Question

Who is considered a "Sub Standard Risk" in insurance?

a.

A person with a high net worth

b.

A person with a low risk of illness or injury

c.

A person with an above-average health condition and lifestyle

d.

A person considered an under-average or impaired insurance risk due to various factors

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (d).A person considered an under-average or impaired insurance risk due to various factors Explanation:A "Sub Standard Risk" in insurance refers to a person who is considered an under-average or impaired insurance risk due to various factors such as physical condition, family or personal history of disease, occupation, residence in unhealthy climate, or dangerous habits.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Who is considered a "Sub Standard Risk" in insurance?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What do Premium Back Term Insurance Plans provide?

View solution

Q. What is a "Premium" in insurance?

View solution

Q. What are "Non-cancelable policies"?

View solution

Q. What is "Nomination" in the context of insurance?

View solution

Q. What is "Moral Hazard" in insurance?

View solution

Q. What distinguishes a "Money Back Policy" from endowment plans?

View solution

Q. What is "Misrepresentation" in the context of insurance?

View solution

Q. What is meant by a "Maturity Claim"?

View solution

Q. What does "Maturity" refer to in the context of a life insurance policy?

View solution

Q. Who is referred to as the "Life Assured" in an individual life insurance policy?

View solution

Q. What is a "Lapsed Policy"?

View solution

Q. What does a Keyman Insurance Policy typically cover?

View solution

Q. Who is the "Insured" in insurance terminology?

View solution

Q. How is insurance defined?

View solution

Q. What does "Insurability" refer to in insurance terminology?

View solution

Q. What is Insurable Interest in insurance?

View solution

Q. What are Guaranteed Policies in insurance?

View solution

Q. What is Group Life Insurance?

View solution

Q. What are Exclusions in insurance policies?

View solution

Q. What is an Endowment Policy in insurance?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? 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!

Drug and Pharmaceutical Biotechnology

Navigate the world of pharmaceuticals and biotechnology with our dedicated category....

Biology

Dive into the realm of life sciences with our Biology category. Explore the wonders...

IC 92 Actuarial Aspects of Product Development

Sharpen your understanding of actuarial principles in product development with our...

Molecular Biology

Dive into the intricate world of molecular biology with our specialized category....

Mass Transfer

Delve into the science of Mass Transfer with our specialized category. Explore...

Environment Management

Master the art of Environment Management with our specialized category. Explore...

DC Machines

Dive into the fundamentals of direct current (DC) machines with our specialized...

Cost Accounting

Dive into the realm of Cost Accounting with our specialized category. Explore cost...

Virology

Explore the captivating world of Virology with our specialized category. Dive into...