10+ Skillkart Ludhiana Interview Questions and Answers

UL and VUL are both types of life insurance policies, but VUL offers investment options while UL does not.

• UL stands for Universal Life Insurance, which offers a fixed premium and death benefit but no investment options

• VUL stands for Variable Universal Life Insurance, which offers investment options in addition to a flexible premium and death benefit

• VUL policyholders can choose to invest in stocks, bonds, and mutual funds, while UL policyholders cannot

• VUL policies have the pot...read more

Traditional life products provide coverage for a specific term while whole life products provide coverage for the entire life of the policyholder.

• Traditional life products have a fixed term and premium payments, while whole life products have flexible premium payments and coverage for the entire life of the policyholder.

• Whole life products have a cash value component that grows over time, while traditional life products do not.

• Whole life products are generally more expensive ...read more

Death benefit options refer to the different ways in which a life insurance policy pays out to beneficiaries upon the death of the insured.

• Common death benefit options include lump sum payments, installment payments, and annuity payments.

• Lump sum payments provide the entire death benefit amount in one payment.

• Installment payments provide the death benefit in a series of payments over a set period of time.

• Annuity payments provide a regular stream of income to the beneficiary o...read more

Different types of documents for requirement gathering and their differences.

• Business Requirements Document (BRD) - high-level overview of business needs

• Functional Requirements Document (FRD) - detailed description of system functionality

• Use Case Document - describes user interactions with the system

• User Stories - brief descriptions of user requirements

• Wireframes - visual representation of system design

• The main difference is the level of detail and focus on different aspects ...read more

Non-forfeiture options are the choices available to a policyholder when they stop paying premiums.

• Non-forfeiture options allow policyholders to retain some value from their policy even if they stop paying premiums.

• Common non-forfeiture options include reduced paid-up insurance, extended term insurance, and cash surrender value.

• Reduced paid-up insurance provides a smaller death benefit but does not require further premium payments.

• Extended term insurance allows the policyholde...read more

T codes are used in account payable processing to categorize transactions for reporting and analysis.

• T-code FB60 is used for creating invoices in SAP

• T-code F-43 is used for entering vendor invoice in SAP

• T-code F-53 is used for clearing vendor down payment in SAP

Insurance is a contract between an individual and an insurance company to protect against financial loss.

• Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.

• The individual pays a premium to the insurance company in exchange for coverage.

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

• Insurance policies have terms and conditions that outline what is covered and what is not.

• Insurance h...read more

Reinsurance is a process where an insurance company transfers a portion of its risk to another insurance company.

• Reinsurance helps insurance companies manage their risk exposure.

• It allows insurance companies to protect themselves against large losses.

• Reinsurance can be either proportional or non-proportional.

• Proportional reinsurance involves sharing both premiums and losses with the reinsurer.

• Non-proportional reinsurance involves transferring only losses above a certain thres...read more

Underwriting is the process of evaluating and assessing the risk of insuring a person or entity.

• Underwriting involves analyzing the potential risks and determining the appropriate premium to charge for insurance coverage.

• It is commonly used in the insurance industry for various types of insurance policies such as life, health, and property insurance.

• Underwriting also involves reviewing the applicant's financial and medical history to determine their insurability and potential...read more

Lean is a methodology that focuses on eliminating waste and improving efficiency in processes.

• Lean originated in the manufacturing industry but has since been applied to various industries including healthcare and software development.

• The goal of Lean is to identify and eliminate non-value adding activities in a process, also known as waste.

• There are seven types of waste in Lean: overproduction, waiting, defects, overprocessing, excess inventory, unnecessary motion, and unuse...read more

Different types of insurance include health, life, auto, home, and travel insurance.

• Health insurance covers medical expenses and treatments.

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

• Auto insurance covers damages and liabilities related to vehicles.

• Home insurance protects against damages to the home and belongings.

• Travel insurance covers unexpected events during travel such as trip cancellations or medical emergencies.