. What role does the company's panel doctor play in the underwriting process?

Q. What does the declaration signed by the proposer indicate?

Q. What is the purpose of the standard declaration in the health insurance proposal?

Q. When does the insurance policy come into force based on the information provided in the declaration?

Q. Why is it important for the proposer to notify the insurance company of any changes in the occupation or general health of the life to be insured?

Q. What does the proposer authorize the insurance company to do regarding seeking information?

Q. Why is the sum insured indicated in all proposal forms?

Q. In personal lines of insurance like health, what kind of information is typically collected in proposal forms?

Q. Why is it important to gather information about the proposer's profession, occupation, or business in health insurance proposal forms?

Q. Give an example of why a proposer's profession or occupation is important in the context of insurance.

Q. Why does the proposer need to inform the insurance company about his previous insurances?

Q. What does the proposer need to declare regarding any past insurer actions, like policy refusals or premium increases?

Q. In the context of personal accident insurance, why does the insurer want to know about other personal accident policies taken by the same insured?

Q. What information does the proposer need to declare about his claim experience?

Q. How does the insurance company use the information gathered from the proposal form in the underwriting process?

Q. What does a Prospectus serve as in the context of health insurance?

Q. How are premiums usually collected for health insurance policies according to the Insurance Act, 1938?

Q. When and under what circumstances did the IRDAI allow insurers to collect health insurance premiums in instalments?

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!