eClerx Junior Analyst Interview Questions and Answers for Freshers

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 fun...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 premi...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 reinsuran...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 med...read more