1. Why did you choose this particular vocation?
Answer: Well, I choose the particular profession as I am skilled in marketing of products, and insurance business requires marketing skills to promote it. Usually people with good marketing skills can persuade other people over adopting any specific product or service. So, I want to invest my skills in this particular vocation so that I could have a better career and by the same time I could be of great use to my employer.
2. Why did you think you might like to work for our company?
Answer: Your company is one of the largest insurance companies in the country and the scopes for working here is wider than any other places. Besides, your company has a very good reputation in the market, and everybody wants to work for such a company. Thus I want to be a part of your company.
3. What do you know about our company?
Answer: This company is one of the oldest and most successful insurance companies in the country and has several branches in the other parts of Asia. The most important factor about the company is that it never delays or shows any complexities regarding payment of the insured objects and lives which has increased its reputation in the country. Besides, the company is an equal opportunity organization for its employees.
4. What qualifications do you have that make you feel that you will be successful in your field?
Answer: I have completed my MBA, major in Marketing and have served several other companies related with life insurance and marketing. Thereby, I have gained skills and experiences to deal with the clients as I did before for others. So, my academic studies and practical knowledge has made me confident enough to be successful in my field.
5. What do you think determines a person's progress in a good company?
Answer: I think sincerity, hard work, honesty, punctuality and devotion to the employer etc. are the key essentials set by the company for the growth of an individual. If the person could abide by the criteria, certainly s/ he could be able to go ahead for progress in the career track.
6. Can you get recommendations from previous employers?
Answer: Of course, I can get recommendations from each of my former employers and they will do it for me gladly. I believe that all of them will praise highly for me as I served all of them with sincerity.
7. What contributions to profits have you made in your present or former position to justify your salary level there?
Answer: I always have filled up the monthly target and often the targets surpassed in some of the months. As a result, the company got benefited in different terms including the monetary issues and thus they increased my salary level to my expectation.
8. Can you take instructions without feeling upset?
Answer: Yes, I can take instruction without feeling upset and can apply the instruction in the real life events. To me taking instruction is a part of professional attitude.
9. What is your major weakness?
Answer: Well, I do not have any major weakness regarding any issues. At times there might be some mistakes done by me which are quite natural for any human being.
10. Are you willing to relocate?
Answer: I would prefer not be relocated except the urban areas but if the authority suggests any such changes, I certainly will gladly agree with the decision.
11. How do you spend your spare time? What are your hobbies?
Answer: In my leisure hours, I read books or watch movies. Sometimes I go to enjoy movies at theatres or sometimes I pass the moments with my family members. I like cooking and cook for my family in the holidays. Moreover, visiting my friends and families in their respective places is the other task I do in the leisure hours.
12. What type of books do you read? How many books you read per year?
Answer: Usually I like to read thrillers but I also read other types of books like romantic novels, detective stories etc. The number of books is around 60 in a year.
13. Have you saved any money? Do you have any debts?
Answer: Yes, I have a savings account but I do not have any debts to anyone, I guarantee.
14. What job in our company do you want to work toward?
Answer: I would like to get the job of visiting clients and inspire them on receiving services offered from your company. Apart from that I am ready to handle files and get involved in tasks that will be necessary in my position.
15. What jobs have you enjoyed the most? Why?
Answer: I have always visited the clients in the other offices and I enjoyed that. Usually people have different ideas about insurance and services provided by the companies. Convincing them with different logic, comments and examples is really tough and I enjoy the challenges as I am able to persuade them over adopting the specific service or product.
16. What are your own special abilities?
Answer: I am a good public speaker and quick learner. Besides, I am able to persuade even the toughest guy who is unwilling to receive any product or service and adopt different techniques for the persuasion. The results are outstanding.
17. What types of people seem to rub you the wrong way?
Answer: There are some people who do not want to take the service or the product and are predetermined not to take any service. When I try to make them understand the issues, they rub me to the wrong way.
18. Define cooperation.
Answer: Cooperation is the way to work together to achieve any certain goal. It may also be defined as joint action for any specific purposes. Usually, in a cooperative mood, a couple of entities work together to attain any goal which will benefit all the parties together.
19. Do you like regular hours?
Answer: Normally I like to work in regular hours but I have experiences to work in irregular hours or for longer hours. Even I have worked for months without having any holidays.
20. What have you done which shows initiative and willingness to work?
Answer: I have gathered clients for insurance and sometimes I had to persuade them on buying different objects. This is the most difficult task of marketing and as I am a successful man here, it is enough to testify my willingness to work. I often arranged extra sessions with my team members and decided to work on day-off quite frequently in my previous offices.
21. What is general insurance? Name 5 types of general insurance?
Answer: Usually general insurance refers to the insurance policy which is not related to life insurance rather it is better known as insurance or casualty insurance. There are a wide number of general insurance available. Five of them are – motor insurance, two wheeler insurance, travel insurance, home insurance, liability insurance etc.
