IC27 Mock Test Sample 19
These questions highlight various specialized health insurance products and their purposes. Personal accident policies provide coverage for accidental death and disablement, complementing life insurance. Critical illness policies offer lump sum payouts on diagnosis, unlike indemnity products that reimburse actual expenses. Daily hospital cash plans provide fixed allowances to cover incidental costs during hospitalization. High-deductible indemnity covers are cost-effective and activate after a threshold limit, making them suitable for those with existing coverage. Top-up plans enhance overall coverage at lower premiums. Disease management and outpatient covers focus on chronic conditions and non-hospitalization expenses, ensuring broader and more practical healthcare protection.
1. Why did Rahul advise Vijay to consider a personal accident policy despite having a life insurance policy?
a) Life insurance covers accidents, so there's no need for a separate policy
b) A personal accident policy provides higher coverage than life insurance
c) In the event of an accident, both life insurance and personal accident policies pay out
d) A personal accident policy provides additional benefits in case of disablement
2. In what situation does a critical illness benefit policy pay a lump sum amount to the insured?
a) On a routine health check-up
b) On hospitalization for any illness
c) On diagnosis of a specific critical illness
d) On reaching a certain age
3. How is the premium for a daily hospital cash benefit policy determined?
a) It is based on the insured's age
b) It is decided based on the sum insured
c) It is determined by the insured's medical history
d) It is fixed and does not vary
4. What is the threshold limit in Vaibhav's top-up health insurance plan?
a) Rs. 1 lakh
b) Rs. 2 lakhs
c) Rs. 3 lakhs
d) Rs. 5 lakhs
5. What is one of the primary reasons for taking a personal accident policy?
a) To cover the cost of hospitalization
b) To provide compensation for temporary illnesses
c) To offer protection in case of death
d) To cover risks associated with accidents and disablement
6. What kind of expenses are covered by critical illness benefit products?
a) All healthcare expenses including outpatient care
b) Only the actual cost of treatment
c) Lump sum payouts irrespective of expenses
d) Long-term nursing care
7. How are some critical illness indemnity products different from traditional CI policies?
a) They provide higher coverage amounts
b) They reimburse certain costs instead of lump sum
c) They cover all types of illnesses
d) They are more expensive
8. What is the primary purpose of a daily hospital cash benefit policy?
a) To cover major medical expenses
b) To offer lump sum payout
c) To cover incidental costs of hospitalization
d) To reimburse all expenses
9. How does a daily hospital cash benefit policy work?
a) Lump sum payout
b) Full reimbursement
c) Fixed daily allowance per 24 hours
d) Covers only surgeries
10. In what situations is a daily hospital cash benefit policy useful?
a) Major surgeries
b) Critical illness payout
c) Full reimbursement
d) When employer policy does not cover incidental costs
11. In which countries are insurance-linked savings plans (HSAs) widely used?
a) India and USA
b) South Africa and Singapore
c) China and India
d) Singapore and China
12. What can an insured use the daily allowance for?
a) Only medical expenses
b) Only surgeries
c) Only OPD care
d) Incidental costs of hospitalization
13. What is the purpose of high-deductible hospital indemnity covers?
a) Full coverage
b) Minor expenses
c) Coverage beyond deductible
d) Replace insurance
14. How does deductible affect premium?
a) Higher deductible → higher premium
b) Lower deductible → higher premium
c) No impact
d) Fixed premium
15. Who may find high-deductible covers suitable?
a) Fully insured individuals
b) Low coverage individuals
c) No coverage need
d) High existing coverage
16. When does coverage start in high-deductible plans?
a) Immediately
b) After certain age
c) After deductible is crossed
d) After check-up
17. Why are high-deductible plans cost-effective?
a) Full coverage
b) High premium
c) Low deductible
d) Low premium due to high deductible
18. Why did Vaibhav consider a top-up plan?
a) Replace existing policy
b) Increase coverage
c) Couldn’t afford new policy
d) Cover minor expenses
19. What is the focus of disease management covers?
a) Hospitalization
b) OPD care
c) Chronic diseases
d) Accidents
20. When is outpatient coverage important?
a) Major surgeries
b) >24 hr hospitalization
c) Primary/small procedures
d) Emergencies only
