Which of the following must be included in an illustration used in the sale of life insurance?

(1) Following the narrative summary, a basic illustration shall include a numeric summary of the death benefits and values and the premium outlay and contract premium, as applicable. For a policy that provides for a contract premium, the guaranteed death benefits and values shall be based on the contract premium.

Which of the following must be included in a life insurance advertisements?

Which of the following must be included in all life insurance advertisements? Correct! The identity of the actual insurer must be stated in all advertisements.

What does the term illustration in a life insurance policy refer to?

An illustration is a presentation or depiction provided to prospective or new policy owners that shows how the policy should perform under specific circumstances set out in the illustration.

Which of the following is NOT consideration on the part of an insured?

Which of the following is NOT consideration on the part of an insured? Objectionable provision on policy but not allowed to negotiate. … An insurer neglects to pay a legitimate claim that is covered under the terms of the policy.

Which of the following may not be included in an insurance company advertisement?

The definition of “advertisement” does not include: (1) material to be used solely for the training and education of an insurer’s employees, agents, or brokers; (2) material used in-house by insurers; (3) communications within an insurer’s own organization not intended for dissemination to the public; (4) individual …

Which of the following is false regarding life insurance policy illustrations?

Which of the following is false regarding life insurance policy illustrations? Policy illustrations are the nonguaranteed elements of a policy and are not part of the policy summary.

Which is not included in insurance work?

Health insurance typically covers most doctor and hospital visits, prescription drugs, wellness care, and medical devices. Most health insurance will not cover elective or cosmetic procedures, beauty treatments, off-label medicine use, or brand-new technologies.

What is not an indicator of a competent party?

In terms of parties to a contract, which of the following does NOT describe a competent party? A The person must not be under the influence of drugs or alcohol. … Generally, this requires that both parties be of legal age, mentally competent to understand the contract, and not under the influence of drugs or alcohol.

What is not an essential element of an insurance contract?

In order for insurance contracts to be legally binding, they must have four essential elements: agreement (offer and acceptance), … and legal purpose. Counteroffer is not required.

Which of the following is not applicable in life insurance contract?

Indemnity contract is not applicable in life insurance contract. Among the given options option (c) Indemnity contract is the correct answer.

Which is not a type of general insurance?

There is a distinction between the types of insurance one is life insurance and other is non-life or general insurance. As an individual, you will be covered under the Life insurance policy. The reimbursement under the policy can be withdrawn on the event of death or maturity of the policy.

Which of the following is not covered in health insurance policy?

Non- life threatening diseases like cosmetic surgery, dental replacement or joint replacement are not covered under insurance. Alternative forms of treatment like Ayurveda and homeopathy are also usually excluded. Permanent exclusions of health insurance include HIV or congenial diseases.

Which of the following is not the life insurance business?

Subsidy is not an element of the life insurance business. A subsidy or government incentive is a form of financial aid or support extended to an economic sector generally with the aim of promoting economic and social policy.

Which of the following is part of an insurance contract?

Parts of an insurance contract. Declarations – Identifies who is an insured, the insured’s address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy number, the policy period, and the premium amount.

Which of the following is covered under the life assurance policy?

The natural death or death caused by health-related issues is covered by term insurance plans. In case the policyholder dies due to any type of critical illness or medical condition, the beneficiary of the policy will get the Sum Assured as the death benefit.

Which of the following is not a risk for insurance?

Natural wear and tear to an asset is not to be included in insurance. A wear and tear exclusion states that the normal, expected deterioration of the insured object will not be covered by an insurance policy.

Which of the non life insurance policies are taken for individuals?

The types of non-life insurance policies in India are:
  • Marine insurance.
  • Home insurance.
  • Travel insurance.
  • Health insurance.
  • Motor insurance.
  • Commercial insurance.

Who is not an insurance intermediary?

An Insurance Intermediary means individual agents, corporate agents including banks and brokers, insurance marketing firm. Insurance Intermediary also includes Surveyors and Third Party Administrators but these intermediaries are not involved in the procurement of business.

Which of the following Cannot be a risk?

Dying too early cannot be categorised under risk. … This is called the Risk of Dying too early and it can be protected against by taking life insurance coverage.

Which of the following is not a risk management strategy?

Risk elimination is not a type of risk management strategies.

Which among the following is not pure risk?

Answer: Technology risk. Explanation: Pure risks can be divided into three different categories: personal risk, property risk, and liability risk.

Which of these is not a source of risk?

Functional risk is not considered as a sources of risk.

Which of the following is not a risk quantification tool or technique?

Q. Which of the following is not a tool or technique used during the Risk Quantification Process?
A. Risk Categorization
B. Contingency planning
C. Probability and Impact Matrix
D. Risk Data Quality Assessment