IC38 -English New Syllabus IC38 Mock Test-30
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 is another name for a top-up cover policy?
Supplementary policy
Comprehensive policy
High-deductible policies
Excess coverage policy
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2. What is the "burden of risk" in the insurance industry?
The potential for loss or damage
The cost of transferring risk
The responsibility of managing risk
The financial impact of a risk event
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3. What is the difference between insurance and assurance?
Insurance provides financial coverage for extended periods or until death, while assurance is used for most general insurance contracts.
Assurance is used for most general insurance contracts, while insurance refers to financial coverage for extended periods or until death.
Both terms are interchangeable and can be used for any type of insurance.
Insurance is used only for life insurance, while assurance is used for all other types of insurance.
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4. What is the main advantage of packaging multiple covers within one insurance product?
It simplifies the purchasing process for policyholders.
This reduces the overall cost of insurance premiums.
It provides more comprehensive protection against various risks.
It allows for customization of coverage based on individual needs.
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5. What is the Principle of Utmost Good Faith and the Duty of Disclosure?
The responsibility of the insurer to furnish a copy of the proposal to the insured
The obligation of the proposer to provide correct and complete information
The decision-making process of the insurer regarding rates, terms, and conditions
The duty to keep information confidential and not share it with third parties
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6. What is the purpose of recording and communicating the reasons for refusal?
to comply with legal requirements.
to discourage policyholders from making assignments.
To create transparency in the assignment process.
Ensure the policyholder is aware of the reasons for refusal.
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7. What is the role of insurance in social security schemes in India?
Insurance plays no role in social security schemes in India.
Insurance is a tool of social security used only in compulsory schemes.
Insurance is used as a tool of social security in both compulsory and voluntary schemes.
Insurance is used only in voluntary schemes.
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8. What must be done for nominations made after the commencement of the policy to be effective?
The nominees must sign a separate endorsement document.
The policyholder must inform the insurance company of the nominations .
The nominees must provide proof of their relationship to the policyholder.
The policyholder must obtain legal consent from the appointee(s).
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9. What was one of the limitations of RSBY in terms of coverage?
Limited to specific states
Only applicable to government employees
Insufficient coverage for major surgeries/hospitalization expenses
Exclusion of pre-existing conditions
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10. Where does the field level underwriting take place?
Underwriting Department Level
Primary level or field level
Agent's Office
Proposal from the processing center
