Insurance

What is insurance?

• A savings account

• A contract between an individual and an insurance company

• A type of investment

• A loan agreement

Which of the following is NOT a type of insurance?

• Life insurance

• Health insurance

• Car insurance

• Mortgage insurance

Which of the following is not a traditional type of product offered by insurance companies?

• Whole life plan   

• Endowment plan

• Term plan

• Moneyback plan    

Who is the biggest player in life insurance

• HDFC Life

•  ICICI Pru

• LIC

• GIC

Which of the following is not correct with regards to insurable interest?

• Father taking out insurance policy on his son

• Spouses taking out insurance on one another

• Friends taking out insurance on one another

• Employer taking out insurance on employees

Insurability of women is governed by

• Need for insurance and working Status

• Husband's Income

• Age

• None of the above

   Which of the following statements is not correct?

• One should avail potential tax saving opportunities

• Purpose of tax saving is to minimize taxes and not to evade them

• Tax planning helps to gain maximum advantage of tax laws

• Tax planning is illegal in India

What are the reasons for increase in health insurance in India?

• Health consciousness

• Increased longevity

• Increased in income

• All of the above

Which of the following statements is correct?  

• a)     Insurance is kind of investment  

• Insurance is nothing but a gamble

• Insurance is risk transfer through risk pooling

• Insurance is a charity

Insurance benefits replace

• All physical losses, in full

• All physical losses, partly

• All monetary losses, in full

• The monetary losses, Upto actual loss or sum assured which ever is less