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Persistency Quiz

Authored by Umasankar Satapathy

Other, Moral Science

Professional Development

Used 3+ times

Persistency Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the 61st month persistency ratio indicate ?

Select the correct answer from the list below

Quality of sales offered by the insurance company and their sales persons

Quality of after sales service and customer engagement

No mis-selling by the sales person

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the 13th month persistency ratio indicate?

Select the correct answer from the list below

Quality of after sales service and customer engagement

Policyholders’ satisfaction with the service provided in all these years

Policyholders’ decision to continue their long term financial commitment and reap the benefits of insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Persistency indicates how long customers stay with their policies, looking at the number of policy renewals year after year. The ratio is measured both by policy numbers and premium collected.

Identify whether the above statement is true or false

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Insurance business becomes profitable when the customer pays policy premiums year on year till the premium payment term is over.

Identify whether the above statement is true or false

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following tips helps to improve persistency?

Select the correct answer from the list below

Use Preferred Billing Date as an option in SI in case a customer wants to use grace period

Provide premium discounts to the customer

Do need analysis and pitch the products accordingly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A high persistency ratio indicates a large pool of satisfied customers.

Identify whether the above statement is true or false

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following measures should be adopted to ensure the customers pay their premiums regularly?

Select the correct answer from the list below

Speak politely when connecting with a customer

Remember the customer's profile

Use Quick Register tool to register for auto pay if not registered at the new business stage.

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