What is one of the factors considered by insurance companies for determining the premium?
IC 02 Chapter 9
Quiz
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Professional Development
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Professional Development
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Medium
Savio joseph
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the factors considered by insurance companies for determining the premium?
A) Hair color
b) Eye color
c) Favorite food
d) Age
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a person's health condition affect insurance premiums?
A) It has no impact
b) It lowers the premiums
c) It increases the premiums
d) It determines the policy term
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do insurance companies typically calculate the age of the policyholder?
A) By considering only the years completed
b) By considering months and days
c) By considering the number of dependents
d) By considering the policy term
e) By considering the occupation
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the "age next birthday" method used for in life insurance
A) To determine the policy anniversary
To determine the premium amount
e) To determine the policy coverage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which method is commonly used by most life insurance companies to determine the age of the policyholder?
A) Age next birthday
b) Age last birthday
c) Age nearest birthday
d) Age at policy issuance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if the age of the insured is found to be higher than stated at the proposal stage?
A) The policy remains unchanged
b) The premium is increased
c) The policy is cancelled and a new policy is issued
d) The claim is denied
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if premiums are not paid on the due date?
A) The policy lapses
b) The insurer extends the due date indefinitely
c) The insured is required to pay a penalty
d) The policy coverage is reduced
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