IC02 - LICENTIATE - Practice Of Life Insurance 33


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Q 1. Who receives the insurance payout in case of survival or maturity claims?

A) The insurance agent who sold the policy

B) The policyholder's employer

C) The insurance company's CEO

D) The insured (policyholder)

E) Any beneficiary chosen by the insurance company

Q 2. What additional amount may be added to the basic sum assured in a maturity claim?

A) Excess deposit in the policy account

B) Return of excess premiums collected

C) Both A) and B)

D) Basic sum assured remains unchanged

E) None of the above

Q 3. Who issues the proof of death certificate required for a death claim?

A) Insurance company

B) The policyholder's employer

C) Municipal Death Registry or Public Record Office

D) Hospital where the policyholder died

E) None of the above

Q 4. According to Section 45 of the Insurance Act in India, under what conditions can an insurance company question the contract after two years from the date of the policy?

A) If the information in doubt is material

B) If the suppression is fraudulently made by the policyholder

C) If the policyholder knew that the statement made at the time of policy was false

D) All of the above

E) None of the above

Q 5. Who is considered the claimant if the policyholder is alive?

A) The nominee

B) The legal heir

C) The policyholder

D) The assignee

E) None of the above

Q 6. What is the condition for a death claim to be fully settled under claims concession?

A) At least one full year's premium is paid

B) At least three full years' premium is paid

C) At least five full years' premium is paid

D) All premiums are paid till the date of death

E) None of the above

Q 7. What are riders in insurance policies?

A) Compulsory additional coverage

B) Optional additional benefits

C) Policy exclusions

D) Premium discounts

E) None of the above

Q 8. Which of the following is an example of permanent disability?

A) Loss of vision in one eye

B) Amputation of one leg below the knee

C) Temporary hearing impairment

D) Fractured arm

E) None of the above

Q 9. Which life insurance company operates under the joint venture of Bank of India, Union Bank of India, and Dai-ichi Life?

A) Star Union Dai-ichi Life Insurance Co.Ltd

B) India First Life Insurance Co. Ltd.

C) IDBI Federal Life Insurance Co. Ltd.

D) Canara H.S.B.C. Oriental Bank of Commerce Life Insurance Co. Ltd.

E) AEGON Religare Life Insurance Co. Ltd.

Q 10. What is the role of the underwriting officer in the life insurance company?

A) To assess and review insurance proposals and determine the terms of acceptance

B) To issue the insurance policy document

C) To make timely payment of benefits to the policy-holder

D) To analyze the physical and medical conditions of the insured

E) To make timely premium payments on behalf of the policy-holder

Q 11. Which department requires specialized skills and impacts the whole organization? 1) Actuarial

A) Actuarial

B) Business development or Agency or Marketing

C) New business

D) Accounts

E) Policyholders' servicing

Q 12. How does an insurance agent bring in new business and provide services throughout the term?

A) By representing multiple insurance companies

B) By charging commission from the customer

C) By acting as a mediator between the customer and the insurance companies

D) By offering various policies and addressing policy-related changes

E) By engaging in telemarketing activities and providing customer service

Q 13. Who are the intermediaries responsible for recruiting and training suitable persons as agents in LIC, besides Development Officers?

A) Direct Agents

B) Career Agents

C) Agency Supervisors

D) Branch Managers

E) Corporate Insurance Executives

Q 14. How is an agency year defined in the case of LIC?

A) The period from the date of agent's appointment to the end of the calendar year

B) The period from the date of agent's appointment to the end of the financial year

C) The period from the date of the agent's appointment to the end of the month in which they complete twelve months as an agent

D) The period from the date of the agent's appointment to the end of the quarter

E) None of the above

Q 15. In 2008-2009, what percentage of LIC's business came through individual agents in India?

A) 97%

B) 83%

C) 8%

D) 50%

E) None of the above

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