IC01 (LICENTIATE) Principles of Insurance -11

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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

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