NHT - Basics of Insurance

All The Best!

Full Name *

Asif

DOJ *

DD MM YYYY

21 / 06 / 2022

Mobile Number *

7510092454

Assessment:

Passing Scores - 80%; Passing Marks - 20/25

_____ decides if a policy should be issued to the customer, after payment of *

premium.

Underwriter

A t
 Actuary

Policy Bazaar

TPA

Life Insurance, General Insurance and Reinsurance are regulated by IRDAI. *

True

False

If a policy holder forgets to pay the premium on the due date, he can pay the *
same in an additional period of time. Which clause grants the policyholder an
additional period to pay the premium after the due date?

Waiting period

Revival period

Grace period

Renewal period

___ is a rider. *

Accidental death benefit rider

Critical Illness Rider

Waiver of premium rider

All of them
Who decides and designs the premium of a policy? *

Policy Bazaar

Actuary

IRDAI

Underwriter

______ regulates insurance in India. *

IRDAI - Insurance Regulatory and Development Authority of India

RBI

SEBI

The awards/claim by Ombudsman should not be more than_______ *

Rs.20 lakh

Rs.30 lakh

Rs.40 lakh

Rs.60 lakh
In an insurance policy, what is the evidence of inception of insurance contract? *

Cash Receipt

Proposal Form

First Premium Receipt

What does an underwriter do? *

Calculate the sum assured

Calculate the risk of customer

Calculate the premium

Insurable interest is not found in _____ relationship. *

Ajay and his kids

Ajay and his wife

Ajay and his asset like a car

Ajay and his Friend

Insurable Interest does not exist between ______ *

Husband – Wife

Employer – Employee

Parent – Child

Brother – Sister

____ is an example of Utmost Good Faith. *

Amar is lying about his diabetes during filling the proposal form

Amar is paying his premium on time

Amar is sharing/disclosing about his diabetes

Amar is not sharing/revealing about his diabetes

Who will conduct the medical test of the customer? *

FPR

IRDAI

TPA

Actuary
The task of determining the premium is done by____ in a life insurance company. *

Underwriter

Actuary

Policy Bazaar

TPA

A lapsed policy can be re-activated through ___________ *

Revival/Reinstatement

Renewal

None

Reinsurance is also a type of insurance. *

True

False
Following deductions are made if policy is cancelled in free look period: *

Pro-rata risk premium

Medical examination expenses

GST and Stamp Duty

Administration Costs

All of the above

Term policy's cover begins after the: *

Premium has been paid

Customer visits insurer's website

Policy has been issued

Riders are Additional or Extra Benefits with a plan. *

True

False
What will happen to the policy if the premium is not paid even in the grace *
period?

Policy will be considered lapsed

Policy will be considered in-force

Grace period will be extended for another one month or 31 days

None of the above

Alterations/Modifications in a policy can be done by [change of address, *

nominee, etc]:

Assignment

Endorsement

Nomination

Revival

Underwriting happens before the premium is paid by the customer. *

True

False
Free look period begins ______ *

Before payment of premium

After payment of premium

After policy has been issued and bond paper has been received

Mr. Gupta bought a term insurance. What does his plan not cover? *

Grace period

Free look up period

First year suicide

Tax benefit

Deepak bought an online policy. He received the policy bond and is not satisfied *
with the terms and conditions of the contract and wants to cancel it. He can
cancel the policy within:

within 15 days

within 20 days

within 25 days

within 30 days
This form was created inside Policybazaar Insurance Brokers Private Limited.

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