IC11 - LICENTIATE - Practice Of General Insurance 44

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Q 1. In the event of the death of the sole insured under a motor policy, the policy will remain valid for a period of ___ months from the date of death of the insured or until the expiry of the policy ( whichever is earlier)

a) 3 months

b) 6 months

c) 9 months

d) 12 months
 
Q 2. To whom are long-term insurance policies suitable?

a) Retail customers

b) Corporate customers

c) Rural low-income customers

d) Multinational customers
 
Q 3. As per the Insurance Act, the___________may, by rules, relax the requirements in respect of advance payment of premium.

a) IRDAI

b) Central Government

c) State Government

d) SEBI
 
Q 4. Which of the following is True under maternity benefit extension? (1) The benefits are admissible only if expenses are incurred in a hospital / Nursing home as in patients. (2) Pre-natal and post-natal expenses are admissible if admitted to hospital

a) Statement 1 is True

b) Statement 2 is True

c) Both are true

d) Both are false
 
Q 5. Which of the following statements is True? (1) Insurance is a method of sharing the losses of a few by the many. (2) Insurance is a method of transferring the risk of an individual to a group of individuals

a) Only Statement 1

b) Only Statement 2

c) Both Statements

d) Neither of the Statements
 
Q 6. Insurance deductible is an example of ___________.

a) Risk mitigation

b) Risk avoidance

c) Risk transfer

d) Risk retention
 
Q 7. Insurers follow two premium insurance analyses. One is Asset Liability Management. The other one is

a) Modern Portfolio Theory

b) Modern Profit Theory

c) Multiple Portfolio Theory

d) Multiple Profit theory
 
Q 8. Rs.______________ is the fee payable to the Authority for the issue/renewal of a license to Act as an Insurance Agent or Composite Insurance Agent.

a) 250

b) 150

c) 520

d) 100
 
Q 9. Which of these is a contractual obligations that require one party to the contract to do something before the other party to the contract is required to do something?

a) implied conditions

b) express conditions

c) conditions after the contract

d) conditions precedent to the contract
 
Q 10. When Insurance Companies undercut each other to grab market share by reducing premiums it is known as

a) Soft Market

b) Hard Market

c) Competitive Market

d) None of the above
 
Q 11. Which clause specifies the perils insured in a scheduled form of policy?

a) Preamble Clause

b) Recital Clause

c) Operative Clause

d) Consideration Clause
 
Q 12. Which of the following occupations does not fall under Risk Group 1 for rating purposes (Personal Accident)?

a) Accountants

b) Veterinary doctors

c) Lawyers

d) Bankers
 
Q 13. Q13) Which of the following covers in Householders package insurance is NOT included in shopkeepers package insurance?

a) Personal baggage

b) Television

c) Fixed plate glass

d) Legal liability to third parties
 
Q 14. Which of the following are grounds for filing a complaint to the ombudsman?

a) The insurer had rejected the complaint

b) Complainant had not received any reply to his written representation to the insurer within one month after receipt of the complaint

c) The complainant is not satisfied with the insurer's reply

d) All of the above
 
Q 15. Which of the following requisites apply for eligibility for Overseas Medical Policy of Foreign nationals working in India for Indian Employers of multi-national organizations?

a) Their salary must be in Indian Rupees

b) Visit abroad for official purposes

c) Visit abroad is undertaken on behalf of an employer

d) All of the above


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