Prescient Technologies Interview Questions and Answers

Participating plans allow policyholders to receive dividends while non-participating plans do not.

• Participating plans are typically more expensive than non-participating plans.

• Dividends are paid out to policyholders based on the performance of the insurance company.

• Non-participating plans are more common in term life insurance policies.

• Participating plans are more common in whole life insurance policies.

• Participating plans offer the potential for higher returns, but also come...read more

The latest changes in the life insurance sector include the introduction of new digital tools, increased focus on personalized policies, and the rise of Insurtech companies.

• Introduction of new digital tools for policy management and claims processing

• Increased focus on personalized policies tailored to individual needs and preferences

• Rise of Insurtech companies offering innovative solutions and disrupting traditional insurance models

ULIP stands for Unit Linked Insurance Plan and PAR stands for Participating Policy. ULIP offers both insurance and investment benefits, while PAR products provide bonuses based on the insurer's performance.

• ULIP combines insurance and investment features in a single plan

• ULIP offers flexibility to choose investment options like equity, debt, or balanced funds

• PAR products participate in the insurer's profits and provide bonuses to policyholders

• PAR products offer guaranteed and n...read more

To succeed in the insurance business, it is important to understand the market, offer competitive products, provide excellent customer service, and constantly monitor and adapt to competitors.

• Understand the market trends and customer needs to offer relevant insurance products.

• Analyze competitors' products, pricing, and customer service to identify strengths and weaknesses.

• Provide excellent customer service to build trust and loyalty with clients.

• Regularly review and update in...read more

The full form of NAV is Net Asset Value.

• NAV is a financial term used to describe the value of an investment fund's assets minus its liabilities.

• It is calculated by dividing the total value of the fund's assets by the number of outstanding shares.

• NAV is used to determine the price at which investors can buy or sell shares in the fund.

• For example, if a mutual fund has assets worth $100 million and liabilities worth $10 million, its NAV would be $90 million.

• Investors can use NAV...read more

MWP Act stands for Married Women's Property Act.

• MWP Act was enacted in 1874 in India.

• It allowed women to own and inherit property independently of their husbands.

• It was a significant step towards women's empowerment and property rights.

• The act was amended in 1923 to give women more rights over their property.

• It is still in force today and has been amended several times to keep up with changing times.