State Commission handles consumer disputes amounting between rupees 20 lakh and 100 lakh.

Insurable interest should be present at both the times, i.e. at the time of taking policy as well as at the time of claim.

Most of the benefits of savings are realised post retirement and also at that time when there is no source of income. Hence, a person's life savings will make an impact on him post retirement.

An agent today is not allowed to work for more than one life insurance company.

Moral hazard report is completed by an official of the company.

Insurable interest exists when an insured person derives a financial or other kind of benefit from the continuous existence, without impairment or damage, of the insured object (or in the case of a person, their continued survival). Hence, insurance is not gambling. 

For purposes of life insurance, everyone is considered to have an insurable interest in their own lives as well as the lives of their spouses and dependents. Employer also has an insurable interest on the life of his employees. Insurable interest is not present in the life of a colleague.

All the three, except capacity to pay premiums, are the elements of a valid contract. 

The higher the premium deposited, the more the benefits at the time of claim.

ULIP is a life insurance product which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds.

Whole life insurance is a life insurance policy which is guaranteed to remain in force for the insured's entire lifetime, provided required premiums are paid throughout.

In traditional cash value plans, cash value component is well-defined.

A standalone health insurance company is a general insurance company which sells only health products.

Uberrima fides is a Latin phrase, meaning "utmost good faith". This means that all the parties to an insurance contract must deal in good faith, making a full declaration of all the material facts in the insurance proposal.

Section 45 deals with the insurer’s right to reject a claim under a policy.

Amount of annuity payable depends on all of the above.

An equity fund is a fund that invests in stocks, also called equity securities.

An endowment policy is a life insurance contract designed to pay a lump sum after a specific term (on its 'maturity') or on death.

Natural wear and tear to an asset is not to be included in insurance.

Risk retention is a situation where one decides to bear the risk and its effects.

Occurrence of peril has to be uncertain and not a creation of the insured person.

A free look period is where a new insurance policy owner is able to terminate the contract without penalties such as surrender charges, etc. The free look period allowed is 15 days.

In numerical underwriting, underwriters assign positive rating or debit points for all the negative or adverse factors and negative rating or credit points for favorable characteristics of the life being selected. Numerical method of underwriting is widely used for underwriting insurance proposals.

An insurance company is put to real test at the time of announcement of bonuses. 

A policy schedule is an outline of the cover provided under the policy. It will show details of the policyholder, what the policyholder does and the cover given, and the relevant limits, sums insured and excess.

Where more than one nominee is nominated, the death claim monies is payable jointly.

If the claim could not be settled for want of proper identification of a payee, the insurer shall pay interest at the rate of savings bank account.

Indian Evidence Act deals with presumption of death.

All of the above are the benefits of Unit Linked policy over Traditional plan.

Age of the life insured is the basis of the cover in a group policy. 

Revival is the process by which a life insurance company puts back into force a policy that has either been terminated because of non-payment of premiums or discontinued under one of the non-forfeiture provisions.

Life insurance riders are contingent additional benefits over a primary policy, which come into play in case of a specific eventuality. They offer financial cover over and above basic sum assured in a life insurance policy. Even with the occurrence of the event, the life cover remains intact. This means that even if you have drawn on a particular rider, you remain eligible for the death benefit on the life insurance plan.

An agent represents the insurance company, whereas a broker represents an insured.

Distribution of terminal bonuses is a way out for insurance companies to reward the policyholders and achieve equity among different generations of policyholders.

Selecting an appropriate investment vehicle would not depend on insurability.

In a group policy, each person is free to choose the amount of insurance cover.

All of the above are the benefits given under ULIP.

In a moneyback plan, the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity.

None of the above statements is correct. 

Selling as a profession refers to the act of inducing a commercial transaction through inducing the purchase of a product or service. Such act is carried out with the intent of earning remuneration.

The Integrated Grievance Management System(IGMS) facilitates online registration of policyholders' complaints and helps track their statuses.

Annuity belongs to one where annuity amount is fixed and one where the annuity amount is variable. 

Variable life insurance is a permanent life insurance policy with an investment component. The policy has a cash value account which is invested in a number of sub-accounts available in the policy.

Mutuality means flow of resources from many to one. Diversification is a risk management technique that mixes a wide variety of investments within a portfolio.

Retained earnings refer to the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business or to pay debt. Retained earnings contribute to the financial soundness of the company.

Guidelines on persistency were implemented from 1^st July, 2014.

As per Section 45 of Insurance Act, 1938, an insurance company can reject a claim after 2 years from issuance of policy if the material facts in the proposal are fraudulently made. 

Death claims are settled in the favour of trustees, not in the favour of nominees.

The Insurance Ombudsman scheme was created by the Government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way. The Ombudsman is not a judicial authority.

In the initial years of a ULIP, the value of the benefits would be low.