ICICI Lombard General Insurance Company Senior Relationship Manager 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 ...read more

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 ar...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 ...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