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B Com Exam  >  B Com Tests  >  Principles of Insurance  >  Test: Insurance Terminology And Insurance Customers - 1 - B Com MCQ

Test: Insurance Terminology And Insurance Customers - 1 - B Com MCQ


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10 Questions MCQ Test Principles of Insurance - Test: Insurance Terminology And Insurance Customers - 1

Test: Insurance Terminology And Insurance Customers - 1 for B Com 2024 is part of Principles of Insurance preparation. The Test: Insurance Terminology And Insurance Customers - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Insurance Terminology And Insurance Customers - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Insurance Terminology And Insurance Customers - 1 below.
Solutions of Test: Insurance Terminology And Insurance Customers - 1 questions in English are available as part of our Principles of Insurance for B Com & Test: Insurance Terminology And Insurance Customers - 1 solutions in Hindi for Principles of Insurance course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Insurance Terminology And Insurance Customers - 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Principles of Insurance for B Com Exam | Download free PDF with solutions
Test: Insurance Terminology And Insurance Customers - 1 - Question 1
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What is the primary purpose of a Unique Sales Proposition (USP) in a business?

Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 1
A Unique Sales Proposition (USP) is used by businesses to differentiate themselves from their competitors. It's a statement or feature that makes a business stand out and highlights why customers should choose them over other options. While competition might be a result of a USP, its primary purpose is to establish a unique and compelling value proposition.
Test: Insurance Terminology And Insurance Customers - 1 - Question 2
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In the context of knowing your customers, why is it important for a business to understand the challenges its customers face?

Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 2
Understanding the challenges your customers face allows a business to anticipate their needs and offer solutions. This proactive approach can lead to better customer satisfaction and loyalty. It's not about copying competitors or reducing prices but about providing valuable solutions that address customer pain points.
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Test: Insurance Terminology And Insurance Customers - 1 - Question 3
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What does a Family Floater Health Insurance Policy cover?

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A Family Floater Health Insurance Policy covers the insured person's entire family under a single sum insured. This means that all family members listed in the policy can avail coverage for hospitalization expenses, provided they do not exceed the sum insured in any one period of insurance.
Test: Insurance Terminology And Insurance Customers - 1 - Question 4
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What type of insurance policy covers the insured for their entire lifetime?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 4
Whole life insurance is a policy that covers the insured for their entire lifetime. It provides coverage for as long as the policyholder lives, making it different from term life insurance, which covers for a specific term.
Test: Insurance Terminology And Insurance Customers - 1 - Question 5
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Which type of life insurance policy offers both investment and protection benefits?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 5
An Endowment policy offers both investment and protection benefits. It provides coverage for a specific period and, at the end of that period, pays out the sum assured along with any accumulated bonuses. It combines insurance with a savings or investment component.
Test: Insurance Terminology And Insurance Customers - 1 - Question 6
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What is the primary purpose of a grace period in life insurance?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 6
The primary purpose of a grace period in life insurance is to give policyholders a brief extension of time to make premium payments if they miss the due date. It prevents the policy from lapsing immediately and provides some flexibility for the policyholder to catch up on payments.
Test: Insurance Terminology And Insurance Customers - 1 - Question 7
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What does the suicide provision in a life insurance policy specify?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 7
The suicide provision in a life insurance policy specifies that the policy will not pay the sum assured if the insured commits suicide within a specified period from the beginning of the coverage. This provision is in place to prevent insurance fraud.
Test: Insurance Terminology And Insurance Customers - 1 - Question 8
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What is the primary purpose of a Unit Linked Insurance Plan (ULIP)?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 8
The primary purpose of a Unit Linked Insurance Plan (ULIP) is to combine life insurance coverage with investment opportunities. A portion of the premium goes toward providing life cover, while the remainder is invested in stocks or bonds, offering potential wealth creation.
Test: Insurance Terminology And Insurance Customers - 1 - Question 9
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In the context of life insurance, what is meant by the "indisputable clause"?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 9
The "indisputable clause" in a life insurance policy states that the policy cannot be challenged by the insurer after a certain period, usually during the first two years of the policy. This clause helps protect the policyholder's coverage once the policy has been in force for a specified duration.
Test: Insurance Terminology And Insurance Customers - 1 - Question 10
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What does a Family Floater Health Insurance Policy cover?
Detailed Solution for Test: Insurance Terminology And Insurance Customers - 1 - Question 10
Apologies for the repetition in the question. As mentioned earlier, a Family Floater Health Insurance Policy covers the insured person's entire family under a single sum insured, providing coverage for hospitalization expenses within that limit. This helps in ensuring the health protection of the entire family.
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