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

Discover more Topics under IC 92 Actuarial Aspects of Product Development

Discuss
Answer: (a).Usefulness in terms of money Explanation:Economic utility refers to usefulness in monetary terms.
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.
Discuss
Answer: (c).The nationalization of the life insurance industry Explanation:On 1st September 1956, the life insurance industry in India was nationalized, marking a pivotal moment in the sector's history. This move led to the creation of the Life Insurance Corporation of India, aiming to expand life insurance coverage across the country.
Discuss
Answer: (b).It provided strict state control over both life and non-life insurance. Explanation:The Insurance Act of 1938 was a crucial piece of legislation that governed not only life insurance but also non-life insurance, introducing strict state control over the insurance business to ensure its sound operation and protect policyholders.
Q75.
Which was the first life insurance company to start functioning on Indian soil?
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.
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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