1. Why did you join the insurance sector?
► The best way to answer these questions is to be as aware of your industry as possible. Talking about facts and figures like the size of the industry, how it is growing and annual growth rate is a good way of explaining your motivation for joining any sector. However, make sure that you have done your homework well and know the exact figures.
► Then tell your interviewers about your personality traits. You love meeting new people and helping people in need. What better way to utilize your talents than to become an insurance salesperson? Think about the personality traits that make you apt for the job that you want, and make them a reason for wanting to work in the insurance industry.
2. What are your strengths and weaknesses?
Tell your interviewers about your positive attributes related to the job. That you are punctual, ambitious (means you can meet targets), a good team player, have good conversation skills etcetra. As far as your weaknesses are concerned, try to keep them work related. In fact, it is a good idea to point out a couple of weaknesses that the interviewer might see as strengths, saying something like, “I am a perfectionist” or “I don't rest till I have completed a job I started”, are good weaknesses.
3. You will be working as part of a team? How good are you working in a team?
Being a team player is getting more and more important in today's specialized world. It is imperative that you convince your interviewers that you are and have been a good team player throughout your career. If you take part in any kind of team sports, take this opportunity to tell your interviewers about it. The same should be done if you are part of a theater group or any other team for that matter.
4. What is general insurance? name 5 types of general
insurance?
► LIVE STOCK INSURANCE
► OVERSEAS INSURANCE
► GLASS INSURANCE
► FIDELITY INSURANCE
► KEY MAN INSURANCE
5. Where do you see yourself five, ten or fifteen years from now?
This is your interviewer's way of knowing about two things. Firstly, he or she wants to know how dedicated you are towards your career; and also how realistic. There is a huge difference between being ambitious and over ambitious, so keep your answers practical and attainable, but they should in no way project you as a hare. Secondly, your interviewer wants to know how the company will benefit from you achieving your goals than what you'll get from it, but it is one and the same thing, to a large extent. It is a bad idea to tell your potential employer that you plan to go for his or her job, but it is okay to mention that you'd like to earn a senior or management position.
6. What is the formula for the calculation of Gratuity?
BASIC + DA (Last Pay drawn) X 15 /26 X No.OF YEARS WORKS.
7. What is assessment year and previous year?
Assessment year is the year in which the income earned is
assessed. Previous year is the year in which income is
earned. Eg. AY 2009-10 and prev year is 2008-09
An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness or death in return for payment of a specified premium.
9. What are the different types of insurance?
All too often we hear about various types of insurance policies without really understanding what they are and more importantly, what they protect. The truth is, there are two main types of insurance, namely life insurance and general insurance which covers different aspects in your life.
10. Tell me what is a life insurance?
Life insurance is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of the individual who is insured. This protection is also offered in a Family takaful plan, a Shariah-based approach to protecting you and your family.
11. What are the risks which are covered in life insurance?
The risks that are covered by life insurance are:
☛ Premature death
☛ Income during retirement
☛ Illness
12. What are the main products of life insurance?
The main products of life insurance include:
☛ Whole life
☛ Endowment
☛ Term
☛ Investment-linked
☛ Life annuity plan
☛ Medical and health
13. What are the modes of payment in insurance?
The coverage period for life insurance is usually more than a year. So this requires periodic premium payments, either monthly, quarterly or annually.
14. What is pre-mature death in life insurance?
Death that occurs before the stage where it is accepted by society as part of the natural, expected order of life.
15. What is whole of life plan in life insurance?
Buying life insurance for you and your loved ones helps provide some financial security in times of hardship. The money from your policy will be paid to your loved ones when you pass away or to you should you suffer a total and permanent disability or loss.
16. What is term plan in life insurance?
This offers insurance protection for a limited period only whereby the money is paid up if you pass away or if you suffer total and permanent disability.
17. What is an endowment plan in life insurance?
A combination of protection and savings whereby the money will be paid at the end of a specific period upon your demise or if you suffer total and permanent disability.
18. Tell me what is an investment linked plan in life insurance?
For investment-linked insurance, your premium is used to buy life insurance protection and units in a fund managed by the life insurance company. The benefits paid to you or your nominee will depend on the price of the units at the time you surrender your policy or when you pass away.
19. Do you know what is life annuity plan in life insurance?
Series of payments paid to you until you pass away. Types of annuity include immediate annuity or deferred annuity.
20. What is supplementary/rider cover in life insurance?
A rider is a supplement attached to the basic insurance plan such as endowment or whole life.
21. What is a mortgage reducing term assurance in life insurance?
An insurance protection plan that covers the repayment of an outstanding property loan to the financial institution in the event of untimely death, disability or critical illness of the borrower.
22. Please tell me what is a general insurance?
General insurance is basically an insurance policy that protects you against losses and damages other than those covered by life insurance. For more comprehensive coverage, it is vital for you to know about the risks covered to ensure that you and your family are protected from unforeseen losses.
23. What are the risks which are covered in general insurance?
The risks that are covered by general insurance are:
☛ Property loss, for example, stolen car or burnt house
☛ Liability arising from damage caused by yourself to a third party
☛ Accidental death or injury
24. What are the main products which are included in general insurance?
The main products of general insurance includes:
☛ Motor insurance
☛ Fire/ House owners/ Householders insurance
☛ Personal accident insurance
☛ Medical and health insurance
☛ Travel insurance
25. What is the payment mode in general insurance?
The coverage period for most general insurance policies and plans is usually one year, whereby premiums are normally paid on a one-time basis.
