IC27 HEALTH INSURANCE EXAM - 08
| Q1.The occurrence of the insured event does not entitle the insured to compensation unless he has suffered some monetary loss. Which of the following principle of insurance defines this statement? |
| Principle of utmost good faith |
| Principle of indemnity |
| Principle of subrogation |
| Principle of proximate cause |
| Principle of contribution |
| Q2.___ claims are typically reinsured only at a portfolio level. |
| High severity and High frequency |
| High severity and Low frequency |
| Low severity and High frequency |
| Low severity and Low frequency |
| None of the above |
| Q3.The IRDA was established in the year __. |
| 1999 |
| 2000 |
| 2001 |
| 2002 |
| 2003 |
| Q4.Which process is used to analyze the insurance data and come up with a formula to be used to predict the future with as much accuracy as possible? |
| Rating |
| Modeling |
| Claim settlement |
| Reporting delay pattern |
| Claim settlement |
| Q5.In RAG analysis, which categories are continuously monitored to take actions accordingly including cancellation of policy? |
| Red category |
| Amber category |
| Green category |
| Both Red and Amber categories |
| All Red, Amber, and Green categories |
| Q6.Which statement is INCORRECT with respect to Reinsurance? |
| Reinsurance is a transaction between insurance companies |
| Reinsurance is insurance for insurers |
| Reinsurance does not require underwriting skills |
| Reinsurance is a risk transfer mechanism |
| Reinsurance is a transaction between insurance companies |
| Q7.When a policyholder has a complaint to make, he must first approach ___. |
| The insurance Ombudsman |
| The District Commission |
| The Consumer Complaint cell of the insurer |
| The Grievance Redressal cell of IRDA |
| Only the judicial channels |
| Q8.The focus should be on ____ to make health insurance viable. |
| classifying fraudulent claims |
| reducing fraudulent claims |
| identifying fraudulent claims |
| encouraging fraudulent claims |
| transferring fraudulent claims |
| Q9.___ channels are available to a policyholder for registering complaints relating to personal insurance claims. |
| Consumer courts only |
| Civil courts only |
| Both Consumer courts and Civil courts |
| None of the above |
| Consumer courts only |
| Q10.__ is a deliberate attempt either to stage an event or an accident requiring hospitalization that would be covered under a medical insurance policy. |
| Hard fraud |
| Soft fraud |
| Internal fraud |
| External fraud |
| Hospital fraud |