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Exam Result For English Chapter Mock Test 25
Exam Result For English Chapter Mock Test 25
An underwriter
Que. 3 :Under ________________ policies in the case of claim notice has to be served on the railways.
Rail transit
Fire Insurance
Life insurance
Factory Insurance
Que. 4 :Which of the below is a query asked before settlement of a claim in General Insurance?
Que. 5 :Ramesh, 16 years old has proposed for a Life insurance contract in ABC insurance company. He is a student and he has no income. His father was expired in 40
years of age. But the proposal has been declined by the insurance company. What is the major reason?
He has no income
Ramesh is a minor
He is a student
Que. 6 :____________________means that after the occurrence of an event like fire, the insurer can assess the exact amount of loss that has occurred and pays compensation
only to the amount of loss – no more, no less.
Compensation
Assurance
Asset
Value
Que. 7 :There are certain duties/protocols that the Ombudsman is expected to follow:
The copies should be sent to both the complainant and the insurance company
Recommendations have to be accepted in writing by the complainant within 30 days of receipt of such recommendation
All of the above
Que. 8 :As per the _______________, an agent is one who is licensed under Section 42 of the Act, authorized to be a salesman for insurance.
Insurance Act
Stamp Act
Income Tax
Que. 9 :Four major areas of unethical behaviour that have been identified in the insurance sector are as follows
Que. 10 :IRDA has prescribed regulations for protecting the interests of policyholders stipulating obligations on
Insurers
Intermediaries
Que. 11 :An Insurance agent, after applying for license can be disqualified under section__________________
Section 41
Section 44
Que. 12 :___________________ :Life insurance policies that accumulate a cash value also have a provision to grant the policyholder the right to borrow money from the insurer
by using the cash value of the policy as a security for the loan. The policy loan is usually limited to a percentage of the policy’s surrender value (say 90%). Note that the
policyholder borrows from his own account. He or she would have been eligible to get the amount if the policy had been surrendered.
Surrender values
Policy loans
Nomination
It is evidence of the interest expressed by the insured in buying an insurance policy from the company
It is evidence of the policy (procedures) followed by an insurance company when dealing with channel partners like banks, brokers and other entities
It is an acknowledgement slip issued by the insurance company on payment of the first premium
The First Premium Receipt is the evidence that the policy contract has begun
The proposal form acceptance is the evidence that the policy contract has begun
The premium quote is evidence that the policy contract has begun
PAN Card
Voter ID Card
Bank passbook
Driving licence
Que. 16 :Which of the following documents is an evidence of the contract between insurer and insured?
Proposal form
Prospectus
Policy document
Claim form
Que. 17 :If complex language is used to word a certain policy document and it has given rise to an ambiguity, how will it generally be construed?
In favour of insurer
The policy will be declared as void and the insurer will be asked to return the premium with interest to the insured
The policy will be declared as void and the insurer will be asked to return the premium to the insured without any interest
In favour of insured
Que. 18 :During cooling period, if the policyholder has bought a policy and does not want it, he/she can return it and get a refund subject to the following conditions:
He/she can exercise this option within 25 days of receiving the policy document
The insurance company will refund the premium after adjusting for proportionate risk premium for the period on cover, medical examination expenses and stamp duty charges
Que. 20 :The following forms are to be submitted by the beneficiary with the insurer to facilitate processing of the claim:
Employer’s certificate
Certified court copies of police reports like First Information Report (FIR), Inquest Report, Post-Mortem Report, Final Report which are required in case of death by accident.
Que. 21 :Which of the below statement is correct with regards to endowment assurance plan?
Que. 22 :Which are regulatory bodies in economic sector to regulate various economic organizations?
RBI
SEBI
IRDA
Que. 23 :Which of the below statement is incorrect with regards to decreasing term assurance?
