As per the Indian Contract Act, 1972, life insurance contract is a legally enforceable contract between the insurer and the insured.

Inadvertent omission of information as well as intentional concealment of information would be considered as non-disclosure.

Health plus life combo products include combination of health insurance from a non-life company and life cover from a life insurance company or health insurance from a standalone health company and life cover from a life insurance company.

Income, occupation, lifestyle, habits and many other factors play an important role in financial underwriting.

All the given statements are correct.

As a result of over valuation of all the assets of an insurance company, the company's financial statements would show more surplus than the actual one.

Extra benefits are allowed by the insurer in a life policy on payment of an extra premium and extra premium for health is different from extra premium for extra benefits. Double accident benefits and Permanent Disability benefits are available on payment of extra premium. 

Insurable interest is essentially a monetary interest which one should have on the continuing existence of the object of insurance. So, it is important for it to be there at the time of taking out insurance.

With the issue of Family Present Rider, further premiums are required to be paid. Hence, option (2) is incorrect.

In Convertible Whole Life, one can avail insurance protection for a large amount at a lower cost as compared to premium of Endowment Assurance.

Premium amount increases with the term of coverage. Hence, option (2) is incorrect.

Traditional cash value plans have several limitations, like reduced benefits among older and long-tenured workers, etc. 

The benefits of an insurance policy are not linked to any index. Hence, option (2) is the correct answer.

Cold calling is a technique whereby a salesperson contacts individuals who have not previously expressed an interest in the products or services that are being offered.

“Liquidation period” refers to the period during which insurer makes annuity payments.

Reversionary bonus is the bonus declared every year as a percentage of (Guaranteed Maturity Benefit/Sum Assured + Earlier Reversionary Bonuses). It is payable on the death of life assured or maturity of the policy.

The main advantage of term insurance is price because with term insurance, you are generally just paying for the death benefit. If you die during the term of the policy, the lump sum payment will be received by your beneficiaries.

When the actual experience of an insurance company is better than what it had assumed, the result would be surplus (profit) for the company.

An insurance company keeps this reserve to meet the future obligations of the insurer. Therefore, it is called risk pooling.

Survey and inspection of a property is essential before the acceptance of risk to assess the risk for rating purpose.

If a policy document is lost, claim may be settled on the basis of an indemnity bond and an advertisement may have to be placed in a newspaper if the amount to be paid is high.

Judgement and numerical are the two methods of underwriting. In the judgement method, subjective judgment is used, often relying on the expert opinion of a medical professional known as the medical referee, especially when the deciding case is complex. 

Under this method, subjective judgment is used, often relying on the expert opinion of a medical professional known as the medical referee, especially when the deciding case is complex.

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan. On foreclosure of a policy, nothing is payable to the policyholder.

All the above statements are correct. 

Reinstatement or 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 has been continued under one of the non-forfeiture provisions.

Benefit under a Unit Linked policy is reckoned by the value of the units and the number of units standing to the credit of the unit holder. 

Maturity claim is payable when the insured survives the policy term.

When one is near to his retirement years, the risk profile of an individual could be conservative.

Examples are holders of the same credit card, savings bank account holders of a bank or members of the same social or cultural association.

The term 'Money Laundering' is the concealment of the origin of illegally-obtained money, typically by the means of transfers involving foreign banks or legitimate businesses.

Housing loans are the loans advanced to a person to assist in buying a house or flat. These are not part of the insurance planning.

As per Section 45, a policy is not to be called in question on the grounds of misstatement after two years. Hence, statement (B) is false.

An insurance company is responsible for the acts of its agents and it can be assumed by an insurance applicant that any information or payment of money to the agent will be received by the insurance company.

Contribution method is a method of apportioning loss among multiple insurers.

All of the above will help an agent to get successful results.

Insurance is a means of protection from financial loss and is a form of risk management. It is not a wealth accumulation product.

Empathy is the ability to understand the things which are provided by the caring attitude and individualized attention given to customers.

Mutuality means flow of resources from many to one.

AML stands for Anti-Money Laundering, which includes internal policies and controls, appointment of a Principal Compliance Officer and internal control. Hence, option (4) is correct.

An insurance company needs assets for financing a new business, generating more competitive returns and for greater leverage in investment. Hence, option (4) is the correct answer.

License to work as an insurance agent is issued by Insurance Regulatory and Development Authority (IRDA).

As per IRDA (Protection of Policyholder’s Interest) Regulations, 2002, a claim under a life policy shall be paid or be disputed within 30 days from the date of receipt of all relevant papers and clarifications required.

On health insurance, lifetime cover is mandatory.

The term life insurance policy purchased under Section 6 of the MWP Act cannot be taken by the creditors.

A person can directly lodge a complaint with ombudsman. Hence, it is not a pre-requisite that complainant has to approach a consumer forum prior to ombudsman.

No charges need to be paid to ombudsman for lodging a complaint.

The insurance ombudsman scheme was created by the Government of India for individual policyholders to have their complaints settled out of the court system in a cost-effective, efficient and impartial way, within one year of rejection of the complaint by the insurer. 

A claim occurring after three years is a non-early claim.

Surrender value is a percentage of paid-up value of the insurance policy.