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English Mock Test Chapter 15

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Question 1
Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments?
A
Money-back policy
B
Unit linked insurance policy
C
Return of premium policy
D
Term insurance policy
Question 2
Mahesh has bought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favor 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?
A
Mahesh
B
The payment will be shared equally by Mahesh and Karan
C
Karan
D
Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in favor of Karan
Question 3
Praveen died in a car accident. The beneficiary submits documents for 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.
A
Certificate of burial or cremation
B
Treating physician’s certificate
C
Employer’s certificate
D
Inquest Report
Question 4
Which of the below death claim will be treated as an early death claim?
A
If the insured dies within five years of policy duration
B
If the insured dies within three years of policy duration
C
If the insured dies within seven years of policy duration
D
If the insured dies within ten years of policy duration
Question 5
Given below are some events that will trigger survival claims. Identify which of the below statement is incorrect?
A
Claim paid on maturity of a term insurance policy
B
An installment payable upon reaching the milestone under a money-back policy
C
Claim paid for critical illnesses covered under the policy as a rider benefit
D
Surrender value paid on surrender of an endowment policy by the policyholder
Question 6
A payment made under a money-back policy upon reaching a milestone will be classified under which type of claim?
A
Death claim
B
Maturity claim
C
Periodical survival claim
D
Surrender claim
Question 7
Shankar bought a 10 year Unit Linked Insurance Plan. If he dies before the maturity of the policy which of the below will be paid?
A
Lower of sum assured or fund value
B
Higher of sum assured or fund value
C
Premiums paid will be returned with 2% higher interest rate as compared to a bank’s savings deposit
D
Surrender value
Question 8
Based on classification of claims (early or non-early), pick the odd one out?
A
Ramya dies after 6 months of buying a term insurance plan
B
Pravin dies after five and half years of buying a term insurance plan
C
Manoj dies after one and half years of buying a term insurance plan
D
David dies after two and half years of buying a term insurance plan
Question 9
Given below is a list of documents to be submitted for a normal death claim by all beneficiaries in the event of death of life insured. Pick the odd one out which is additionally required to be submitted only in case of death by accident.
A
Claim form
B
Certificate of burial or cremation
C
Inquest report
D
Hospital’s certificate
Question 10
As per IRDA (Protection of Policyholders Interests) Regulations, 2002, a claim under a life policy shall be paid or be disputed, within _________ days from the date of receipt of all relevant papers and clarifications required.
A
15
B
30
C
7
D
10
Question 11
Which of the below statement best describes the concept of claim? Choose the most appropriate option.
A
A claim is a demand that the insurer should make good the promise specified in the contract
B
A claim is a request that the insurer should make good the promise specified in the contract
C
A claim is a demand that the insured should make good the commitment specified in the agreement
D
A claim is a request that the insured should make good the promise specified in the agreement
Question 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?
A
Unit linked insurance policy
B
Return of premium policy
C
Money-back policy
D
Term insurance policy
Question 13
Which of the following statement is correct in relation to claim?
A
A claim is valid if insured has paid all the premiums
B
A claim arises only when insured event takes place
C
A claim is the demand of performance by the insurer
D
All of the above
Question 14
Ajay had taken an insurance policy with a Critical Illness Rider ( policy commencement year 2007) unfortunately he was diagnosed of a critical illness.. What, will happen to his insurance policy now?
A
Policy terminates after Rider Payment
B
A Policy contract continues even after the rider payment
C
Policy Sum Assured to the extent of Rider Payment
D
None of the Above
Question 15
Section 45 of insurance Sector 1938 is applicable up to ?
A
1 Yrs
B
2 Yrs
C
7 Yrs
D
till end of the term
Question 16
Ram Purchased an insurance policy of 7 lacy from ABC co. & died after 3 years. This won't be treated as _____________________
A
Voidable Claim
B
Early Claim
C
Non early claim
D
Invalid Claim
Question 17
Which of the below death claim will be treated as an early death claim?
