Que. 1 : What is the objective behind Mortgage Redemption Insurance?
1. Evade eviction in case of default
2. Protect value of the mortgaged property
3. Facilitate cheaper mortgage rates
4. Provide financial protection for home loan borrowers
Que. 2 : The sum assured under keyman insurance policy is generally linked to which of the following?
1. Inflation index
2. Business history
3. Business profitability
4. Keyman income
Que. 3 : Mortgage redemption insurance (MRI) can be categorised under ___
1. Decreasing term life assurance
2. Universal life assurance
3. Variable life assurance
4. Increasing term life assurance
Que. 4 : Which of the below losses are covered under keyman insurance?
1. General liability
2. Losses related to the extended period when a key person is unable to work
3. Property theft
4. Losses caused due to errors and omission
Que. 5 : A policy is effected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy becomes payable to the _
1. Next of kin
2. Official Trustee of the State
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