Life insurance companies may offer rebate to the buyer on the premium that is payable on the basis of I. Sum assured chosen by the buyer II. Type of policy chosen by the buyer III. Term of the plan chosen by the buyer IV. Mode of payment (cash, cheque, card) chosen by the buyer .
Interest rates are one of the important components used while determining the premium. Which of the below statement is correct with regards to interest rates? I. Lower the interest rate assumed, lower the premium II. Higher the interest rate assumed, higher the premium III. Higher the interest rate assumed, lower the premium IV. he interest rates don‟t affect premiums .
Which of the below statement is correct? I. Business strain is the difficulty faced by the companies in securing new business II. Business strain arises at the end of the policy term. III. Business strain arises because of excess premium IV. Business strain arises because of excess expenses at the new business stage . .
With regards to valuation of assets by insurance companies, is the value at which the life insurer has purchased or acquired its assets. I. Discounted future value II. Discounted present value III. Market value IV. Book value .
In case of _, a company expresses the bonus as a percentage of basic benefit and already attached bonuses I. Reversionary bonus II. Compound bonus III. Terminal bonus IV. Persistency bonus .
Which of the below is an example of standard age proof? I. Ration card II. Horoscope III. Passport IV. Village Panchayat certificate .
Which of the below can be attributed to moral hazard? I. Increased risky behaviour following the purchase of insurance II. Increased risky behaviour prior to the purchase of insurance III. Decreased risky behaviour following the purchase of insurance IV. Engaging in criminal acts post being insured .
Which of the below features will be checked in a medical examiner‟s report? I. Emotional behaviour of the proposer II. Height, weight and blood pressure III. Social status IV. truthfulness .
A is a formal legal document used by insurance companies that provides details about the product I. Proposal form II. Proposal quote III. Information docket IV. Prospectus .
The application document used for making the proposal is commonly known as the I. Application form II. Proposal form III. Registration form IV. Subscription form .
From the below given age proof documents, identify the one which is classified as non- standard by insurance companies I. School certificate II. Identity card in case of defence personnel III. Ration card IV. Certificate of baptism .
Money laundering is the process of bringing money into an economy by hiding its origin so that it appears to be legally acquired
I. Illegal, illegal II. Legal, legal III. Illegal, legal IV. Legal, illegal .
In case the policyholder is not satisfied with the policy, he / she can return the policy within the free-look period i.e. within of receiving the policy document I. 60 days II. 45 days III. 30 days IV. 15 days .
Which of the below statement is correct with regards to a policy returned by a policyholder during the free look period? I. The insurance company will refund 100% of the premium II. The insurance company will refund 50% of the premium III. The insurance company will refund the premium after adjusting for proportionate risk premium for the period on cover, medical examination expenses and stamp duty charges IV. The insurance company will forfeit the entire premium .
Which of the below is not a valid address proof? I. PAN Card II. Voter ID Card III. Bank passbook IV. Driving licence .
Which of the following documents is an evidence of the contract between insurer and insured? I. Proposal form II. Policy document III. Prospectus IV. Claim form .
If complex language is used to word a certain policy document and it has given rise to an ambiguity, how will it generally be construed? I. In favour of insured II. In favour of insurer III. The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured IV. he policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest .
Select the option that best describes a policy document I. It is evidence of the insurance contract II. It is evidence of the interest expressed by the insured in buying an insurance policy from the company III. It is evidence of the policy (procedures) followed by an insurance company when dealing with channel partners like banks, brokers and other entities IV. It is an acknowledgement slip issued by the insurance company on payment of the first premium .
Which of the below statement is correct? I. The proposal form acceptance is the evidence that the policy contract has begun II. The acceptance of premium is evidence that the policy has begun III. The First Premium Receipt is the evidence that the policy contract has begun IV. The premium quote is evidence that the policy contract has begun.
For the subsequent premiums received by the insurance company after the first premium, the company will issue I. Revival premium receipt II. Restoration premium receipt III. Reinstatement premium receipt IV. Renewal premium receipt .
What will happen if the insured person loses the original life insurance policy document? I. The insurance company will issue a duplicate policy without making any changes to the contract II. The insurance contract will come to an end III. The insurance company will issue a duplicate policy with renewed terms and conditions based on the current health declarations of the life insured IV. he insurance company will issue a duplicate policy without making any changes to the contract, but only after a Court order.
Which of the below statement is correct? I. The policy document has to be signed by a competent authority but need not be compulsorily stamped according to the Indian Stamp Act. II. The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act III. The policy document need not be signed by a competent authority but should be stamped according to the Indian Stamp Act. IV. The policy document neither needs to be signed by a competent authority nor it needs to be compulsorily stamped according to the Indian Stamp Act.
