Q. What is the primary objective of KYC processes?

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Q. Which of the following is NOT a purpose of collecting detailed customer information?

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Q. What are the typical documents accepted as photo identity proof during the KYC process?

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Q. What can KYC deficiencies lead to?

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Q. What documents are typically accepted as address proof by insurance companies?

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Q. Can a Passport be used as both photo ID proof and address proof?

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Q. What is the purpose of the KYC process in insurance?

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Q. Why is it important for insurance companies to verify the identity of their customers thoroughly?

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Q. What legislative measures address the issue of customer identity verification in insurance?

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Q. How are KYC norms applied in risk management?

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Q. What are examples of low-risk customers in insurance?

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Q. Which category of customers poses an inherently higher than average risk to insurance companies?

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Q. Why does diligence in identification need to be of high order in the case of high-risk customers?

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Q. Which types of insurance products are considered vulnerable in terms of risk?

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Q. What calls for detailed due diligence according to KYC norms in insurance?

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Q. When is it necessary to establish insurable interest according to KYC norms?

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Q. How should payments be made according to KYC norms in insurance?

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Q. What should attract more attention and detailed checks from an Anti-Money Laundering (AML) perspective in insurance?

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Q. What should insurers be cautious about regarding payments on insurance contracts according to KYC norms?

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Q. How does the insurance business compare to other participants in the financial sector in terms of vulnerability to money laundering?

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