Que. 24 :____________________________:Life insurers normally have a chart that lists the surrender values at various times and also the method that will be used for
calculating the surrender values. The formula takes into account the type and plan of insurance, age of the policy and the length of the policy premium-paying period. The
actual amount of cash one gets in hand on surrender may be different from the surrender value amount prescribed in the policy. This is because paid up additions, bonuses
or dividend accumulations, advance premium payments or gaps in premiums, policy loans etc. may result in additions or subtractions from the cash surrender value
accrued. What the policyholder ultimately receives is a net surrender value.Surrender Value is a percentage of paid-up value. Surrender Value arrived as a percentage of
premiums paid is called Guaranteed Surrender Value.
Surrender values
Policy loans
Nomination
Que. 25 :To usher equity, the underwriter engages in a process known as risk classification i.e. individual lives are categorised and assigned to different risk classes
depending on the degree of risks they pose. The risk classes are:
Standard lives
Preferred risks
Declined lives
Female insurance
Moral hazard
Age
Que. 27 :_________ is the fees payable to the Authority for issue / renewal of license to Act as an insurance agent or composite insurance agent.
250
370
120
100
Lost
Destroyed
Mutilated
Que. 29 :As per IRDAI norms, an insurance company can provide which of the below non-traditional savings life insurance products are permitted in India? Choice I: Unit
Linked Insurance Plans Choice II: Variable Insurance Plans
I only
II only
Que. 30 :Ram has taken a plan of 10 Lacs from ABC Ltd. On 1st June 2010. He died on 20th June 2014 without paying the due premiums of Rs. 30,000. Bonus
accumulated during the period was 50,000. Death benefit payable is?
10,20,000
10,00,000
10,50,000
10,80,000
Que. 31 :As per IRDA insurer should bear atleast ________________ of pre hpolicy health checkup expenses.
100%
80%
70%
50%
Que. 32 :________________________________ claims are easily established as they are based on dates which are determined at the beginning of the contract itself.
Death Claim
Rider Claim
Que. 33 :For the subsequent premiums received by the insurance company after the first premium, the company will issue __________.
Units may be purchased by payment of a single premium or via regular premium payments.
ULIP policy structure is transparent with regards to the insurance expenses component
Only one
Two
Compound Bonus
Terminal Bonus
Que. 37 :The dividends that are declared may be used in one of the following way :
Que. 38 :Which of the below is correct with regards to universal life insurance? Statement I: It allows policy owner to vary payments Statement II: Policy owner can earn
market based rate of return on cash value
I is true
II is true
Que. 40 :The first premium receipt contains which of the following information?
Sum assured
Que. 42 :____________________ :The charges for insurance protection and expenses component of a unit linked product are clearly specified. Once these charges are deducted
from the premium the balance of the account and income from it is invested in units. The value of these units is fixed with reference to a pre-determined index of
performance.
Transparent structure
Pricing
Unitising
Que. 43 :What will happen if the insured person loses the original life insurance policy document?
The insurance company will issue a duplicate policy without making any changes to the contract
The insurance company will issue a duplicate policy with renewed terms and conditions based on the current health declarations of the life insured
The insurance company will issue a duplicate policy without making any changes to the contract, but only after a Court order.
The policy document has to be signed by a competent authority but need not be compulsorily stamped according to the Indian Stamp Act.
The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act.
The policy document need not be signed by a competent authority but should be stamped according to the Indian Stamp Act.
The policy document neither needs to be signed by a competent authority nor it needs to be compulsorily stamped according to the Indian Stamp Act.
Que. 45 :Which of the below forms the first part of a standard insurance policy document?
Standard provisions
Sub-standard provisions
Policy schedule
Claim procedure
Que. 46 :All of the following are characteristics of variable life insurance EXCEPT:
Business strain arises because of excess expenses at the new business stage .
Business strain is the difficulty faced by the companies in securing new business
Longevity risk
Investment risk
Que. 50 :Which of the below features will be checked in a medical examiner‟s report?
Social status
✔ Truthfulness