IC38 -English New Syllabus IC38 Mock Test-28
IC38 English Mock Test helps you prepare for the essential IRDAI IC38 exam to become an insurance agent. It covers insurance principles, regulations, claims, ethics, and sales techniques. Understand the exam pattern, boost your confidence, and achieve success with our mock tests. Practice well and pass the exam on your first attempt!
1. What does acceptance with a lien on the sum assured mean in life insurance underwriting?
The policyholder is required to pay an additional premium to secure the coverage.
The policyholder is entitled to receive a higher sum assured in case of a claim.
The life insurance company can hold a portion or the entire benefit amount in certain circumstances.
The policyholder is allowed to modify the terms and conditions of the policy.
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2. What factors may prompt life insurers to request special reports for insurance proposals?
Low-income and high-risk occupations
Young age and no pre-existing conditions
High sum assured, advanced age, or a combination of both
Absence of family medical history
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3. What is a franchise in insurance terms?
The maximum threshold for insurance companies' financial responsibility
A percentage of the sum insured, below which no claim is admissible
The minimum threshold for insurance companies' financial responsibility
A provision that only those claims in excess of a particular threshold are payable by the insurer
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4. What is a material fact in an insurance contract?
A fact that is not important to the insurer.
A fact that affects the insured only.
A fact that enables the insurer to decide whether to accept the risk and at what rate of premium and subject to what terms and conditions.
A fact that the proposer can choose not to disclose.
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5. What is one of the common forms used for underwriting health insurance business?
Financial underwriting
Legal underwriting
Medical underwriting
Risk underwriting
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6. What is the coverage amount provided by the basic policy for a single hospitalization?
Rs. 3 lakhs
Rs. 5 lakhs
Rs. 10 lakhs
Rs. 2 lacs
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7. What is the declaration made by the proposer in the Proposal form?
That the insurance company will accept the proposal
That the proposer has read the policy terms and conditions
That the recommended policy's details have been fully explained
That the proposer has paid the premium
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8. What is the importance of age proof in insurance?
To verify the insured's identity
To determine the premium amount
To determine the tenure of the policy
To determine the insured's age and eligibility for the policy
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9. What is the objective of underwriting in insurance?
To collect as much premium as possible from policyholders
To offer insurance coverage to as many people as possible
To classify risks so that an appropriate rate of premium may be charged
To deny coverage to high-risk individuals
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10. What is the purpose of classifying risks based on occupation?
To determine the premium rates for the insurance policy
To assess the insured person's educational qualifications
To evaluate the insured person's work experience
Understanding the nature and level of risk exposure
