How did Mr. Long Life's family cope with the financial challenges caused by his illness?

They relied on the income of their eldest child.

They received financial support from the government.

They borrowed money from friends and relatives.

In the story, why did Mr. Long Life initially decline the offer of a Whole Life Insurance plan?

He believed his business was sufficient to provide for his family's future needs.

He thought he was too young and healthy to need insurance.

He had multiple vices that made him ineligible for the plan.

He had a significant amount of debt.

What was the main reason for Mr. Long Life's friend, Mr. Whole Life Insurance, recommending a Whole Life Insurance plan to him?

Mr. Long Life's young age and good health.

Mr. Long Life's lack of financial success.

Mr. Long Life's unhealthy lifestyle.

Mr. Long Life's desire to retire early.

In the story, what role did Mr. Long Life's eldest child play in the family's financial situation?

He managed the family's business.

He provided financial support from abroad.

He borrowed money from the bank.

What is the primary reason for the family's financial struggle in the story?

Mr. Long Life's lack of a retirement plan.

The family's extravagant lifestyle.

The unexpected medical expenses due to Mr. Long Life's illness.

The decline in the value of their investments.

What type of insurance company is Life Insurance Corporation (LIC) of India?

Private sector insurance company

International insurance company

Public sector insurance company

Insurance Products - 1 Free MCQ Practice Test with Solutions

	Principles of Insurance 49 videos\|51 docs\|14 tests

	Principles of Insurance 49 videos\|51 docs\|14 tests

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