IC38 English Mock Test 1
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Which of the below is a query asked before settlement of a claim in General Insurance?CorrectIncorrect
_________________________means that after the occurrence of an event like fire, the insurer can assess the exact amount of loss that has occurred and pays compensation only to the amount of loss – no more, no less.CorrectIncorrect
Under ________________ policies in the case of claim notice has to be served on the railways.CorrectIncorrect
What does unbundling of life insurance products refers to?CorrectIncorrect
Ramesh, 16 years old has proposed for a Life insurance contract in ABC insurance company. He is a student and he has no income. His father was expired in 40 years of age. But the proposal has been declined by the insurance company. What is the major reasonCorrectIncorrect
In the acceptance Stage, what are the Responsibilities of an Advisor to Fulfill:CorrectIncorrect
If Trust is important to have a Healthy Relationship so what are the Other elements which Promote Trust:CorrectIncorrect
Employees compensation policy is a type of:CorrectIncorrect
One way to get to a large number of prospects:-CorrectIncorrect
An insurance Agent needs to beCorrectIncorrect
Who may cancel the license of an Insurance Agents?CorrectIncorrect
There are certain duties/protocols that the Ombudsman is expected to follow:CorrectIncorrect
Mr. Roy had a Life insurance policy of 20 lacs. After his sudden demise his family claimed the same from the Insurer but the insurer rejected the same. Then they applied for a justice in COPA District level. Being unhappy with COPA’s decision they further applied to the Insurance ombudsman. will ombudsman take the case?CorrectIncorrect
As per the _______________, an agent is one who is licensed under Section 42 of the Act, authorized to be a salesman for insurance.CorrectIncorrect
Four major areas of unethical behaviour that have been identified in the insurance sector are as followsCorrectIncorrect
composite insurance agentsCorrectIncorrect
Composite insurance agentsCorrectIncorrect
Which of the below is a type of Marine policy?CorrectIncorrect
An Insurance agent, after applying for license can be disqualified under section__CorrectIncorrect
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:CorrectIncorrect
Installation of sprinkler system in premises:CorrectIncorrect
Which are regulatory bodies in economic sector to regulate various economic organizations?CorrectIncorrect
____________________________:Finally we have instalment revival which is allowed when the policyholder is not in a position to pay arrears of premium in a lump sum and neither can the policy be revived under special revival scheme. The arrears of premium in such case would be calculated in the usual manner as under an ordinary revival scheme.
Depending on the mode of payment (quarterly or half yearly) the life assured may be required to pay one half yearly or two quarterly premiums. The balance of arrears to be paid would then be spread so as to be paid with future premiums on premium due dates, during a period of two years or more, including the current policy anniversary year and two full policy anniversaries thereafter. A condition may be imposed that there should be no outstanding loan under the policy at the time of revival.CorrectIncorrect
_____________________________:Life insurers normally have a chart that lists the surrender values at various times and also the method that will be used for calculating the surrender values. The formula takes into account the type and plan of insurance, age of the policy and the length of the policy premium-paying period. The actual amount of cash one gets in hand on surrender may be different from the surrender value amount prescribed in the policy.
This is because paid up additions, bonuses or dividend accumulations, advance premium payments or gaps in premiums, policy loans etc. may result in additions or subtractions from the cash surrender value accrued.
What the policyholder ultimately receives is a net surrender value.Surrender Value is a percentage of paid-up value.
Surrender Value arrived as a percentage of premiums paid is called Guaranteed Surrender Value.CorrectIncorrect
In Motor Insurance one of the warranties isCorrectIncorrect
___________________ :These consist of those whose anticipated mortality corresponds to the standard lives represented by the mortality table.CorrectIncorrect
__________ is the fees payable to the Authority for issue / renewal of license to Act as an insurance agent or composite insurance agent.CorrectIncorrect
Renewal notice for Motor Insurance is issued byCorrectIncorrect
The act which provides for presumption of death is ______________CorrectIncorrect
Ram has taken a plan of 10 Lacs from ABC Ltd. On 1st June 2010. He died on 20th June 2014 without paying the due premiums of Rs. 30,000. Bonus accumulated during the period was 50,000. Death benefit payable is?CorrectIncorrect
What are the rating factors in underwriting?CorrectIncorrect
________________________________ claims are easily established as they are based on dates which are determined at the beginning of the contract itself.CorrectIncorrect
___________________ :Life insurance policies that accumulate a cash value also have a provision to grant the policyholder the right to borrow money from the insurer by using the cash value of the policy as a security for the loan. The policy loan is usually limited to a percentage of the policy’s surrender value (say 90%). Note that the policyholder borrows from his own account. He or she would have been eligible to get the amount if the policy had been surrendered.CorrectIncorrect
The certificate of Motor InsuranceCorrectIncorrect
The life assured can nominate ______________ person as nominees.CorrectIncorrect
Which of the below is a type of revisionary bonus?CorrectIncorrect
____________ means transfer of all rights and remedies, with respect to the subject matter of insurance, from insured to insurerCorrectIncorrect
As per IRDA insurer should bear atleast ________________ of pre hpolicy health checkup expenses.CorrectIncorrect
which of the below is a part of policy schedule?CorrectIncorrect
The first premium receipt contains which of the following information?CorrectIncorrect
which of the below is not a part of policy schedule?CorrectIncorrect
____________________ :The charges for insurance protection and expenses component of a unit linked product are clearly specified. Once these charges are deducted from the premium the balance of the account and income from it is invested in units. The value of these units is fixed with reference to a pre-determined index of performance.CorrectIncorrect
Each insurer is required to have an AML policy and accordingly file a copy with IRDA. The AML program should include:CorrectIncorrect
Insurers, hence, need to determine the true identity of their customers. Agents should ensure that proposers submit the proposal form along with the following as part of the KYC procedure:CorrectIncorrect
The third part of the policy document consists of ________________________ provisions that are specific to the individual policy contract. These may be printed on the face of the document or inserted separately in the form of an attachment.CorrectIncorrect
Which of the below forms the second part of a standard insurance policy document?CorrectIncorrect
Which of the following is not correct, when a claim under MRI is initiated?CorrectIncorrect
Which of the below is the full form of ESIS?CorrectIncorrect
What are the contingency related to pension?CorrectIncorrect
Which of the below is a characteristics of universal Life Insurance products?CorrectIncorrect