IC02 - LICENTIATE - Practice of Life Insurance 45

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Q 1. If the policyholder dies after the due date of the survival benefit claim but before the settlement of the claim the rights for that survival benefit would vest in

a) The Legal Heirs of the Policy Holder

b) Nominee under the policy

c) Appointee under the policy

d) The money will be retained by the Insurance Company

Q 2. Which of the following statements is True? Statement 1: the duration of cover for marine risks is for the entire voyage on a warehouse-to-warehouse basis. Statement 2: the duration of cover for war risks is restricted to the time when the goods are w

a) Statement 1 is true

b) Statement 2 is True

c) Both are true.

d) Both are false

Q 3. ___________is the event,_____________is the likely occurrence of the event and ___________increases the chances of the happening of the event.

a) Peril, Risk, Hazard

b) Hazard, Peril, Risk

c) Risk, peril, Hazard

d) Peril, Hazard, Risk

Q 4. Which activity is performed by the specialist in the Head office of the Insurance Company?

a) Development of Market agency force

b) Account H and ling

c) Servicing the policyholders

d) Actuarial Study

Q 5. Free cover limit is_____________.

a) The stipulated amount by the insurance company till which the medical checkup is not required

b) The stipulated amount till which the insurance cover is provided for free

c) The maximum amount till which the cover is provided by the insurance companies

d) The stipulated amount by the insurance company till which the medical checkup is essential

Q 6. Which of these insurance plans are not eligible for a loan against insurance policies?

a) Annuities

b) Pension plans

c) Money-back policies

d) All of the above

Q 7. Why are Insurance agents required?

a) To get an Insurance commission

b) To give personalized guidance to the prospect

c) To collect all relevant and material information from the prospect

d) B and C above

Q 8. ______________of LIC hand les the actuarial and investment functions and ___________hand les the activities relating to policy holders.

a) Delhi Office, Branch Office

b) Zonal Office, Branch Office

c) Branch office, Mumbai Office

d) Central Office, Branch Office

Q 9. As per the Evidence Act after how many years will a missing person be presumed dead?

a) Two years

b) Five Years

c) Seven Years

d) Ten Years

Q 10. Which group scheme has been specially designed to discharge the gratuity liability of the employer?

a) Group ULIP schemes

b) Group insurance scheme

c) Group superannuation scheme

d) Group gratuity scheme

Q 11. A demand on the insurer to fulfill its promise, as per the terms and conditions of the policy is called ___________.

a) Claim

b) Reimbursement

c) Closure of the policy

d) Refund

Q 12. What should the agent do if he? Finds out that the intention of the proposer was not genuine (during the process of completion of an insurance proposal).

a) He should inform IRDA

b) He should inform the Insurer

c) He should refuse to proceed

d) He should inform the Underwriter

Q 13. Q13) The Identification, Assessment, and Prioritization of the risks is called ________.

a) Disaster recovery

b) Threat assessment

c) Disaster management

d) Risk management

Q 14. Compensation from the solatium fund is paid for (1) No-fault liability claims (2) Hit and run claims

a) Both are true

b) Both are false

c) Statement 1 is True

d) Statement 2 is True

Q 15. Which of the following statements is True? Statement 1 Certificate of insurance under open policy is not stamped. Statement 2 Certificate of insurance under open cover is stamped.

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false

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