IC02 - LICENTIATE - Practice Of Life Insurance 15
IC02 - LICENTIATE - Practice Of Life Insurance 15
Q 1. When does an insurance company decide on foreclosure?
A) When the policyholder requests it
B) If there has been a default in loan repayment by the policyholder
C) When the policy reaches its maturity date
D) When the policyholder wants to transfer ownership
E) When the policyholder becomes medically unfit
Q 2. What is a maturity claim in a life insurance policy?
A) A claim made after the policyholder's death
B) A claim made for a specific amount at regular intervals
C) A claim made when the insured cancels the policy before maturity
D) A claim made when the insured reaches a certain age during the policy term
E) A claim made at the end of the policy term if the insured survives
Q 3. What may be required to settle survival benefit claims if the original policy document is not found?
A) Indemnity bond
B) Declaration of title
C) Probated will
D) All of the above
E) None of the above
Q 4. What are early death claims?
A) Claims arising within two years of policy revival
B) Claims arising within two years of the date of policy commencement
C) Claims arising within one year of policy revival
D) Claims arising within one year of the date of policy commencement
E) None of the above
Q 5. In the case of death due to unnatural causes, which of the following documents would be required for a death claim?
A) Post-mortem report
B) Police inquest report
C) Panchanama report
D) Magistrate's report/Coroner's verdict
E) All of the above
Q 6. What does assigning a policy mean?
A) Transferring policy ownership to the nominee
B) Transferring policy ownership to the legal heir
C) Transferring all rights and interests on the policy to the assignee
D) Transferring policy ownership to the insurance company
E) None of the above
Q 7. Which document is considered adequate proof of death?
A) Death certificate from the Municipality
B) Certificate of cremation or burial
C) Certificate from the concerned carrier or shipping company
D) Decree from the competent court
E) None of the above
Q 8. What is the purpose of Permanent Disability Benefit?
A) To provide financial compensation in case of disability
B) To provide coverage for medical expenses
C) To offer retirement benefits
D) To ensure timely claim settlement
E) None of the above
Q 9. What is a "policy claim" in insurance?
A) A demand for the insurer to fulfill its promise as per the policy terms and conditions
B) An additional benefit added to the policy
C) A claim made by the insured for damages
D) A claim made for a stolen policy document
E) None of the above
Q 10. When was the Rural PLI scheme made available to the general public in rural areas?
A) 24th March 1995
B) 1st February 1884
C) 1st September 1956
D) 1988
E) 1938
Q 11. How long is the term of Rajiv's life insurance policy?
A) 20 years
B) 10 years
C) 5 years
D) 30 years
E) It is not mentioned
Q 12. What is the responsibility of the Head Office of LIC in terms of organizational activities? of funds and maintenance of accounts
A) To look after extraordinary activities such as investment
B) To arrange different levels of offices and departments
C) To ensure the smooth functioning of activities
D) To record and share organizational learning
E) To carry out activities necessary for the functioning of the organization
Q 13. Why have private life insurance companies expanded their organizational structure to include zonal and regional offices?
A) To increase the number of offices
B) To open more branch offices
C) To expand their network
D) To improve efficiency in operations
E) To comply with regulatory requirements
Q 14. How does the Postal Life Insurance procure business under the Rural PLI?
A) Through unemployed youth and extra-departmental branch postmasters
B) Through retired employees of the Posts and Telegraphs department
C) Through field officers employed on a commission basis
D) Through agents working part-time
E) Through corporate agents and brokers
Q 15. What is the minimum requirement for an agent to do business in each agency year?
A) No minimum requirement
B) Varies based on insurer
C) 10 policies
D) 100 policies
E) 1,000 policies