Which of the below forms the first part of a standard insurance policy document? I. Policy schedule II. Standard provisions III. Specific policy provisions IV. Claim procedure .
In a standard insurance policy document, the standard provisions section will have information on which of the below? I. Date of commencement, date of maturity and due date of last premium II. Name of nominee III. The rights and privileges and other conditions, which are applicable under the contract IV. The signature of the authorised signatory and policy stamp .
.“A clause precluding death due to pregnancy for a lady who is expecting at the time of writing the contract” will be included in which section of a standard policy document? I. Policy schedule II. General provisions III. Standard provisions IV. Specific policy provisions.
1.Which of the below statement is false with regards to nomination? I. Policy nomination is not cancelled if the policy is assigned to the insurer in return for a loan II. Nomination can be done at the time of policy purchase or subsequently III. Nomination can be changed by making an endorsement in the policy IV. nominee has full rights on the whole of the claim.
In order for the policy to acquire a guaranteed surrender value, for how long must the premiums be paid as per law? I. Premiums must be paid for at least 2 consecutive years II. Premiums must be paid for at least 3 consecutive years III. Premiums must be paid for at least 4 consecutive years IV. Premiums must be paid for at least 5 consecutive years .
When is a policy deemed to be lapsed? I. If the premiums are not paid on due date II. If the premiums are not paid before the due date III. If the premium has not been paid even during days of grace IV. If the policy is surrendered .
Which of the below statement is correct with regards to grace period of an insurance policy? I. The standard length of the grace period is one month. II. The standard length of the grace period is 30 days. III. The standard length of the grace period is one month or 30 days IV. The standard length of the grace period is one month or 31 days.
What will happen if the policyholder does not pay the premium by the due date and dies during the grace period? I. The insurer will consider the policy void due to non-payment of premium by the due date and hence reject the claim II. The insurer will pay the claim and waive off the last unpaid premium III. The insurer will pay the claim after deducting the unpaid premium IV. he insurer will pay the claim after deducting the unpaid premium along with interest which will be taken as 2% above the bank savings interest rate.
During the revival of a lapsed policy, which of the below aspect is considered most significant by the insurance company? Choose the most appropriate option I. Evidence of insurability at revival II. Revival of the policy leading to increase in risk for the insurance company III. Payment of unpaid premiums with interest IV. Insured submitting the revival application within a specified time frame .
For an insurance policy nomination is allowed under of the Insurance Act, 1938 I. Section 10 II. Section 38 III. Section 39 IV. Section 45 .
Which of the below statement is incorrect with regards to a policy against which a loan has been taken from the insurance company? I. The policy will have to be assigned in favour of the insurance company II. The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company III. The nominee‟s right will affected to the extent of the insurer‟s interest in the policy IV. The policy loan is usually limited to a percentage of the policy‟s surrender value.
Which of the below statement is incorrect with regards to assignment of an insurance policy? I. In case of Absolute Assignment, in the event of death of the assignee, the title of the policy would pass to the estate of the deceased assignee II. The assignment of a life insurance policy implies the act of transferring the rights right, title and interest in the policy (as property) from one person to another III. It is necessary that the policyholder must give notice of assignment to the insurer IV. In case of Absolute Assignment, the policy vests absolutely with the assignee till maturity, except in case of death of the insured during the policy tenure, wherein the policy reverts back to the beneficiaries of the insured.
Which of the below alteration will be permitted by an insurance company? I. Splitting up of the policy into two or more policies II. Extension of the premium paying term III. Change of the policy from with profit policy to without profit policy IV. Increase in the sum assured .
Which of the following denotes the underwriter‟s role in an insurance company? I. Process claims II. Decide acceptability of risks III. Product design architect IV. Customer relations manager .
Which of the following is not an underwriting decision? I. Risk acceptance at standard rates II. Declinature of risk III. Postponement of risk IV. Claim rejection .
Which of the following condition will affect a person‟s insurability negatively? I. Daily jogs II. Banned substance abuse III. Lazy nature IV. Procrastination .
Under what method of underwriting does an underwriter assign positive rating points for all negative or adverse factors (negative points for any positive or favourable factors)? I. Judgment II. Arbitrary III. Numerical rating IV. Single step .
Under risk classification, consist of those whose anticipated mortality corresponds to the standard lives represented by the mortality table I. Standard lives II. Preferred risks III. Sub-standard lives IV. Declined lives .
