IC38 - English Exam (Life Agent Exam) Mock Test 05
These IC38 questions cover important concepts in life and health insurance, including policy maturity, active listening, risk retention, insurance contract conditions and warranties, grievance management, micro-insurance, mass health policies, insurer responsibilities, unit-linked insurance plans, and CGHS. Policy maturity affects the entitlement of nominees and benefits under policy terms. Active listening requires allowing the speaker to complete their points before responding. Risk retention means accepting and bearing risk personally. Conditions and warranties have different roles within insurance contracts. IGMS supports grievance management. Micro-insurance focuses on protecting low-income populations. Insurers assess risks, collect premiums, pool risks, and settle eligible losses. ULIPs offer different investment fund choices, while CGHS provides healthcare benefits.
Q1. What happens if the policyholder dies after the maturity of the policy?
a) The nominee is not entitled to any proceeds or benefits.
b) The appointee becomes the beneficiary of the policy.
c) The nominee is entitled to the proceeds and benefits of the policy.
d) The claim amount is forfeited by the insurance company.
Q2. What is active listening?
a) Interrupting the speaker with counter-arguments
b) Allowing the speaker to finish each point before asking questions
c) Ignoring the speaker and preparing a rebuttal
d) Engaging in external distractions
Q3. What is risk retention in managing risk?
a) Transferring the responsibility for losses to another party
b) Making changes in hazardous operations and equipment
c) Deciding to bear the risk and its effects by oneself
d) Reducing the frequency and sizes of losses through education and training
Q4. What is the difference between Conditions and Warranties in an insurance contract?
a) Conditions are optional provisions, while warranties are mandatory provisions.
b) Conditions form the basis of the agreement, while warranties are additional clauses.
c) Conditions are related to fraudulent claims, while warranties are related to claim filing.
d) Conditions are applicable to health insurance, while warranties are applicable to other types of insurance.
Q5. What is the Integrated Grievance Management System (IGMS)?
a) A central repository of insurance grievance data
b) A tool for monitoring grievance redress in the industry
c) Both A and B
d) None of the above
Q6. What is the primary objective of micro-insurance products?
a) To provide high-value coverage to affluent individuals
b) To offer insurance solutions exclusively to urban sectors
c) To protect low-income individuals from rural and informal sectors
d) To provide comprehensive coverage for all income groups
Q7. What is the purpose of mass policies in health insurance?
a) To provide coverage for high-income individuals
b) To offer specialized coverage for specific medical conditions
c) To cover government employees and officials
d) To provide health insurance for very poor sections of the population
Q8. What is the role of an insurer in the insurance process?
a) Assess the risk, collect premiums, pool risks and premiums, and pay those who suffer the loss
b) Own the assets and manage the funds
c) Manage the contributions and decide who receives compensation
d) None of the above
Q9. What kind of funds can policyholders choose from in unit linked policies?
a) Equity Fund, Debt Fund, Balanced Fund and Money Market Fund
b) Growth Fund, Income Fund, Value Fund and Index Fund
c) Blue Chip Fund, Small Cap Fund, Mid Cap Fund and Large Cap Fund
d) Aggressive Fund, Defensive Fund, Sectoral Fund and Thematic Fund
Q10. When was the Central Government Health Scheme (CGHS) introduced?
a) 1947
b) 1954
c) 1986
d) 2001
