IC02 - LICENTIATE - Practice of Life Insurance 22
IC02 - LICENTIATE - Practice of Life Insurance 22
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Q 1. Which section of the Insurance Act, of 1938 deals with the assignment of insurance policies?
A) Section 38
B) Section 1938
C) Section 19
D) Section 38A
E) Section 18
Q 2. When can nomination be done for an insurance policy?
A) Only at the time of policy purchase
B) Only after the policy matures
C) At any time during the policy term
D) Only if the policyholder is critically ill
E) Only if the policy has a cash value
Q 3. Does the policyholder retain control over the policy in case of nomination?
A) Yes, the policyholder retains control over the policy
B) No, the nominee has complete control over the policy
C) The control over the policy is transferred to the assignee
D) Both the policyholder and the nominee have control over the policy
E) The control over the policy is transferred to the insurance company
Q 4. What is the loan amount typically granted against a life insurance policy?
A) 100% of the surrender value
B) 90% of the surrender value
C) 85% of the surrender value
D) 50% of the surrender value
E) Varies depending on the insurance company
Q 5. What are the two choices available to a policyholder when availing a loan against the policy?
A) Repay the loan amount with interest during the policy term or accumulate the loan debt
B) Surrender the policy or cancel the loan
C) Transfer the policy ownership or increase the loan amount
D) Extend the policy term or reduce the loan interest
E) None of the above options
Q 6. How is an insurance claim defined?
A) Requesting an insurance company to reduce the premium amount
B) Demanding additional coverage beyond the policy terms
C) Asking the insurer to change the policy conditions
D) Requesting a payment from the insurance company based on policy terms
E) Negotiating a settlement amount with the insurer
Q 7. What does the maturity claim in an endowment insurance policy include?
A) Sum assured only
B) Sum assured plus bonus
C) Sum assured plus bonus and other guaranteed additions
D) Sum assured minus loan amount
E) Sum assured minus unpaid premium
Q 8. What information should be included in the letter of intimation of death?
A) Name of the life assured
B) Statement of the life-assured's death
C) Date of the death
D) Cause of death
E) All of the above
Q 9. Why are early claims dealt with cautiously by insurance companies?
A) To verify the genuineness of the claim
B) To ensure no attempt to defraud the insurance company
C) To safeguard the interests of the community of policyholders
D) All of the above
E) None of the above
Q 10. What is the term used to refer to the cause that is directly responsible for the death in a life insurance policy?
A) Proximate Cause
B) Remote Cause
C) Unnatural Cause
D) Accident Cause
E) Primary Cause
Q 11. In the case of David, who received the proceeds of the death claim payment?
A) The bank
B) Anik et's legal heir/beneficiary
C) David, the policyholder
D) Aniket
E) None of the above
Q 12. What is required to presume the death of the life assured in the case of missing persons?
A) Certificate from the captain of the ship
B) Decree from the competent court
C) Indemnity Bond from the insurer
D) Circumstantial evidence of a fatal accident or hazard
E) None of the above
Q 13. What additional sum is payable under Permanent Disability Benefit?
A) The sum assured in a lump sum
B) The sum assured, payable in installments over a specified period
C) The sum assured, payable monthly
D) The sum assured, payable annually
E) None of the above
Q 14. What is a "death claim" in insurance?
A) A claim made by the policyholder for additional benefits
B) A claim made by the insurer to recover losses
C) A claim made by the beneficiary upon the death of the insured
D) A claim made for lost or stolen policy documents
E) None of the above
Q 15. Which year saw the opening up of the insurance sector in India for private players?
A) 2000
B) 1938
C) 1999
D) 2010
E) 1995