Client Relationship Partner Interview Questions and Answers

In India, the compulsory insurance is third-party motor insurance.

• Third-party motor insurance is mandatory under the Motor Vehicles Act, 1988.

• It covers the policyholder against any legal liability arising out of the use of the insured vehicle.

• The insurance covers damages caused to a third-party person or property.

• It does not cover damages to the insured vehicle or the policyholder.

• The premium for third-party motor insurance is fixed by the Insurance Regulatory and Development...read more

Life insurance provides financial protection to the policyholder's beneficiaries in case of their untimely death.

• Life insurance is a contract between the policyholder and the insurance company.

• The policyholder pays a premium in exchange for a death benefit that is paid out to their beneficiaries upon their death.

• There are different types of life insurance policies, including term life, whole life, and universal life.

• Life insurance can also have additional benefits, such as ca...read more

Bajaj started its operation in life insurance in 2001.

• Bajaj Allianz Life Insurance Company Limited was formed as a joint venture between Bajaj Finserv Limited and Allianz SE.

• It started its operation in India in 2001.

• The company offers a range of life insurance products such as term plans, ULIPs, endowment plans, etc.

• Bajaj Allianz Life Insurance has a strong presence in the Indian market with over 700 branches and more than 80,000 advisors.

• The company has won several awards fo...read more

IRDA stands for Insurance Regulatory and Development Authority of India.

• IRDA is a statutory body that regulates and promotes the insurance industry in India.

• It was established in 1999 under the IRDA Act.

• IRDA issues licenses to insurance companies, approves their products, and monitors their performance.

• It also protects the interests of policyholders and ensures fair treatment by insurance companies.

• IRDA has the power to impose penalties and take legal action against insurance...read more