Que. 1 : What does a first premium receipt (FPR) signify? Choose the most appropriate option.
1. It is evidence that the policy contract has begun
2. Free look period has ended
3. Policy cannot be cancelled now
4. Policy has acquired a certain cash value
Que. 2 : Which of the following documents is an evidence of the contract between insurer and insured?
1. Proposal form
3. Policy document
4. Claim form
Que. 3 : 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?
1. In favour of insurer
2. The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured
3. The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest
4. In favour of insured
Que. 4 : Select the option that best describes a policy document.
1. It is evidence of the insurance contract
2. It is evidence of the interest expressed by the insured in buying an insurance policy from the company
3. It is evidence of the policy (procedures) followed by an insurance company when dealing with channel partners like banks, brokers and other entities
4. It is an acknowledgement slip issued by the insurance company on payment of the first premium
Que. 5 : Which of the below statement is correct?
1. The First Premium Receipt is the evidence that the policy contract has begun
2. The proposal form acceptance is the evidence that the policy contract has begun
3. The acceptance of premium is evidence that the policy has begun
4. The premium quote is evidence that the policy contract has begun
For full IC38 Material with Answer- Click Here