IC02 - LICENTIATE - Practice of Life Insurance 42

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Q 1. A term insurance plan combined with an endowment plan with an unspecific? Ed period is called a _________ plan.

a) Term Life insurance

b) Endowment

c) Whole life plan

d) Money-back insurance
 
Q 2. Which of the following is False?

a) An Insurance advisor is an Agent and has to obtain a license from IRDA

b) All Life Insurance business in India is covered by the same law

c) If the premium is paid within days of Grace the policy does not lapse

d) Once the policy lapses it cannot be revived
 
Q 3. Q13) Who bears the cost of issuing a duplicate policy?

a) Insurer

b) Policy Holder

c) Insurance Agent

d) Insured
 
Q 4. What is the level premium? A figure called which is arrived at after loading the net premium or pure premium?

a) Risk Premium

b) Of? ce Premium

c) Investment Premium

d) Mortality Premium
 
Q 5. Most health care insurance policies insist on a minimum______________of hospitalization.

a) 1 day

b) 2 days

c) 5 days

d) 7 days
 
Q 6. Which of the following statements is False?

a) The agent is the primary underwriter

b) Proposal form is the basis for granting Insurance

c) A Life Insurance Contract is not a contract of Indemnity

d) Claim is not settled if the policy document is missed or lost
 
Q 7. Which of the following Plans provides health coverage for the entire family?

a) Critical Care Plan

b) Family Floater Plan

c) Group Insurance Plan

d) Mediclaim
 
Q 8. Section___________of the Insurance Act 1938 states that - All policies which have been in force for at least 3 years will be entitled to receive a guaranteed surrender value.

a) 98

b) 101

c) 106

d) 113
 
Q 9. In a child insurance plan, the date on which the risk is commenced is known as_____________.

a) Vesting date

b) Deferred date

c) Maturity date

d) Commencement of the risk date
 
Q 10. In a child plan, the duration between the commencement of policy and the commencement of risk is known as _________.

a) Vesting period

b) Waiting period

c) Risk period

d) Deferment period
 
Q 11. Which of the following terms is dissimilar to the other four in the context of death claims in life insurance?

a) Early claims

b) Deeds of Assignment

c) Foreclosure

d) Claimant's statement
 
Q 12. EDLI stands for :

a) Employeesamp;amp;lsquo; Dividend Linked Insurance

b) Employees Deposit Liability Insurance

c) Employees‘ Deposit Linked Insurance

d) Employees' Dividend Liability Insurance
 
Q 13. What is the term used for Policy Document which covers members under a group policy?

a) Social Security Policy

b) Group Policy

c) Master Policy

d) Social Policy
 
Q 14. Mr. Gautam has bought a term insurance policy for 25 years. When can the insurance company can ask Mr. Gautam for proof of continued good health?

a) When Mrs Gautam changes his occupation

b) At the time of survival bene?t

c) At the time of revival

d) Whenever the policy riders are changes
 
Q 15. _______ is the additional amount that can be paid by an individual to increase his investment contribution

a) Premium

b) Sum Assured

c) Top Up

d) Insured Amount

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