Solve Answer of DOCUMENTATION – PROPOSAL STAGE

CHAPTER

 DOCUMENTATION – PROPOSAL STAGE

Question 1
Which of the below is an example of standard age proof?
I. Ration card
II. Horoscope
III. Passport
IV. Village Panchayat certificate
Answer: III. Passport

Question 2
Which of the below can be attributed to moral hazard?
I. Increased risky behavior following the purchase of insurance
II. Increased risky behavior prior to the purchase of insurance
III. Decreased risky behavior following the purchase of insurance
IV. Engaging in criminal acts post being insured
Answer: I. Increased risky behavior following the purchase of insurance

Question 3
Which of the below features will be checked in a medical examiner’s report?
I. Emotional behavior of the proposer
II. Height, weight and blood pressure
III. Social status
IV. Truthfulness
Answer: II. Height, weight and blood pressure

Question 4
A __________ is a formal legal document used by insurance companies that
provides details about the product.
I. Proposal form
II. Proposal quote
III. Information docket
IV. Prospectus
Answer: IV. Prospectus

Question 5
The application document used for making the proposal is commonly known as
the __________.
I. Application form
II. Proposal form
III. Registration form
IV. Subscription form
Answer: II. Proposal form

Question 6
From the below given age proof documents, identify the one which is classified
as non-standard by insurance companies.
I. School certificate
II. Identity card in case of defence personnel
III. Ration card
IV. Certificate of baptism
Answer: III. Ration card

Question 7
Money laundering is the process of bringing _______ money into an economy by
hiding its _______ origin so that it appears to be legally acquired.
I. Illegal, illegal
II. Legal, legal
III. Illegal, legal
IV. Legal, illegal
Answer: I. Illegal, illegal

Question 8
In case the policyholder is not satisfied with the policy, he / she can return the
policy within the free-look period i.e. within ________of receiving the policy
document.
I. 60 days
II. 45 days
III. 30 days
IV. 15 days
Answer: IV. 15 days

Question 9
Which of the below statement is correct with regards to a policy returned by a
Policyholder during the free look period?
I. The insurance company will refund 100% of the premium
II. The insurance company will refund 50% of the premium
III. The insurance company will refund the premium after adjusting for
Proportionate risk premium for the period on cover, medical examination
Expenses and stamp duty charges
IV. The insurance company will forfeit the entire premium
Answer: III. The insurance company will refund the premium after adjusting for
Proportionate risk premium for the period on cover, medical examination
Expenses and stamp duty charges

Question 10
Which of the below is not a valid address proof?
I. PAN Card
II. Voter ID Card
III. Bank passbook
IV. Driving license
Answer: II. Voter ID Card

Question 11
During the _________ period, if the policyholder has bought a policy and does
not want it, he / she can return it and get a refund.
I. Free evaluation
II. Free look
III. Cancellation
IV. Free trial

Answer: II. Free look

What is customer service

What is customer service?
Customers provide the bread and butter of a business and no enterprise can afford to treat them indifferently.
What the customer really derives is a service experience.
If this is less than satisfactory , it causes dissatisfaction. If the service exceeds expectations, the customer would be delighted.
The goal of every enterprise should thus be to delight its customers.


Quality of service
It is necessary for companies and their personnel, which includes their agents , to render high quality service and delight the customer.


High quality service and attributes

A well-known model on service quality  [named "SERVQUAL'] would give us some insights.
It highlights five major indicators of service quality:

a) Reliability : the ability to perform the promised service dependably and accurately .
 Most customers regard reliability as being the most important of the five dimensions of service quality.
It is the foundation on which trust is built.
b) Responsiveness: refers to the willingness and ability of service personnel to help customers and provide prompt response to the customers needs.
It may be measured by indicators like speed , accuracy and attitude while giving the service.
c) Assurance : refers to the knowledge , competence and courtesy of service providers and their ability to convey trust and confidence.
It is given by the customers evaluation of how well the service employee has understood needs and is capable of meeting them.
d) Empathy : is described as the human touch. It is reflected in the caring attitude and individualized attention provided to customers.
e) Tangibles : represent the physical environmental factors that the customers can see, hear and touch .
For instance the location , the layout and cleanliness and the sense of order and professionalism that one gets when visiting an insurance company's office can make a great impression on the customer .
The physical ambiance becomes especially important because it creates first and lasting impression , before and after the actual service is experienced.


Definition
Service means service of any description which is made available to potential users and includes the provision of facilities in connection with banking ,financing, insurance , transport , processing , supply of electrical or other energy,
board or lodging or both housing construction , entertainment , amusement or the purveying of news or other information .
But it does not include the rendering of any service free of charge or under a contract of personal service.