Agency OBX _Day5 Quiz-1

Which of the following statements is true? Select the correct answer from the list below.

• Insurance reduces possibility of loss in entirety

• Insurance protects the asset

• Insurance prevents loss of an asset

• Insurance compensates for the financial loss of an asset

_____________ relates to inaccurate statements, which are made without any fraudulent intention. Select the correct answer from the list below.

•  Offer

• Mis-selling

• Misrepresentation

•  Representation

Can a husband be a proposer for a policy with his wife as the life assured?   Select the correct answer from the list below.

• Yes, as there is insurable interest

• No, as there is no insurable interest

Can a mother who is working and financially independent be a proposer for a policy with her son as a life assured?   Select the correct answer from the list below.

• No, as there is no insurable interest

• Yes, as there is insurable interest

Can an umarried lady who is a working professional and financially independent be a proposer for a policy with her mother as a life assured?   Select the correct answer from the list below.

• Yes, as there is insurable interest

• No, as there is no insurable interest

Disclosing known material facts on an insurance proposal form displays the principle of Utmost Good Faith. Identify whether the above statement is true or false.

• TRUE

• FALSE

What is the HLV for a customer? Select the correct answer from the list below.

• All the expenses incurred by them up to the present 

• The net savings accumulated by them till date

• The expected annual income that will be generated over their life time

• Their average savings in a year

To calculate the eligibility of customers for a term plan, the expected annual income that will be generated over their life time needs to be considered. What is this known as in insurance terminology? Select the correct answer from the list below.

• Sum Assured

• Human Life Value (HLV)

• Whole Life Income

• Net Annual Expenses

_______ provide additional benefits at cheaper cost in an insurance plan. Select the correct answer from the list below.

• Riders

• Bonus

• Human Life Value (HLV)

• ULIPs

Critical Illness is a rider offered with HDFC Life insurance plans. Identify whether the above statement is true or false.

• TRUE

• FALSE