Amruta is pregnant. She has applied for a term insurance cover. Which of the below option will be the best option to choose for an underwriter to offer insurance to Amruta? Choose the I. Acceptance at ordinary rates II. Acceptance with extra premium III. Decline the proposal IV. Acceptance with a restrictive clause .
Which of the below insurance proposal is not likely to qualify under non-medical underwriting? I. Savita, aged 26 years, working in an IT company as a software engineer II. Mahesh, aged 50 years, working in a coal mine III. Satish, aged 28 years, working in a bank and has applied for an insurance cover of Rs. 1 crore IV. Pravin, aged 30 years, working in a departmental store and has applied for an endowment insurance plan for a tenure of 10 years .
Sheena is suffering from acute diabetes. She has applied for an insurance plan. In this case the underwriter is most likely to use for underwriting. Choose the most appropriate option. I. Judgment method II. Numerical method III. Any of the above method since an illness like diabetes does not play a major role in the underwriting process IV. either of the above method as diabetes cases are rejected outright .
Santosh has applied for a term insurance policy. His anticipated mortality is significantly lower than standard lives and hence could be charged a lower premium. Under risk classification, Santosh will be classified under I. Standard lives II. Preferred risks III. Substandard lives IV. Declined lives .
Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments? I. Money-back policy II. Unit linked insurance policy III. Return of premium policy IV. Term insurance policy .
Mahesh has bought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favour of Karan. Mahesh suffers a heart attack and there is a claim of Rs. 50,000 under the critical illness rider. To whom will the payment be made in this case I. Mahesh II. Karan III. The payment will be shared equally by Mahesh and Karan IV. either of the two because Mahesh has suffered the heart attack but the policy is assigned in favour of Karan.
Praveen died in a car accident. The beneficiary submits documents for death claim. Which of the below document is an additional document required to be submitted in case of accidental death as compared to natural death I. Certificate of burial or cremation II. Treating physician‟s certificate III. Employer‟s certificate IV. Inquest Report .
Which of the below death claim will be treated as an early death claim? I. If the insured dies within three years of policy duration II. If the insured dies within five years of policy duration III. If the insured dies within seven years of policy duration IV. If the insured dies within ten years of policy duration .
Given below are some events that will trigger survival claims. Identify which of the below statement is incorrect? I. Claim paid on maturity of a term insurance policy II. An instalment payable upon reaching the milestone under a money-back policy III. Claim paid for critical illnesses covered under the policy as a rider benefit IV. Surrender value paid on surrender of an endowment policy by the policyholder.
A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim? I. Death claim II. Maturity claim III. Periodical survival claim IV. Surrender claim .
Shankar bought a 10 year Unit Linked Insurance Plan. If he dies before the maturity of the policy which of the below will be paid? I. Lower of sum assured or fund value II. Higher of sum assured or fund value III. Premiums paid will be returned with 2% higher interest rate as compared to a bank‟s savings deposit IV. Surrender value .
Based on classification of claims (early or non-early), pick the odd one out? I. Ramya dies after 6 months of buying a term insurance plan II. Manoj dies after one and half years of buying a term insurance plan III. David dies after two and half years of buying a term insurance plan IV. Pravin dies after five and half years of buying a term insurance plan .
Given below is a list of documents to be submitted for a normal death claim by all beneficiaries in the event of death of life insured. Pick the odd one out which is additionally required to be submitted only in case of death by accident I. Inquest report II. Claim form III. Certificate of burial or cremation IV. Hospital‟s certificate .
As per IRDAI (Protection of Policyholders Interests) Regulations, 2002, a claim under a life policy shall be paid or be disputed, within 30 days from the date of receipt of all relevant papers and clarifications required I. 7 days II. 15 days III. 30 days IV. 5 days .
Health insurance is designed to handle which of the following risks? I. Mortality II. Morbidity III. Infinity IV. Serendipity .
Which of the below group would not be eligible for a group health insurance policy? I. Employees of a company II. Credit card holders of an organization III. Professional association members IV. Group of unrelated individuals formed for the purpose of availing group health Insurance .
Who cannot be covered under a family floater policy? I. Children II. Spouse III. Parents-in-law IV. Paternal uncle .
Identify the form of insurance that is depicted in the following scenario.
Scenario: Patient pays the health provider and is subsequently reimbursed by the health Insurance company. I. Service Benefit II. Direct contracting III. Indemnity IV. Casualty .
Moral hazard by health insurance companies can result in . I. Community rating II. Adverse selection III. Abuse of health insurance IV. Risk pooling .
Primary care can be described as . I. Care provided to patient in an acute setting II. Care provided in hospitals III. First point of contact for people seeking healthcare IV. are provided by Doctors .
