IC02 Mock Test Sample 9
These questions cover key concepts of life insurance including policy types, premium calculation, claims, and regulatory provisions. They highlight the importance of understanding different plans such as term, endowment, and whole life policies, along with features like surrender value, revival schemes, and riders. The role of agents, underwriting, and policy documentation is emphasized. It also explains claim settlement rules, including concessions and requirements like hospitalization periods. Legal aspects such as sections of the Insurance Act, EDLI, and policy obligations are included. Overall, the set tests practical knowledge required for LIC and insurance exams, focusing on real-life applications and decision-making in insurance policies.
1. A term insurance plan combined with an endowment plan with an unspecified period is called a ______ plan.
a) Term life insurance
b) Endowment
c) Whole life plan
d) Money back insurance
2. Which of the following is False?
a) Insurance advisor must be licensed by IRDA
b) All life insurance business follows same law
c) Policy does not lapse if premium paid in grace period
d) Once lapsed, policy cannot be revived
3. Who bears the cost of issuing a duplicate policy?
a) Insurer
b) Policyholder
c) Insurance agent
d) Insured
4. Level premium after loading is called:
a) Risk premium
b) Office premium
c) Investment premium
d) Mortality premium
5. Rajan’s child policy case (parents died): insurer will
a) Close policy
b) Pay sum assured to guardians
c) Ask guardians to pay premium
d) Block policy till child major
e) Continue policy and pay premiums
6. ______ details mutual obligations of insurer and insured.
a) Proviso
b) Schedule
c) Operative clause
d) Preamble
e) Proviso preamble
7. Minimum hospitalization period in health insurance is:
a) 1 day
b) 2 days
c) 5 days
d) 7 days
8. Which statement is False?
a) Agent is primary underwriter
b) Proposal form is basis of insurance
c) Life insurance is not indemnity
d) Claim not settled if policy lost
9. Plan covering entire family is:
a) Critical care plan
b) Family floater plan
c) Group insurance
d) Mediclaim
10. Section for guaranteed surrender value after 3 years:
a) 98
b) 101
c) 106
d) 113
11. Age nearer birthday (1 Feb 1980, on 16 May 2000):
a) 20 years
b) 21 years
c) 20 years 3 months
d) 21 years 3 months
e) 20 years 6 months
12. Claim settled in full after 5 years premium despite lapse is under:
a) Non-early death claim
b) Claims concession
c) Extended claims concession
d) Assistance due to death
e) None
13. If death occurs during deferment period, ______ is returned.
a) Sum assured
b) Sum assured + bonus
c) Bonus
d) Premium + interest
e) Nothing
14. Revival without evidence of good health is:
a) Special revival
b) Loan-cum-revival
c) Installment revival
d) Ordinary revival
e) Mutual revival
15. Premium calculation (given data):
a) Rs 1660
b) Rs 2180
c) Rs 954
d) Rs 540
e) Rs 1130
16. A term + endowment (unspecified period) is:
a) Term plan
b) Endowment
c) Whole life plan
d) Money back
e) Mediclaim
17. In child plan, risk commencement date is:
a) Vesting date
b) Deferred date
c) Maturity date
d) Commencement of risk
18. Duration before risk starts in child plan is:
a) Vesting period
b) Waiting period
c) Risk period
d) Deferment period
19. Which term is different in death claims context?
a) Early claims
b) Deed of assignment
c) Foreclosure
d) Claimant statement
20. EDLI stands for:
a) Employees’ Dividend Linked Insurance
b) Employees Deposit Liability Insurance
c) Employees’ Deposit Linked Insurance
d) Employees’ Dividend Liability Insurance
