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Quiz 11
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Q.1
Which of the following is not a standard age proof?
Passport
School leaving certificate
Horoscope
Birth certificate
Q.2
Which of the following condition will affect a person’s insurability negatively?
Daily jogs
Banned substance abuse
Lazy nature
Procrastination
Q.3
Based on classification of claims (early or non-early), pick the odd one out?
Ramya dies after 6 months of buying a term insurance plan
Manoj dies after one and half years of buying a term insurance plan
David dies after two and half years of buying a term insurance plan
Pravin dies after five and half years of buying a term insurance plan
Q.4
Which of the below statement is correct with regards to grace period of an insurance policy?
Standard length of the grace period is one month
The standard length of the grace period is 30 days
The standard length of the grace period is one month or 30 days
The standard length of the grace period is one month or 31 days
Q.5
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.
Evidence of insurability at revival
Revival of the policy leading to increase in risk for the insurance company
Payment of unpaid premiums with interest
Insured submitting the revival application within a specified time frame
Q.6
The Authority may issue duplicate licence in case it is _________.
Lost
Destroyed
Mutilated
All of the above
Q.7
Minimum qualification required for insurance agent is _________ pass.
Graduate
10th
Post-graduate
7th
Q.8
Direct marketing involves which of the below?
Telemarketing
Insurance agents
Bancassurance
All of the above
Q.9
For an insurance policy nomination is allowed under _________ of the Insurance Act, 1938.
Section 10
Section 38
Section 39
Section 45
Q.10
Which of the below statement is incorrect with regards to a policy against which a loan has been taken from the insurance company?
The policy will have to be assigned in favour of the insurance company
The nomination of such policy will get cancelled due to assignment of the policy in favour of the insurance company
The nominee’s right will be affected to the extent of the insurer’s interest in the policy
The policy loan is usually limited to a percentage of the policy’s surrender value
Q.11
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 _________.
Standard lives
Preferred risks
Substandard lives
Declined lives
Q.12
Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments?
Money-back policy
Unit linked insurance policy
Return of premium policy
Term insurance policy
Q.13
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)?
Judgment
Arbitrary
Numerical rating
Single step
Q.14
Under risk classification, _________ consist of those whose anticipated mortality corresponds to the standard lives represented by the mortality table.
Standard lives
Preferred risks
Sub-standard lives
Declined lives
Q.15
A _________ is a formal legal document used by insurance companies that provides details about the product.
Proposal form
Proposal quote
Information docket
Prospectus
Q.16
Which of the below is not a valid address proof?
PAN Card
Voter ID Card
Bank passbook
Driving licence
Q.17
Which of the below statement is incorrect with regards to assignment of an insurance policy?
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
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
It is necessary that the policyholder must give notice of assignment to the insurer
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 ben
Q.18
Praveen died in a car accident. The beneficiary submits documents for a 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?
Certificate of burial or cremation
Treating physician’s certificate
Employer’s certificate
Inquest Report
Q.19
With regards to valuation of assets by insurance companies, _________ is the value at which the life insurer has purchased or acquired its assets.
Discounted future value
Discounted present value
Market value
Book value
Q.20
In case of _________, a company expresses the bonus as a percentage of basic benefit and already attached bonuses.
Reversionary bonus
Compound bonus
Terminal bonus
Persistency bonus
Q.21
The application document used for making the proposal is commonly known as the
Application form
Proposal form
Registration form
Subscription form
Q.22
Money laundering is the process of bringing _________ money into an economy by hiding its _________ origin so that it appears to be legally acquired.
Illegal, illegal
Legal, legal
Illegal, legal
Legal, illegal
Q.23
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.
60 days
45 days
30 days
15 days
Q.24
Which of the following documents is an evidence of the contract between insurer and insured?
Proposal form
Policy document
Prospectus
Claim form
Q.25
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?
In favour of insured
In favour of insurer
The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured
The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest
Q.26
Select the option that best describes a policy document.