--------is an insured who undergoes treatment after getting admitted in a Hospital. I. Inpatient II. Outpatient III. Day patient IV. inhouse patient .
refers to a hospital/health care provider enlisted by an insurer to provide medical Services to an insured on payment by a cashless facility I. Day care centre II. Network provider III. Third Party Administrator IV. Domiciliary .
Though the duration of cover for pre-hospitalization expenses would vary from insurer to insurer and is defined in the policy, the most common cover is for pre-hospitalization 15 days 30 days 45 days 60 days.
As per IRDA guidelines, a grace period is allowed for renewal of individual health policies for monthly payments 15Days 30Days 45Days 60 Days.
Which of the below statement is correct with regards to a hospitalization expenses policy? I. Only hospitalization expenses are covered II. Hospitalization as well as pre and post hospitalization expenses are covered III. Hospitalization as well as pre and post hospitalization expenses are covered and a Lump sum amount is paid to the family members in the event of insured‟s death IV. Hospitalization expenses are covered from the first year and pre and post Hospitalization expenses are covered from the second year if the first year is claim free.
Identify which of the below statement is correct? I. Health insurance deals with morbidity II. Health insurance deals with mortality III. Health insurance deals with morbidity as well as mortality IV. Health insurance neither deals with morbidity or mortality .
Which of the below statement is correct with regards to cashless service provided
in health insurance? I. It is an environment friendly go-green initiative started by insurance companies to
promote electronic payments so that circulation of physical cash notes can be reduced and
trees can be saved II. Service is provided free of cost to the insured and no cash is to be paid as the payment
is made by the Government to the insurance company under a special scheme III. All payments made by insured have to be made only through internet banking or cards
as cash is not accepted by the insurance company IV. The insured does not pay and the insurance company settles the bill directly with
the hospital .
Identify the correct full form of PPN with regards to hospitals in health insurance. I. Public Preferred Network II. Preferred Provider Network III. Public Private Network IV. Provider Preferential Network .
Identify which of the below statement is incorrect? I. An employer can take a group policy for his employees II. A bank can take a group policy for its customers III. A shopkeeper can take a group policy for its customers IV. group policy taken by the employer for his employees can be extended to include the family members of the employees .
Underwriting is the process of . I. Marketing insurance products II. Collecting premiums from customers III. Risk selection and risk pricing IV. Selling various insurance products .
The principle of utmost good faith in underwriting is required to be followed by The insurer The insured III. Both the insurer and the insured IV. The medical examiners .
Insurable interest refers to I. Financial interest of the person in the asset to be insured II. The asset which is already insured III. Each insurer‟s share of loss when more than one company covers the same loss IV. The amount of the loss that can be recovered from the insurer .
Which of the following statements about medical underwriting is incorrect? I. It involves high cost in collecting and assessing medical reports II. Current health status and age are the key factors in medical underwriting for health insurance. III. Proposers have to undergo medical and pathological investigations to assess their health risk profile IV. Percentage assessment is made on each component of the risk. .
1) In a group health insurance, any of the individual constituting the group could antiselect against the insurer.
2) Group health insurance provides coverage only to employer-employee groups I. Statement 1 is true and statement 2 is false II. Statement 2 is true and statement 1 is false III. Statement 1 and statement 2 are true IV. Statement 1 and statement 2 are false .
Which of the following factor does not affect the morbidity of an individual? I. Gender II. Spouse job III. Habits IV. Residence location .
According to the principle of indemnity, the insured is paid for . I. The actual losses to the extent of the sum insured II. The sum insured irrespective of the amount actually spent III. A fixed amount agreed between both the parties IV. The actual losses irrespective of the sum assured .
The first and the primary source of information about an applicant, for the underwriter is his I. Age proof documents II. Financial documents III. Previous medical records IV. Proposal form .
The underwriting process is completed when _ I. All the critical information related to the health and personal details of the proposer are collected through the proposal form II. All the medical examinations and tests of the proposer are completed III. The received information is carefully assessed and classified into appropriate risk categories IV. The policy is issued to the proposer after risk selection and pricing. .
Which of the following statements about the numerical rating method is incorrect? I. Numerical rating method provides greater speed in the handling of a large business with the help of trained personnel. II. Analysis of difficult or doubtful cases is not possible on the basis of numerical points without medical referees or experts. III. This method can be used by persons without any specific knowledge of medical science. IV. It ensures consistency between the decisions of different underwriters.
Who among the following is not a stakeholder in insurance claim process? I. Insurance company shareholders II. Human Resource Department III. Regulator IV. PA .
