IC02 - LICENTIATE - Practice of Life Insurance 53
IC02 - LICENTIATE - Practice of Life Insurance 53
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Q 1. What is the minimum age required to enter into a contract of insurance?
a) 13 years
b) 18 years
c) 20 years
d) 21 years
Q 2. Which document serves as evidence of the insurance contract between the insurance company and the policyholder?
a) Execution Form
b) Proposal Form
c) Policy Document
d) Cover Note
Q 3. Which of the following cannot be a reason for denying an early claim settlement?
a) Premium is due and it has not been paid
b) There is strong evidence for the suppression of information at the time of the proposal
c) Multiple claimants are under a legal suit for a claim
d) The agent who got the policy done is no longer with the company
Q 4. In a ULIP after how many policy completion years does the surrender penalty become Zero?
a) 3 years
b) 2 years
c) 5 years
d) 4 years
Q 5. The 'Schedule' of a Policy Document does NOT contain which of the following date?
a) date of proposal
b) commencement date of the insurance
c) date of last payment of premium
d) date of birth of the nominee
Q 6. Which of the following is related to the amount of Gratuity in Group Gratuity Schemes?
a) The parties involved
b) Years of service
c) Years of service and the last drawn salary
d) Amount of Insurance
Q 7. Who is responsible for certifying new plans of life insurance, studying mortality, and other experiences?
a) Chief Actuary
b) Main Broker
c) Underwriter
d) Head of operations
Q 8. Who can a policyholder approach if he I she is not satisfied with the award of the Insurance Ombudsman?
a) IRDA
b) SEBI
c) Commerce Ministry
d) Consumer Forum and Court of Law
Q 9. What are the claims known as which arise within two years of the date of commencement or reinstatement of the policy?
a) Fast Claims
b) Early Claims
c) Special Claims
d) Free Claims
Q 10. Which of the following statements is True?
a) A creditor has an insurable interest in the life of the Debtor to the extent of Debt
b) Group term insurance is the simplest and cheapest of all Group Insurance Schemes
c) Life Insurance Policy is Property
d) All of the above
Q 11. In which way can an insurer advertise in newspapers?
a) Multilevel Marketing
b) Brand Building
c) Surrogate Advertising
d) Solicitation of Insurance
Q 12. A special revival scheme is available if the policy has not lapsed for more than _______ years
a) 2
b) 5
c) 3
d) 4
Q 13. Q13) The Individual has to instruct the insurance company to start the annuity income. This process is known as
a) Annutising
b) Commutation
c) Vesting
d) Deferment
Q 14. Which One of the Following, forms the First Part of a Standard Insurance Policy-Document?
a) Policy-Schedule
b) St and ard Provisions
c) Specific-Policy Provisions
d) Claim-Procedure
Q 15. Minimum _______ day(s) of hospitalization is usually required for getting the benefit of a health insurance policy.
a) 1
b) 3
c) 5