MI CNC Technologies Interview Questions and Answers

Participating products offer policyholders a share in the profits of the insurance company, while non-participating products do not.

• Participating products are also known as with-profit policies.

• Policyholders receive bonuses in addition to the guaranteed benefits.

• Non-participating products are also known as non-profit policies.

• Policyholders receive only the guaranteed benefits.

• Examples of participating products include endowment policies and whole life policies.

• Examples of non...read more

Incentive earnings vary based on performance and targets. It is not possible to give a specific amount for one month.

• Incentive earnings are based on meeting or exceeding sales targets

• Performance and productivity also play a role in incentive earnings

• Incentive structures vary by company and industry

• It is not possible to give a specific amount for one month without knowing the specific targets and performance metrics

A product is a tangible item that can be bought or sold, while a service is an intangible action or task performed for a customer.

• A product is a physical item that can be touched, while a service is an action or task that cannot be touched.

• Products are usually manufactured or produced, while services are usually performed or provided.

• Products can be stored and sold later, while services are consumed at the time they are provided.

• Examples of products include cars, phones, and ...read more

Yes, I do have a two wheeler.

• I own a motorcycle for daily commute.

• I have a valid driving license for two wheelers.

• I am comfortable riding in city traffic.

• Having a two wheeler helps me reach clients faster.

There are several types of life insurance policies available to individuals.

• Term life insurance provides coverage for a specific term or period of time.

• Whole life insurance offers coverage for the entire lifetime of the insured.

• Universal life insurance combines a death benefit with a savings component.

• Variable life insurance allows policyholders to invest in various investment options.

• Group life insurance is typically offered through employers to provide coverage for a group ...read more

IRDA stands for Insurance Regulatory and Development Authority.

• IRDA is a regulatory body that oversees the insurance industry in India.

• It was established in 1999 under the IRDA Act.

• IRDA's main functions include issuing licenses to insurance companies, regulating premiums, and protecting policyholders' interests.

• IRDA also promotes the development of the insurance industry in India.

• IRDA has the power to impose penalties on insurance companies that violate its regulations.

Types of insurance include life, health, auto, home, and business insurance.

• Life insurance provides financial protection to beneficiaries in case of the insured's death.

• Health insurance covers medical expenses and treatments.

• Auto insurance protects against financial loss in case of accidents or theft.

• Home insurance provides coverage for damages to a home and its contents.

• Business insurance protects businesses against financial losses due to unexpected events.