Which of the following document is maintained at the hospital detailing all treatment done to an in-patient? I. Investigation report II. Settlement sheet III. Case paper IV. Hospital registration certificate .
The amount of provision made for all claims in the books of the insurer based on the status of the claims is known as I. Pooling II. Provisioning III. Reserving IV. Investing .
Which of the following documents are not required to be submitted for Permanent Total Disability claim? I. Duly completed Personal Accident claim form signed by the claimant II. Attested copy of First Information Report if applicable III. Permanent disability certificate from a civil surgeon or any equivalent competent doctors certifying the disability of the insured IV. Fitness certificate from the treating doctor certifying that the insured is fit to perform his normal duties. .
Who among the following is considered as primary stakeholder in insurance claim process? I. Customers II. Owners III. Underwriters IV. Insurance agents/brokers .
Girish Saxena‟s insurance claim was denied by insurance company. In case of a denial, what is the option available to Girish Saxena, apart from the representation to the insurer? I. To approach Government II. To approach legal authorities III. To approach insurance agent IV. Nothing could be done in case of case denial .
.During investigation, of a health insurance claim presented by Rajiv Mehto, insurance company finds that instead of Rajiv Mehto, his brother Rajesh Mehto had been admitted to hospital for treatment. The policy of Rajiv Mehto is not a family floater plan. This is an example of fraud. I. Impersonation II. Fabrication of documents III. Exaggeration of expenses IV. Outpatient treatment converted to in-patient / hospitalization .
Under which of the following condition, is domiciliary hospitalization is covered in a health Insurance policy? I. The condition of the patient is such that he/she can be removed to the Hospital/Nursing Home, but prefer not to II. The patient cannot be removed to Hospital/Nursing Home for lack of accommodation There in III. The treatment can be carried out only in hospital/Nursing home IV. Duration of hospitalization is exceeding 24 hours .
Which of the following codes capture the procedures performed to treat the illness? I. ICD II. DCI III. CPT IV. PCT .
Reinsuring the risk with other insurance companies is known as __________ a. Reinsurance b. co insurance c. group insurance d. life insurance.
Accepting the risk by more than one insurer is known as Life insurance Group insurance Reinsurance Coinsurance.
Group discount is available a. Employer-employee groups b. Members of registered co operative society c. Number of members exceeds 100 d.all above.
The deliberate intention of taking insurance just to collect a claim is part of a. Physical hazard b. Moral hazard c. Occupation hazard d. Fraud.
how many hours of training needed for fresh license and renewal? 25 and NIL 30, 4 30, 5 40 , 7.
insurance licence issued by IRDAI is valid for ____years 3 4 2 1.
who issues agency appointment letter by insurer by irdai govt by insured.
____ may deal with more than one Life Insurance Company or general insurance company or both composite agent broker retailer agent.
death benefit and maturity benefits are two basic elements of life insurance TRUE FALSE.
Endowment policies have death +maturity (survival) benefits TRUE FALSE.
which type of benefit in term insurance Death benefit saving benefit death+ saving benefit none.
Preminum paid for whole life insurance is _____than term insurance Lower Higher same.
what are not traditional life insurance products universal life insurance variable life insurance ULIP all above.
who bears the investment risk in case of ULIP insured insurer agent govt.
if policy endorsed under MWP act the beneficieries are wife and children parents husband inlaws.
weekly premiums are collected through which type of plans micro insurance life insurance general insurance none.
first insurance company in india LIC oriental insurance(1818) tata insurance bajaj insurance.
IBAI insurance broker association of india industry broker association of india.
in which policy policy holder can take loan endowment(risk+saving) general.
a claim is a demand for the insurer to fulfill the promise specified in the contract request.
in life insurance which principle does not apply principle of indemnity endowment.
------ are paid upfront by assistance company and later claimed from insurance copany bail bond cases non bail bond.
CPT current procedure terminology none.
according to IRDAI in howmany days insurance co investigate claim 180 80.
IRDAI established in year 2000 2012.
IRDAI act passed 1999 2000.
insurance contract is an example of contract of adhesion non adhesion.
principle of indemnity applies to non life insurance (general insurance) health insurance.
how many omdusman offices in india 12 10.
ombudsman should pass award with in ____months from date of complaint 3 6.
premium related to all riders should not exceed _____% of premium of main premium 30 10 20 40.
CHC- community health center firtst referral unit for every four PHCs they provide specialist care for every one lakh population should have at least 30 beds all above.
transfer of rights and remedies with respect to subject matter of insurance from insured to insurer is called subrogation abrogation.
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