23. You will be working as part of a team? How good are you working in a team?
Answer: I am a very good team player, and I think it would be enjoyable for me to work in a team. In fact working in a team is beneficial than working alone and in marketing, formulation of team is important than working alone.
24. Where do you see yourself five, ten or fifteen years from now?
Answer: I see myself on the top of a leading insurance company operating in the country and I am liable to administer the company as the leading executive. It may take 10 to 15 years for me to reach the position. However I am determined to reach my goal.
25. What is the formula for the calculation of Gratuity?
Answer: Gratuity is the amount that a company provides to its employee(s) when they leave the organization. It is one of the benefits served from the company in return of serving there. The formula is simple: Gratuity = Last Drawn Salary × 15/26 × Number of Years of Service
Here, the ratio 15/26 refers 15 days out of 26 working days in a month, while the last drawn salary = Basic Salary + Dearness Allowance. Years are counted in round figure.
26. What is assessment year and previous year?
Answer: The terms are popular in taxation and mostly used for calculating income tax. Assessment year is the period of 12 months and that starts from April 1 each year. On the other hand, previous refers to former or before, and hence previous year refers to the former year of any event. It is also known as the financial year which is immediate before of the assessment year.
27. What is an insurance?
Answer: Generally, insurance is they way to compensate a specific loss by any agency or government body in exchange of a certain amount of premium submitted against any specific object or life. It is a kind of protection against any sudden disorders or accidents and transfers the risks from the insured to the insurer. If the insured object or life is under threat or suffers damage unintentionally, then the insurer will provide the compensation to the insured as per the commitment.
28. What are the different types of insurance?
Answer: Primarily there are two types of insurance policies available around the world naming – life insurance and general insurance. Usually the life insurance covers the risks of life while all the other issues are brought under the general insurance.
29. Tell me what is a life insurance?
Answer: Life insurance is the policy or coverage which pays a specific amount of money to the insured people or the selected beneficiaries in case of death of the insured individual. There are different approaches of life insurance and people adopt the coverage based on their requirements.
30. What is a premium?
Answer: Premium is the money that is paid to the insurance company by people for the insured object or life. Usually the premium is given in each month and the amount is set based the value of the insured object.
31. Who is the beneficiary?
Answer: Beneficiary is the individual or a group of people who will receive the money if the insured object is damaged unintentionally or the insured person dies (death benefits).
32. What is the 'contestable period’ in insurance policy?
Answer: Usually the contestable period in insurance policy refers to the time during which the validity of an agreement or contract may be challenged. Typically, the contestable period is set for two years in case of life insurance policies.
33. What is the difference between “revocable beneficiary” and “irrevocable beneficiary”?
Answer: Revocable beneficiary refers to the designation where the insurance policy holder can change the beneficiary and for this the policy holder do not need to take any consent from any one and even from the beneficiary. On the other side, for the case of irrevocable beneficiary, there are no such options left. If the policy holder wants to change the name of the beneficiary, the consent from the beneficiary is required.
34. What is no-claim bonus?
Answer: No-claim bonus, better known as NCB is a discount premium. It is offered by the insurance companies to the vehicle owners if they do not make any claim for the term of the insurance policy. This is a kind of reward to the vehicle owners from the insurance company for their regular use of the vehicle without damaging it.
35. What is ‘declaration page’ in insurance policy?
Answer: The page is also known as the dec or dec page in brief. This is the front page of an insurance policy which mostly contains the details about the insured. The details include the name of the insured, location, policy tenure, address, causes of loss, coverage method and related other information.
36. What do you mean by ‘Loss Payee’?
Answer: This is a clause in the insurance policy which refers that the payment will be made to any third party instead of the beneficiary by the insurance company. The payment is made in relation to the insured risk.
37. What do you mean by ‘Deductible’?
Answer: This is the money that an insurance policy holder should pay to the insurance company before claiming to the company for any damage. The amount is given by the insured before claiming his or her demurrage if there are any pre adjustments needed with the company over the insured object.
38. What is Co-insurance?
Answer: Co-insurance is another type of insurance. The policy holder pays a share of the insurance against any claim in line with the insurance company.
39. What do you mean by term “Annuity”?
Answer: The term is quite popular in insurance sector and usually annuity refers to a fixed amount of money to be paid to someone for the rest of the life or for a series of years.
40. What is the Surrender Value?
Answer: The tern is used for life insurance. Here, the surrender value refers the amount payable to any life insurance holder after surrendering the life insurance policy before it matures.
41. What is Paid Value?
Answer: Paid value is another important term in insurance policy. This is the reduced amount of money paid by the insurer. The amount is paid if the insured person wants to discontinue the policy but the premiums should be paid at least for first three years.
