IC38 - English Exam (Life Agent Exam) Mock Test 15
These questions cover important concepts in insurance underwriting, unit-linked insurance plans, insurance agents, life insurance documentation, health insurance supplementary covers, disability benefits, Section 45, COVID-19-related regulatory relaxations, intermediaries, and healthcare levels. The underwriting process involves assessing information, classifying risks, determining premiums, and completing policy issuance. NAV in unit-linked policies is calculated using the market value of fund assets in relation to the number of units. The First Premium Receipt confirms commencement of the life insurance contract. Other topics include supplementary health covers, Temporary Total Disability benefits, Section 45 provisions, intermediary functions, and the three levels of healthcare: primary, secondary, and tertiary.
Q1. What is the final step in the underwriting process?
a) Assessing the received information carefully
b) Classifying the risk into appropriate categories based on tools and judgment
c) Issuing the policy certificate
d) Determining the premium amount for the policy
Q2. What is the formula for calculating the Net Asset Value (NAV) of the fund in unit linked policies?
a) Market Value of Assets of the fund × Number of units of the fund
b) Market Value of Assets of the fund ÷ Number of units of the fund
c) Market Value of Assets of the fund + Number of units of the fund
d) Market Value of Assets of the fund − Number of units of the fund
Q3. What is the meaning of Insurance Agent as per IRDAI regulations?
a) An individual appointed by an insurer to invest in the stock market.
b) An individual appointed by an insurer to sell insurance policies.
c) An individual appointed by an insurer to provide legal advice.
d) An individual appointed by an insurer to offer medical consultation.
Q4. What is the purpose of a First Premium Receipt (FPR) in life insurance?
a) It serves as proof of the life insurance policy contract commencing
b) It provides information about the policyholder's address and contact details
c) It indicates the sum assured for the life insurance policy
d) It specifies the method and frequency of premium payment
Q5. What is the purpose of a supplementary cover in health insurance?
a) To provide coverage for major medical expenses
b) To cover pre-existing conditions
c) To supplement a regular hospital expenses policy
d) To provide coverage for outpatient services
Q6. What is the purpose of the Temporary Total Disability (TTD) coverage in the policy?
a) To provide compensation for permanent disabilities
b) To cover medical expenses during temporary disabilities
c) To cover the loss of income during temporary disabilities
d) To provide rehabilitation services for temporary disabilities
Q7. What is the significance of Section 45 for a life insurance policy?
a) It extends the expiry period to five years.
b) It reduces the expiry period to one year.
c) It prevents the policy from being canceled after three years.
d) It limits the time period in which the policy can be called into question on any ground whatsoever.
Q8. What relaxation was permitted by IRDAI in case of Health Insurance policies during the Covid-19 pandemic?
a) Enhance the grace period by additional 30 days if desired by the policyholders
b) Condone delays in renewal up to 30 days without deeming such condonation as a break in policy
c) Allow a grace period till 15th May, 2020
d) None of the above
Q9. What role do intermediaries play in the health insurance market?
a) Providing infrastructure for insurance services
b) Providing educational services to insurance companies
c) Acting as intermediaries between insurance companies and policyholders
d) Serving as legal entities for insurance companies
Q10. What are the three types of healthcare based on the level of medical attention required?
a) Primary, secondary, and tertiary healthcare
b) Traditional, alternative, and modern healthcare
c) Public, private, and community healthcare
d) Urban, rural, and remote healthcare
