Category: Insurance Interview question

The term “no physical exam” is used in health insurance and life insurance policies. Some insurance companies use this term to increase their policyholders or customers. These insurance companies provide freedom to the policyholders to take policy and skip the mandatory physical test by certain life insurance companies. The insurance companies which provide this facility…

It depends on the policies of the insurance companies. Some insurance companies provide the facility where the policyholder can pay premium payments in three, five, seven, or ten years according to their income and get the whole coverage they would have received within the usual duration.

According to income tax law, the previous year is when income is earned. On the other hand, the assessment year is when the income earned is assessed. In other words, income earned this year is taxable in the next year and is also known as the assessment year. According to the layman’s language, the current…

Yes, a person can take two life insurance policies and claim both.

The term elimination period is used in health insurance policies. It specifies a time between an injury and the receipt of benefit payments. In other words, we can say that the elimination period is the duration between the beginning of an injury or illness and getting the benefit payments from the insurance company. The companies…

In insurance policies, a free look period is a time or duration when the insurance policyholders can cancel their newly bought policy without any penalties or surrender charges. Generally, it is a period of 10 to 15 days, but it depends on the insurance company and can vary. During the free look period, the policyholder…

In India, there are mainly two types of insurance policies: general insurance and life insurance. The general insurance policy generally covers legal liabilities, travel, accident, health, personal property (house or car), machinery breakdown, theft, etc. The general insurance policies are also called non-life insurance policies. These insurance policies generally offer payments according to the loss…

Yes, paying the premium through an insurance agent is safe. Generally, in India, people choose to pay the premium through their agent, but they must keep something in their mind.

The concept of adding a beneficiary and an insurance policy was introduced to deal with these types of cases when the insurance policyholder died suddenly or has been missing for multiple years. So, yes, a beneficiary can claim the insurance policy if the insurance policyholder has been missing for multiple years, but a few conditions…

Following is the key difference between a participating policy and a non-participating policy: In a participating policy, the insurance company has to share its generating profit with the policyholders and gives them dividends. On the other hand, in a non-participating policy, the company doesn’t share any profits with the policyholders.