IC38 - English Exam (Life Agent Exam) Mock Test 07
These IC38 questions cover life insurance companies, assignment of policies, post-hospitalization expenses, travel insurance, life insurance claim settlement, medical history, fixed benefit health covers, claim determination, non-medical underwriting, and cover notes. Assignment involves transferring rights under an insurance policy according to applicable rules. Post-hospitalization expenses may be considered when they relate to the same condition for which hospitalization occurred. Travel insurance packages can include accidental death or disability, baggage-related benefits, and third-party liability. Life insurance claims are assessed based on policy conditions, utmost good faith, and disclosure of material facts. Fixed benefit hospital cash products provide a predetermined daily amount during hospitalization. Non-medical underwriting uses limited health information, while a cover note provides provisional evidence of insurance protection.
Q1. How many life insurance companies are there in India as of September 2021?
a) 23
b) 24, with LIC being a public sector company and the remaining 23 in private sector
c) 34
d) None of the above
Q2. How many types of assignments are mentioned in the paragraph?
a) One
b) Two
c) Three
d) Four
Q3. Under what conditions are post-hospitalization expenses considered for coverage?
a) When the insured person's hospitalization claim is approved
b) When the insured person incurs expenses for a different condition than the hospitalization
c) When the insured person requires outpatient treatment
d) When the expenses are incurred for the same condition as the hospitalization
Q4. What additional benefits are typically included in a travel insurance package policy?
a) Accidental death/disability benefits
b) Loss of or delay in arrival of checked-in baggage
c) Third party liability for property/personal damages
d) All of the above
Q5. What are the factors checked by the insurer while settling a life insurance claim?
a) Compliance with policy conditions, utmost good faith, and fraudulent concealment of material facts
b) Compliance with policy conditions, salvage value, and application of underinsurance
c) The occurrence of the loss causing event and the insured's duty to minimize the loss
d) None of the above
Q6. What details are called for regarding other illnesses or accidents?
a) Nature of illness/injury, date of first treatment, name and address of attending Doctor, and whether fully recovered
b) Monthly income and income tax PAN No.
c) Details of the proposer's occupation and address
d) Information about the cover and exclusions
Q7. What do fixed benefit covers, also known as 'hospital cash' products, provide?
a) Coverage for pre-existing conditions
b) Coverage for preventive care services
c) A fixed sum per day during hospitalization
d) Reimbursement for all medical expenses
Q8. What factor determines the claim amount in this type of cover?
a) The insured's medical history
b) The insured's actual expenses for treatment
c) The insurance company's profitability
d) The insured's gender
Q9. What factors are usually considered in a non-medical underwriting policy?
a) Financial history and occupation of the applicant
b) Answers to a few health questions based on age, gender, smoking class, build, etc.
c) Pre-existing medical conditions of the applicant
d) Educational background and marital status of the applicant
Q10. What is a cover note?
a) A formal document that provides evidence of the contract of insurance
b) A provisional document that confirms protection under the policy
c) A type of premium payment method
d) A negotiation document used during the underwriting process
