IC01 (LICENTIATE) Principles of Insurance -10

Aug 15, 2021 - 07:30
Sep 14, 2022 - 10:25
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Q1.The characteristics of good ethical behavior include __.
 Full disclosure of all facts
Keeping in confidence all business and personal information of the customer
 Placing the best interest of customer above one's own direct or indirect benefits
 All of the above
 None of the above
 
Q2.Which option is dissimilar from the other 4 options?
 Duplication
 Hedging
 Separation
 Diversification
 None of the above
 
Q3.What is the maximum amount of a Micro Insurance policy?
 Rs 5000
 Rs 10000
 Rs 50000
 Rs 75000
 Rs 100000
 
Q4.Which of these is/are covered under Life Insurance?
Cost of hospitalization, if the stay in hospital is more than 24 hours
 Injury at the place of work
 Protection from damage caused due to a defective product
 Benefits at the death of an insured individual
 All of above
 
Q5.____ involves keeping backup copies so that any loss will neither interrupt business nor be irretrievable.
 Diversification
 Hedging
 Separation
 Differentiation
 Duplication
 
Q6.The term used when the reinsurer has the right to decide whether they should accept the risk or not is ____.
 Facultative reinsurance
 Surplus reinsurance
 Pool arrangement
 Covering limit
 Excess of loss
 
Q7.Insurance Ombudsman was formed by the Government of India vide its notification dated ___.
  11th November 1995
11th November 1996
11th November 1997
11th November 1998
11th November 1999
 
Q8.A co-payment or co-pay is a term used in __.
 Wealth insurance
 Health insurance
 Marine insurance
 Fire insurance
 Term insurance
 
Q9.In respect of Health Plans which are offered by insurance companies, which of the below is INCORRECT?
For hospitalization, an amount is fixed as a percentage of the sum assured for every day in the hospital
 There is a sum assured which is the basis for determining the amount of benefits
 The benefits for health benefits in life insurance is not by way of reimbursement of medical expenses
For critical illness, there will be a fixed amount payable as a cash benefit which is a one-time payment
 There are no exclusions in a health plan in life insurance
 
Q10.In a ___ policy, premiums are paid for a shorter period than the actual term whereas, in a _____ policy, all premiums are paid in the first year itself, at the start of the policy.
 Single, Limited Period
 Limited Period, Single
Renewal Premium, First Premium
Endowment, Term
First Premium, Renewal Premium

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