A
If the insured dies within five years of policy duration
B
If the insured dies within seven years of policy duration
C
If the insured dies within three years of policy duration
D
If the insured dies within ten years of policy duration
Question 18
Which of the below statement best describes the concept of claim? Choose the most appropriate option.
A
A claim is a request that the insurer should make good the promise specified in the contract
B
A claim is a demand that the insurer should make good the promise specified in the contract
C
A claim is a request that the insured should make good the promise specified in the agreement
D
A claim is a demand that the insured should make good the commitment specified in the agreement
Question 19
Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments?
A
Unit linked insurance policy
B
Return of premium policy
C
Term insurance policy
D
Money-back policy
Question 20
Regulations for claim settlement is defined under____________________
A
Insurance Act 1938
B
IRDA Act, 1999
C
Protection of Policy holder's interest, 2002
D
DA regulations 2000
Question 21
A Life Assured is missing for the last 7 years, on which basis will the death claim be settled?
A
Court Decree
B
Declaration by Nominee
C
Declaration by Agent
D
Declaration by Employer
Question 22
Time to settle claims as per IRDA Regulations is _____________
A
30 Days
B
15 Days
C
60 Days
D
120 Days
Question 23
________________ leads to the termination of insurance cover under the contract.
A
A Money Back & Installment Claim
B
Critical Illness Claim
C
Death Claim
D
None of the Above
Question 24
Under Sec 47 of insurance Act 1938 when claim is ready for payment but cannot be paid due lack of proper identification of the payee, Interest payable would be
A
2% over Bank Rate
B
Bank Rate
C
No Interest payable
D
4% over Bank Rate
Question 25
Shankar bought a 10 year Unit Linked Insurance Plan. If he dies before the maturity of the policy which of the below will be paid?
A
Higher of sum assured or fund value
B
A Lower of sum assured or fund value
C
Premiums paid will be returned with 2% higher interest rate as compared to a bank's savings deposit
D
Surrender value
Question 26
In which insurance plan only the premiums paid over the term are returned back?
A
Participating Plans
B
Unit Linked insurance Plan
C
Return of Premium Plan
D
Money Back
Question 27
A person is pre- assumed to be dead if not been heard from the last __________ yrs
A
5 yrs
B
7 yrs
C
2 yrs
D
10 yrs
Question 28
Which of the following claims are easily established?
A
Death Claim
B
Rider Claim
C
Surrender Value Payments
D
Maturity & Money Back installments
Question 29
The act which provides for presumption of death is ___________________________
A
IRDA Regulation 2000
B
IRDA Act 1999
C
Indian Evidence Act
D
Insurance Act 1938
Question 30
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?
A
10,20,000
B
10,00,000
C
10,50,000
D
10,80,000
Question 31
which of the following is a type of claim?
A
survival claims payable even when the life assured is alive
B
death claim
C
All of the above
D
None of the Above
Question 32
Examples of events triggering survival claims are:
A
Maturity of the policy
B
An installment payable upon reaching the milestone under a money-back policy;
C
Critical illnesses covered under the policy as a rider benefit;
D
All of the above
Question 33
Examples of events triggering survival claims are:
A
Maturity of the policy
B
An installment payable upon reaching the milestone under a money-back policy;
C
Surrender of the policy either by the policyholder or assignee;
D
All of the above
Question 34
________________________________ claims are easily established as they are based on dates which are determined at the beginning of the contract itself.
A
Death Claim
B
Rider Claim
C
Surrender Value Payments
D
Maturity & Money Back installment
Question 35
______________________________ claims are ascertained based on the medical and other records provided by the policyholder in support of his claim.
A
Critical illness
B
Death Claim
C
Rider Claim
D
Surrender Value Payments
Question 36
which of the following is a type of claim?
A
survival claims payable even when the life assured is alive
B
Surrender of Policy
C
All of the above
D
None of the Above
Question 37
which of the following is a type of claim?
A
Rider Benefit
B
death claim
C
All of the above
D
None of the Above
Question 38
which of the following is a type of claim?
