IC27 HEALTH INSURANCE EXAM - 16
| Q1.In which year was the Insurance Act formed? |
| 1928 |
| 1930 |
| 1936 |
| 1938 |
| 1941 |
| Q2.The process of balancing risk and return is managed by __. |
| Actuaries |
| Financial Advisor |
| Underwriter |
| CEO |
| Directors |
| Q3.Which documents are required by the insurer in cases of high sum assured coverage? |
| Financial documents |
| Medical reports |
| Sales reports |
| Proposal form |
| Reference letters |
| Q4.Micro-insurance products are specifically designed to aim for the protection of ___. |
| Farmers in rural areas |
| All individuals |
| Senior citizens |
| Minors |
| Low-income people from rural areas |
| Q5.Identify the TRUE statement with respect to Unearned Premium Reserve? |
| Unearned Premium Reserve is required if the insurance company expects a net loss in future periods for the particular policy, line of business that has already been written and remain in force |
| Unearned Premium Reserve is required when unearned premium and expected future premium are not sufficient to cover future estimated losses, policy acquisition costs, etc. |
| Premium written in a financial year which is to be allocated to the following period on an accrual basis is Unearned Premium Reserve |
| Unearned Premium Reserve indicates how solvent an insurance company is or how prepared it is to meet unforeseen exigencies |
| Unearned Premium Reserve is the amount required, in addition to UPR to provide for future risk already contracted |
| Q6.IRDAI has formed Health Insurance Forums with the objective of creating an effective dialogue between - |
| Insurance companies |
| Customers |
| Consumer Forums |
| TPAs |
| All of the above |
| Q7.Critical illness benefit products provide coverage against dreaded diseases such as cancer, kidney failure, etc., and provide __ amount to the insured on the diagnosis of such critical illness or on undergoing certain procedures. |
| Survival benefit |
| Proportionate |
| Fixed |
| Lump-sum |
| Half of the |
| Q 8. What do you understand by NHI with respect to Japan? |
| NHI was introduced in 1985 for elderly people aged 75 and over. It also covers people aged 65 to 74 with certain certified disabilities. It is financed through a fixed nominal amount paid by the insured (10%) contributions from the other plans (40%) and general tax revenues (50%) |
| NHI covers employees of large companies (with more than 700 employees) and their dependents. These employers are required to create and operate their own health insurance plans within the Govt. regulations. It covers 26% of Japan’s population |
| In NHI, the employees who are working with small employers (with less than 700 employees) and their dependents are automatically enrolled under a Govt. operated program known as ‘small business national health plan’. This plan covers about 30% of Japan’s population and is financed by both, the payroll taxes and the general revenue fund. |
| NHI was introduced in 1983 for elderly person aged 75 and over. It also covers people aged 65 to 74 with certain certified disabilities. It is financed through a fixed nominal amount paid by the insured (10%) contributions from the other plans (40%) and general tax revenues (50%) |
| NHI covers self-employed, retired, unemployed, and other people who are not covered in the other two plans. This plan is administered by the Municipal Governments and is financed through a compulsory premium on the self-employed and general tax revenues |
| Q9.Which of these is an example of 'Demand Side' moral hazard? |
| Manish suffers minor shoulder pain. As he was insured, he went for all kinds of medical check-ups and consultations even for such a minor problem |
| Manish is planning to file a case against the insurance company in case they do not arrange for all his check-ups |
| Manish is demanding more attention from the employer |
| The hospitals started to cut costs in the treatment offered to Manish |
| As Manish was insured, the hospital started recommending more tests and medicines than necessary |
| Q10.Daily hospital cash plans are - |
| Cashback plans from the hospitals |
| _ Cashback plans from the TPAs |
| Cash reimbursement of expenses to the insured |
| Available as riders to mediclaim |
| Available as riders to the life insurance policy |