IC38 - English Exam (Life Agent Exam) Mock Test 14
These questions cover important concepts in health and general insurance, including home care treatment expenses, claims reserving, claim disputes, e-insurance policies, tailor-made group policies, premiums, prospectus requirements, turnaround time, healthcare, and the economic benefits of insurance. They examine the duration of home care coverage and the process of making provisions for claims based on their status. Common claim disputes may involve non-disclosure, lack of coverage, excluded perils, and inadequate sum insured. Agents may assist customers with e-Insurance Accounts and explain policy provisions. Tailor-made group policies may offer flexibility regarding certain exclusions and waiting periods. The questions also explain premiums, TAT, healthcare, prospectus information, and capital development.
Q1. How many days of Home Care Treatment Expenses are covered per incident?
a) Up to 7 days
b) Up to 10 days
c) Up to 14 days
d) Up to 21 days
Q2. The amount of provision made for all claims in the books of the insurer based on the status of the claims is known as __________.
a) Pooling
b) Accounting
c) Reserving
d) Investing
Q3. What are the common reasons for disputes between an insurer and insured related to claims?
a) Disclosure of material facts, coverage, loss caused by excluded perils, adequate sum insured
b) Non-disclosure of material facts, lack of coverage, loss caused by excluded perils, lack of adequate sum insured
c) Disclosure of material facts, lack of coverage, loss caused by included perils, adequate sum insured
d) Non-disclosure of material facts, lack of coverage, loss caused by included perils, adequate sum insured
Q4. What can an agent do if the policy being purchased is an electronic insurance policy?
a) Help the customer to open an e-Insurance Account (e-I-A)
b) Explain the various policy provisions and policyholders’ rights and privileges
c) Demonstrate commitment to the customer
d) Ask the customer for the names and particulars of other individuals who can possibly benefit from the agent’s services
Q5. What conditions may be waived off in tailor-made group policies?
a) Only congenital diseases
b) Only pre-existing diseases
c) Only waiting periods
d) Pre-existing diseases, waiting periods, and congenital diseases
Q6. What does the term premium typically refer to in insurance?
a) The coverage amount provided by an insurance policy
b) The price paid by an insured for purchasing an insurance policy
c) The total benefits received by an insured over the policy term
d) The deductible amount paid by an insured before insurance coverage kicks in
Q7. What information should a prospectus contain as per IRDAI’s regulations?
a) The age of the policyholder
b) The date of purchase of the policy
c) The extent of insurance cover
d) The process of claim settlement
Q8. What is Turnaround Time (TAT)?
a) The time taken for a policyholder to renew their insurance policy
b) The time taken by an insurer to process a claim
c) The time taken for a policyholder to file a claim
d) The time taken for an insurer to issue an insurance policy
Q9. What is healthcare?
a) A set of services provided by various agencies and providers to promote, maintain, monitor, or restore health
b) A government program for financial assistance
c) A collection of medical equipment and supplies
d) A type of insurance coverage
Q10. What is the benefit of insurance in releasing capital for development of business and industry?
a) It helps in increasing the profits of the insurance companies.
b) It preserves capital and releases it for development of business and industry.
c) It increases the risk of economic loss.
d) It leads to commercial and industrial stagnation.