It is evidence of the insurance contract
It is evidence of the interest expressed by the insured in buying an insurance policy from Co
It is evidence of the policy (procedures) followed by an insurance company when dealing with channel partners like banks, brokers and other entities
It is an acknowledgement slip issued by the insurance company on payment of the first premium
Q.27
Which of the following denotes the underwriter’s role in an insurance company?
Process claims
Decide acceptability of risks
Product design architect
Customer relations manager
Q.28
Which of the below is an example of standard age proof?
Ration card
Horoscope
Passport
Village Panchayat certificate
Q.29
Which of the below can be attributed to moral hazard?
Increased risky behaviour following the purchase of insurance
Increased risky behaviour prior to the purchase of insurance
Decreased risky behaviour following the purchase of insurance
Engaging in criminal acts post being insured
Q.30
Which of the below statement is correct with regards to a policy returned by a policyholder during the free look period?
The insurance company will refund 100% of the premium
The insurance company will refund 50% of the premium
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
The insurance company will forfeit the entire premium
Q.31
Mortgage redemption insurance (MRI) can be categorised under _________.
Increasing term life assurance
Decreasing term life assurance
Variable life assurance
Universal life assurance
Q.32
The practice of charging interest to borrowers who pledge their property as collateral but leaving them in possession of the property is called _________.
Security
Mortgage
Usury
Hypothecation
Q.33
Which of the below policy can provide protection to home loan borrowers?
Life Insurance
Disability Insurance
Mortgage Redemption Insurance
General Insurance
Q.34
Which of the below statement is correct?
The proposal form acceptance is the evidence that the policy contract has begun
The acceptance of premium is evidence that the policy has begun
The First Premium Receipt is the evidence that the policy contract has begun
The premium quote is evidence that the policy contract has begun
Q.35
Moral hazard by health insurance companies can result in _________.
Community rating
Adverse selection
Abuse of health insurance
Risk pooling
Q.36
Primary care can be described as _________.
Care provided to patient in an acute setting
Care provided in hospitals
First point of contact for people seeking healthcare
Care provided by Doctors
Q.37
Which of the below features will be checked in a medical examiner’s report?
Emotional behaviour of the proposer
Height, weight and blood pressure
Social status
Truthfulness
Q.38
What does the term “premium” denote in relation to an insurance policy?
Profit earned by the insurer
Price paid by an insured for purchasing the policy
Price paid by an insured for purchasing the policy
Expenses incurred by an insurer on a policy
Q.39
Which of the below is not a factor in determining life insurance premium?
Mortality
Rebate
Reserves
Management expenses
Q.40
_________ is an insured who undergoes treatment after getting admitted in a hospital.
Inpatient
Outpatient
Day patient
House patient
Q.41
_________ refers to a hospital/health care provider enlisted by an insurer to provide medical services to an insured on payment by a cashless facility
Day care centre
Network provider
Third Party Administrator
Domiciliary
Q.42
The sum assured under keyman insurance policy is generally linked to which of the following?
Keyman income
Business profitability
Business history
Business history
Q.43
What is paid by the insurer when the policyholder decides to discontinue the policy
Forfeiture
Surrender Value
Intermediate Claim
Lapse
Q.44
A person employed to act on behalf of another in dealing with a third person is called _________
Lawyer
Broker
Employee
Agent
Q.45
What is a policy withdrawal?
Discontinuation of premium payment by policyholder
Surrender of policy in return for acquired surrender value
Policy upgrade
Policy downgrade
Q.46
Which of these is a private sector general insurance company in India?
New India Assurance Company Limited
Bajaj Allianz
National Insurance Company Limited
The Oriental Insurance Company
Q.47
Insurance Agent is governed by _________
Contract act
Insurance Act
IRDA
All of the above
Q.48
Which of the below is one of the ways of defining surplus?
Excessive liabilities
Excessive turnover
Excess value of liabilities over assets
Excess value of assets over liabilities
Q.49
A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics is called?
Actuary
Birjoo
Amola
Prixam
Q.50
Where is the headquarter of United India Insurance Company Limited?
Kolkata
Bangalore
Chennai
Mumbai
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