Insurance Basics & Rider quiz

Hemant has purchased a life insurance policy. By insuring his life, Hemant has ________ the risk of financial loss in the event of his death. Select the correct answer from the list below.

• avoided

• retained

• transferred

Which of the following statements are true about the concept of life insurance? Select the correct answer from the list below.

• Life insurance companies compensate the contributing individuals for the loss incurred due to the insured risk

• Life insurance companies compensate individuals for all losses incurred during the lifetime of the contributing individual

Ranjit is a 35-year old businessman. From the list below, identify who cannot buy an insurance cover for Ranjit’s life. Select the correct answer from the options given below.

• 
  Ranjit’s mother

• Ranjit’s best friend

• Ranjit’s business partner

• Ranjit himself

The pooled fund in the form of premiums is called the Life fund. Identify whether the above statement is true or false.

• True

• False

Risk pooling mechanism includes contribution by the fortunate _________ for the unfortunate _________ . Select the correct answer from the list below.

• Few, many

• Many, few

• Rich, poor

• Many, many

Accidental Disability Rider provides financial support to the family if the livelihood's ability to earn income is impacted due to an accident? 

Identify whether the above statement is true or false.

• True

• False

A rider is a contract that amends the clauses of a basic insurance policy. 

Identify whether the above statement is true or false.

• True

• False

From the following identify the different types of external riders sold by HDFC Life

a. Income Benefit on 

Accidental Disability Rider

b. Critical Illness Plus Rider

c.  Waiver of premium on CI

d.  Protect Plus Rider

• Option A,B,C

• 
  Option A & C

• 
  Option C

• Option A,B,D

In the event of Total Permanent Disability due to an accident the life assured will get a regular monthly income equal to 1% of the rider sum assured for a fixed period of 10 years

Identify whether the above statement is true or false.

• True

• False

The maximum age at entry in Income benefit on accidental disability rider is ....................years 

Select the correct answer from the list belo

• 55 years

• 
  65 years

• 
  75 years

• 85 years