A
Rider Benefit
B
death claim
C
All of the above
D
None of the Above
Question 39
which of the following is a type of claim?
A
Rider Benefit
B
Maturity Claim
C
All of the above
D
None of the Above
Question 40
which of the following is a type of claim?
A
Death Claim
B
Maturity Claim
C
All of the above
D
None of the Above
Question 41
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
A
Claim form by nominee
B
Certificate of burial or cremation
C
All of the above
D
None of the Above
Question 42
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
A
Claim form by nominee
B
Treating physician’s certificate
C
All of the above
D
None of the Above
Question 43
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
A
Hospital’s certificate
B
Treating physician’s certificate
C
All of the above
D
None of the Above
Question 44
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
A
Employer’s certificate
B
Treating physician’s certificate
C
All of the above
D
None of the Above
Question 45
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
A
Employer’s certificate
B
Certified court copies of police reports like First Information Report (FIR), Inquest Report, Post-Mortem Report, Final Report which are required in case of death by accident.
C
All of the above
D
None of the Above
Question 46
The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
A
Death certificate issued by municipal authorities etc as proof of death
B
Certified court copies of police reports like First Information Report (FIR), Inquest Report, Post-Mortem Report, Final Report which are required in case of death by accident.
C
All of the above
D
None of the Above
Question 47
which of the following is a  claims procedure in respect of a life insurance policy ?
A
A life insurance policy shall state the primary documents which are normally required to be submitted by a claimant in support of a claim.
B
"A life insurance company, upon receiving a claim, shall process the claim without delay. Any queries or requirement of additional documents, to the extent possible, shall be raised all at once and not in a piece-meal manner, within a period of 15 days of the receipt of the claim."
C
"A claim under a life policy shall be paid or be disputed giving all the relevant reasons, within 30 days from the date of receipt of all relevant papers and clarifications required. However, where the circumstances of a claim warrant an investigation in the opinion of the insurance company, it shall initiate and complete such investigation at the earliest. Where in the opinion of the insurance company the circumstances of a claim warrant an investigation, it shall initiate and complete such investigation at the earliest, in any case not later than 6 months from the time of lodging the claim."
D
All of the above
Question 48
which of the following is a  claims procedure in respect of a life insurance policy ?
A
A life insurance policy shall state the primary documents which are normally required to be submitted by a claimant in support of a claim.
B
"A life insurance company, upon receiving a claim, shall process the claim without delay. Any queries or requirement of additional documents, to the extent possible, shall be raised all at once and not in a piece-meal manner, within a period of 15 days of the receipt of the claim."
C
Subject to the provisions of Section 47 of the Act, where a claim is ready for payment but the payment cannot be made due to any reasons of a proper identification of the payee, the life insurer shall hold the amount for the benefit of the payee and such an amount shall earn interest at the rate applicable to a savings bank account with a scheduled bank (effective from 30 days following the submission of all papers and information).
D
All of the above
Question 49
which of the following is a  claims procedure in respect of a life insurance policy ?
A
"Where there is a delay on the part of the insurer in processing a claim for a reason other than the one covered by sub-regulation (iv), the life insurance company shall pay interest on the claim amount at a rate which is 2% above the bank rate prevalent at the beginning of the financial year in which the claim is reviewed by it."
B
"A life insurance company, upon receiving a claim, shall process the claim without delay. Any queries or requirement of additional documents, to the extent possible, shall be raised all at once and not in a piece-meal manner, within a period of 15 days of the receipt of the claim."
C
Subject to the provisions of Section 47 of the Act, where a claim is ready for payment but the payment cannot be made due to any reasons of a proper identification of the payee, the life insurer shall hold the amount for the benefit of the payee and such an amount shall earn interest at the rate applicable to a savings bank account with a scheduled bank (effective from 30 days following the submission of all papers and information).
D
All of the above
Question 50
A claim is a_______________  that the insurer should make good the promise specified in the contract.
A
demand
B
Request
C
All of the above
D
None of the Above
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