42. Is it advisable to replace the policy with another policy?
Answer: In some cases, the insured can replace the policy to another policy but if the second policy does not provide any special benefits, it is wise not to change the policy.
43. How to claim the policy?
Answer: If someone wants to claim the policy, firstly, the contacts should be made with the insurance company and the necessary documents should be submitted against the claim. Then if the insurance company believes that this is a real claim, they will take necessary measures to compensate or distribute the benefits.
44. What happens if you fail to make required premium payments?
Answer: The policy of late payment varies and most of the insurance companies take an extra charge in the next month for such cases. Further, if someone completely fails to pay the required premium, it is imperative to discuss the issue with the insurance company and come to a possible solution against the problem.
45. Is it safe to pay the premium through Insurance Agent?
Answer: Well, it is not always safe to pay the premium through the insurance agent as they may create some inconsistency with the money. So, it is better to submit the premium to the insurance company directly.
46. Is it possible to get the full payment on cancelling the new policy in free look period?
Answer: In most of the cases it is possible to have the full payment on cancelling the new policy in free look period. In this period, a new insurance holder is able to terminate the policy without any penalties.
47. What is the difference between the participating and non-participating policy?
Answer: In participating policy, usually the insured people are allowed to enjoy the profits of the insurance company. The company makes the insured people as its partner. On the other hand, in non-participating policy, the insured people do not have the chance to enjoy such benefits. They are not allowed to participate in any activities of the insurance company and thus they are not eligible for any profits or other benefits.
48. Is it possible to restrict the premium payment for a lesser number of years than the duration of the policy?
Answer: No, this is not possible. Everything goes on with the policies set earlier and if the insured person wants to restrict the premium payment for lesser number, the insurance company would not allow that.
49. Can beneficiary claim the policy if the insured person is missing or disappeared for several years?
Answer: No, the beneficiaries cannot claim the policy unless they can show the exact evidence of death of the insured. It may happen that an insured person is missing or disappeared, and the disappearance may continue for years and unless the fact is proven that he has died, realization of the claim is impossible.
50. Can an individual take two policies and claim for both of them?
Answer: Sure, an individual can take two policies and claim for them, but adopting two policies together for a life insurance is inapplicable. The individual can claim for general insurance and simultaneously the insurance companies will not allow an individual to adopt two life insurance policies together.
51. What do you mean by ‘Additional Insured’?
Answer: This a type of policy when a person or organization enjoys the insurance benefits without adopting any polices. Rather, the insurance is done by anyone else and allows the person or organization to get benefitted from the policy.
52. What is General Insurance policy? What does it cover?
Answer: General insurance policy is the policy that covers everything except the life of a human. It covers a wide range of issues including cars, properties, health, travel, body injuries, casualty, and many other miscellaneous issues.
53. What does ‘Indemnity’ term means?
Answer: Usually indemnity refers to the compensation for any damages of losses and it is used mostly for insurance. This is the base of the contract of the parties – the insurer and the insured. One of the parties agrees to pay for the potential loss of the other party under different preset terms and conditions.
54. What do you mean by term ‘Double Indemnity’?
Answer: Double indemnity refers to pay the double amount against the insured objects under certain circumstances. Usually the terms are set based on some special issues and the contract is carefully signed by both the parties.
55. What is subrogation?
Answer: This is the way to transfer the legal rights of a claim. For instance, an individual has a motor insurance and he has transferred the legal rights to his brother, and if any accident occurs, the brother could claim and the insurance company is bound to pay the insurer’s brother.
56. What do you mean by term ‘cash value’?
Answer: Cash value is also known as the cash surrender value. This is offered to the policy holder when the contract between them is cancelled. This is mostly applicable for the life insurance and sometimes life annuity also uses the term.
57. What happens to the cash value after the policy is fully paid up?
Answer: The insurance company gets the premiums as invest to the company when the policy is fully paid up. In that case, the insured person can take the money as loan from the insurance company or if the person surrenders the policy, the cash value is paid by the insurer.
58. What is the different type of Life Insurance?
Answer: Usually there are two types of life insurance – level term and decreasing term. In level term, the death benefits set by the insurance company remains the same as long as the insurance policy lasts. This policy covers the rest of the life and considered as the permanent policy. On the other hand, in decreasing terms, the death benefits get reduced to some extent and considered as the temporary policy.
59. What is Elimination period in insurance?
Answer: This is the period when a person receives all the insurance benefits between his injury and the benefit receiving time. Simply, this is the time period between the injury and receiving of the insurance benefits provided by the insurance company.
60. What do you mean by term ‘Insurer’ and ‘Insured’?
Answer: Insurer refers to the insurance company and insured points to the object which is under the insurance policy. Usually the risks are transferred to the insurer from the insured and the risks are born after the exchange of premium.
No comments:
Post a Comment