IC01 (LICENTIATE) Principles of Insurance -11
| Q1.What is the policy called in which the premium is paid only once, that is only at the commencement of the policy? |
| Special Term Policy |
| Limited Premium Policy |
| Flexible-Premium Policy |
| Only Premium Policy |
| Single-Premium Policy |
| Q2.In a Unit Linked Insurance Plan, the policyholder chooses the fund of his choice, ___. |
| the policyholder is totally responsible for its growth |
| the insurance company is totally responsible for its growth |
| both the policyholder and insurance company are responsible for its growth |
| both the policyholder and insurance company are not responsible for its growth |
| None of the above |
| Q3.The Insurance Act has strict provisions for the investment of insurance funds in ____. |
| Government Bonds |
| Companies with a stable track record |
| Stock Markets |
| Currency Markets |
| Both 1 and 2 |
| Q4.Who issues licenses to the insurance third-party administrators (TPAs)? |
| Respective Insurance companies |
| IRDA |
| Insurance council |
| Insurance association |
| Insurance advisory |
| Q5.Which of the following statement is INCORRECT with respect to a COVER NOTE? |
| Cover Notes are issued to help customers get quick grant of insurance cover |
| Cover Notes to cover fire risks of goods kept at different locations under one sum assured |
| Cover Notes can be issued on the spot by the insurance company authorities |
| A condition of a cover note is that once the proposal is assessed by an underwriter, the premium can be changed retrospectively |
| Cover Notes are issued for quick insurance of motor vehicles before they are used on the roads |
| Q6.Which of these options shows the CORRECT outlook towards insurance? |
| Life insurance is just another avenue for savings |
| Insurance is a very good product for tax saving |
| An insured person can be less serious about packaging goods |
| Life insurance and general insurance improve the quality of life and reduce destitution |
| Financial authors in newspapers discuss life insurance issues like an investment product |
| Q7.The full form of MACT is ___. |
| Motor amp; amp; Aviation Claim Tribunal |
| Major Accident Claim Tribunal |
| Minor Accident Claim Tribunal |
| Motor Accident Claim Tribunal |
| Maximum Action Core Team |
| Q (8): As per the provisions of ____ , the Marine insurance act codifies the law relating to marine insurance. |
| GIC Marine Act |
| The Bill of Lading Act |
| Marine Hull Insurance Act |
| US marine insurance act |
| UK marine insurance act |
| Q9.Expenses on ___ are not covered in a health insurance policy. |
| critical surgery |
| domiciliary hospitalization |
| child birth |
| hospitalization |
| dental treatment |
| Q10.Which principle ensures that the insured cannot recover the losses from several insurance companies? |
| Principle of Subrogation |
| Principle of Contribution |
| Principle of Indemnity |
| Principle of Good Faith |
| Principle of Insurable interest |