Insurance Product MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Insurance Product, a fundamental topic in the field of IC 92 Actuarial Aspects of Product Development. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Insurance Product MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of Insurance Product mcq questions that explore various aspects of Insurance Product problems. Each MCQ is crafted to challenge your understanding of Insurance Product principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC 92 Actuarial Aspects of Product Development tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our Insurance Product MCQs are your pathway to success in mastering this essential IC 92 Actuarial Aspects of Product Development topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of Insurance Product. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your Insurance Product knowledge to the test? Let's get started with our carefully curated MCQs!

Insurance Product MCQs | Page 8 of 8

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Q71.
A contract of insurance concludes when _______________________ .

a.

The proposal form is signed by the proposer

b.

The duly filled proposal form is received by the insurer

c.

Premium is received by the insurer

d.

Proposer decides to buy insurance

Discuss
Answer: (c).Premium is received by the insurer Explanation:A contract of insurance concludes when the premium is realised in the books of the insurer.
Q72.
Look at the two statements below and choose the correct option:

1. Employer can buy insurance for his employees.
2. A husband can buy insurance for his wife.

a.

Statement 1 is true and statement 2 is false

b.

Statement 2 is true and statement 1 is false

c.

Both statements are true

d.

Both statements are false

Discuss
Answer: (c).Both statements are true Explanation:An employer has insurable interest in his employees and a husband has insurable interest in his wife. Hence, both the statements are true.
Q73.
Economic utility refers to _____________________________ .

a.

Usefulness in terms of money

b.

Usefulness in terms of power

c.

Usefulness in terms of society

d.

Usefulness in terms of beauty

Discuss
Answer: (a).Usefulness in terms of money Explanation:Economic utility refers to usefulness in monetary terms.
Q74.
Which of the below statement is correct with regards to who can enter into an insurance contract?

a.

A person whose is age is at least 18 years

b.

A person who has at least passed 12th Standard from any board

c.

A person who known at least the national language

d.

Any person can enter into an insurance contract without any terms and condition

Discuss
Answer: (a).A person whose is age is at least 18 years Explanation:To enter into an insurance contract a person should be at least 18 years of age.
Q75.
Which was the first life insurance company to start functioning on Indian soil?

a.

Bharat Insurance Company

b.

Bombay Mutual Life Assurance Society

c.

Oriental Life Insurance Company

d.

Life Insurance Corporation of India

Discuss
Answer: (c).Oriental Life Insurance Company Explanation:Oriental Life Insurance Company, established in 1818, holds the distinction of being the first life insurance company to begin operations on Indian soil, marking the commencement of structured life insurance services in India.
Q76.
What was the significant contribution of Bombay Mutual Life Assurance Society in 1870?

a.

It was the first to offer life insurance to Indians at normal rates.

b.

It introduced the concept of mutual insurance in India.

c.

It was the first foreign insurance company in India.

d.

It nationalized the life insurance sector.

Discuss
Answer: (a).It was the first to offer life insurance to Indians at normal rates. Explanation:Bombay Mutual Life Assurance Society, founded in 1870, was significant for being the first Indian life insurance company, offering life insurance to Indians at normal rates, thereby democratizing access to life insurance across different sections of the society.
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