English-paper-15

Que. 1 : Which of the below statement is false with regards to nomination?
   1.  A nominee has full rights on the whole of the claim
   2.  Nomination can be changed by making an endorsement in the policy
   3.  Nomination can be done at the time of policy purchase or subsequently
   4.  Policy nomination is not cancelled if the policy is assigned to the insurer in return for a loan
Que. 2 : In order for the policy to acquire a guaranteed surrender value, for how long must the premiums be paid as per law?
   1.  Premiums must be paid for at least 5 consecutive years
   2.  Premiums must be paid for at least 4 consecutive years
   3.  Premiums must be paid for at least 3 consecutive years
   4.  Premiums must be paid for at least 2 consecutive years
Que. 3 : When is a policy deemed to be lapsed?
   1.  If the premiums are not paid on due date
   2.  If the premiums are not paid before the due date
   3.  If the policy is surrendered
   4.  If the premium has not been paid even during days of grace
Que. 4 : Which of the below statement is correct with regards to grace period of an insurance policy?
   1.  The standard length of the grace period is 30 days.
   2.  The standard length of the grace period is one month or 31 days.
   3.  The standard length of the grace period is one month or 30 days.
   4.  The standard length of the grace period is one month.
Que. 5 : What will happen if the policyholder does not pay the premium by the due date and dies during the grace period?
   1.  The insurer will pay the claim after deducting the unpaid premium
   2.  The insurer will consider the policy void due to non-payment of premium by the due date and hence reject the claim
   3.  The insurer will pay the claim and waive off the last unpaid premium
   4.  The insurer will pay the claim after deducting the unpaid premium along with interest which will be taken as 2% above the bank savings interest rate

For full IC38 Material with Answer- Click Here