IC02 PRACTICE OF LIFE INSURANCE - 07

Que. 1 : Q1) If the life insurance policy is endorsed under MWP Act, 1874 then which of the following is TRUE?

   1.  a) Creditors have first claim over policy proceeds

   2.  b) Creditors have no claim over policy proceeds

   3.  c) Creditors have residual claim over policy proceeds

   4.  d) Income tax authorities have claim over policy proceeds

Que. 2 : Q2) The opening statement of paragraph of an insurance policy clarifies the______________placed on it, therefore it is also called_____________.

   1.  a) Terms, Contract

   2.  b) Proviso, Declaration

   3.  c) Clauses, Agreement

   4.  d) Sum assured, Proviso

Que. 3 : Q3) In order to avoid the forfeiture clause, premiums for at least how many years are required to be paid by the policyholder?

   1.  a) One year

   2.  b) Two years.

   3.  c) Three years.

   4.  d) Four years.

Que. 4 : Q4) Which of these statements is/are TRUE ?

   1.  a) An event cannot be insured if its certain to happen

   2.  b) When there is a possibility of an economic loss, that time insurance is relevant

   3.  c) Insurance compensates for indifferent lifestyles

   4.  d) Both 1 and 2 are TRUE

Que. 5 : Q5) In claim settlement cases, in how many months should the investigations be completed?

   1.  a) 1 month

   2.  b) 3 months

   3.  c) 6 months

   4.  d) 9 months