English Paper 1 (Latest)
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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 most likely option.
Acceptance at ordinary rates
Acceptance with extra premium
Acceptance with a restrictive clause
Decline the proposal
Which among the following is a non-traditional life insurance product?
Universal life insurance
Whole life insurance
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?
The payment will be shared equally by Mahesh and Karan
Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in favour of Karan
An insurance broker represents _______.
Community of people who have already taken insurance
Association of insurance companies
For an insurance policy nomination is allowed under _________ of the Insurance Act, 1938.
_____________ relates to inaccurate statements, which are made without any fraudulent intention.
For the subsequent premiums received by the insurance company after the first premium, the company will issue _________
Restoration premium receipt
Revival premium receipt
Renewal premium receipt
Reinstatement premium receipt
What is the time limit for approaching an Insurance Ombudsman?
Within two years of rejection of the complaint by the insurer
Within one year of rejection of the complaint by the insurer
Within three years of rejection of the complaint by the insurer
Within one month of rejection of the complaint by the insurer
Health insurance is designed to handle which of the following risks?
“Hurt not others with that which pains yourself”. This golden rule of ethics is given in the teaching of which religion?
Money laundering is the process of bringing _______ money into an economy by hiding its _______ origin so that it appears to be legally acquired.
Which of the below losses are covered under keyman insurance?
Losses caused due to errors and omission
Losses related to the extended period when a key person is unable to work
Which of the following condition will affect a person’s insurability negativ
Banned substance abuse
Which among the following is an intangible product?
Mortgage redemption insurance (MRI) can be categorised under ___
Universal life assurance
Variable life assurance
Decreasing term life assurance
Increasing term life assurance
The term TPA refers to ________. (Answer with regards to health insurance)
Third Party Assistance
The Primary Associate
Third Party Administrator
To Provide Assistance
An individual with an aggressive risk profile is likely to follow wealth _______investment style.
Who provides public pensions?
In decreasing-term insurance, the premiums paid ____________ over time.
In decreasing-term insurance, the premiums paid ____________ over time.
During which stage of life will an individual appreciate past savings the most?
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 insurer
In favour of insured
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
Which among the following cannot be termed as an asset?
Risk transfer through risk pooling is called
Which of the below statement is correct?
Selling is a science and not an art
Selling is an art and not a science
Selling is neither an art or a science
Selling is both an art and a science
__________ is the fees payable to the Authority for issue / renewal of licence to Act as an insurance agent or composite insurance
___________ is reflected in the caring attitude and individualised attention provided to customers.
Which of the following is not an underwriting decision?
Declinature of risk
Risk acceptance at standard rates
Postponement of risk
Which of the below option is true with regards to MWP Act cases? Statement I: Maturity claims cheques are paid to policyholders Statement II: Maturity claims cheques are paid to trustees
I is true
Neither I nor II is true
II is true
Both I and II are true
Who among the following is best advised to purchase a term plan?
An individual who needs money at the end of insurance term
An individual who needs insurance but has a low budget
An individual who needs insurance and has a high budget
An individual who needs an insurance product that gives high returns
A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?
Periodical survival claim
Which of the below can be attributed to moral hazard?
Increased risky behaviour prior to the purchase of insurance
Increased risky behaviour following the purchase of insurance
Decreased risky behaviour following the purchase of insurance
Engaging in criminal acts post being insured
All of the following are characteristics of variable life insurance EXCEPT
Policy owner selects where savings reserve is invested
Cash value is not guaranteed
Minimum Death benefit is guaranteed
Flexible premium payments
Which of the below is one of the ways of defining surplus?
Excess value of assets over liabilities
Excess value of liabilities over assets
What is the full form of TBA?
Trained Birth Attendants
Typical Born Asthma
Trained Burned Attendants
Training Board of Attendants
Who bears the investment risk in a fixed benefit annuity?
The application document used for making the proposal is commonly known as the __________.
Meeting our family and friends and people with whom we do business means we are meeting people from the following group
Centres of influence (COIs)
A policy is effected under the MWP Act. If the policyholder does not appoint a special trustee to receive and administer the benefits under the policy, the sum secured under the policy becomes payable to the _____________.
Next of kin
Official Trustee of the State
Below of the which statement is correct regarding cashless claim?
The patient should admitted in a network hospital.
The TPA directly pays to the network hospital.
The insurer directly pays to the network hospital
The insurer directly pays to the network hospital All the above.
Which among the below statements is true? Statement I: Every pension is an annuity Statement II: Every annuity is a pension
I and II are false
I and II are true
I is false and II is true
I is true and II is false
Under what circumstances would the policyholder need to appoint an appointee?
Nominee is a minor
Insured is minor
Policyholder is not married
Policyholder is not of sound mind
Which of the below consumer grievance redressal agencies would handle consumer disputes amounting between Rs. 20 lakhs and Rs. 100 lakhs?
In the Customer Life time Value if the Premiums and other Revenues that have been received in the Past Value from the Customer so what does Potential Value Mean:
Premium that may be expected to be received if existing business is retained
All the Premiums which are received in the Past
The value of premiums that could be derived by persuading the customer to buy additional Products.
None of the Above
Which of below c0nditions are granted in domiciliary hospitalization?
The condition of the patient is such that he or she cannot be removed to the hospital / nursing home.
The patient cannot be removed to hospital or Nursing Home for lack of accomodation therein.
Both of the above
None of the Above
IRDA stands for __________.
Insurance Regulatory & Development Authority
International Regulatory & Development Authority
Indian Regulatory & Development Authority
Income Regulatory & Development Authority
Based on classification of claims (early or non-early), pick the odd one out?
Pravin dies after five and half years of buying a term insurance plan
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
In the acceptance Stage, what are the Responsibilities of an Advisor to Fulfil:
FPR and Delivery of the Policy Document
FPR and Deliver of the Policy Document
FPR and Premium Payment
Delivery of the Policy document and Premium Payment
Which of the below party is not eligible to enter into a life insurance contract?
What does the term “premium” denote in relation to an insurance policy?
Profit earned by the insurer
Margins of an insurer on a policy
Price paid by an insured for purchasing the policy
Expenses incurred by an insurer on a policy
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