Day 5

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

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

_______ 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

Under this type of life insurance plan, bonus is declared only if the insurer makes a profit. Which type of plan is this?

Select the correct answer from the list below. 

• ULIP

• Non PAR

• PAR

The Non PAR type of life insurance plan provides a guaranteed amount on maturity, but does not participate in the profits of the life insurance company.

Identify whether the above statement is true or false.

• True

• False