IC38 - English Exam (Life Agent Exam) Mock Test 18
These questions cover important IC38 topics including the Insurance Ombudsman, immediate annuities, short-period scales, assets and insurance, the Married Women’s Property (MWP) Act, nomination, overseas claim assistance, proposer declarations, healthcare services, and micro-insurance regulations. They explain how complaints may be handled through Ombudsman intermediation and describe immediate annuity plans that provide pension soon after purchase. The questions also examine the difference between assets and insurance, the protection offered under policies issued under the MWP Act, and the purpose of nomination. Other areas include assistance companies in overseas claims, disclosure requirements, private-sector healthcare services, and the establishment of IRDA’s Micro Insurance Regulations.
Q1. What happens once a complaint is received by the Ombudsman?
a) The Ombudsman immediately passes an award to the insured.
b) The Ombudsman sends a copy of the complaint to the insurer only.
c) The Ombudsman makes his recommendations within one month to both the complainant and the insurer.
d) The Ombudsman settles the dispute through intermediation.
Q2. What is an immediate annuity?
a) A pension plan that allows a person to contribute in a lump sum or over a period of time to get a pension from a desired age.
b) A type of insurance policy that provides coverage for a specific period of time.
c) A long-term investment issued by an insurance company designed to provide income during retirement.
d) A pension plan that provides immediate pension from the next month of purchase on payment of a lump sum amount.
Q3. What is Short Period Scales?
a) A provision in the insurance contract where policyholders can cancel the policy within a certain period of time
b) A method used by insurers to calculate pro-rata premiums
c) A provision that allows policyholders to make changes to the policy
d) A provision that allows insurers to make changes to the policy.
Q4. What is the difference between an asset and an insurance?
a) Assets provide protection against financial loss while insurance is used to generate income
b) Insurance provides protection against financial loss while assets are used to satisfy needs
c) Insurance protects against financial losses arising from unexpected events while assets add value by satisfying one or a group of needs
d) Assets protect against financial losses while insurance adds value by generating income
Q5. What is the key feature of a policy under the MWP Act?
a) It can be surrendered at any time.
b) The policyholder can assign it to another person.
c) The policy is beyond the control of court attachments, creditors and even the life assured.
d) The policy is not eligible for nomination.
Q6. What is the purpose of nomination in a life insurance policy?
a) To increase the sum assured of the policy
b) To transfer the ownership of the policy to another person
c) To designate the person(s) who will receive the policy's death claim amount
d) To allow the policyholder to borrow money against the policy's cash value
Q7. What is the role of assistance companies in overseas claims?
a) Providing insurance coverage to customers.
b) Managing claims on behalf of insurance companies.
c) Offering assistance to customers during contingencies covered under the policy.
d) Evaluating the eligibility of customers for insurance policies.
Q8. What kind of information is the proposer expected to disclose in the declaration?
a) All information related to the insurance agent
b) All information related to the proposer's family
c) All information related to the proposer's occupation
d) All information relevant to the application for insurance
Q9. What types of healthcare services are provided by the private health sector in India?
a) Only primary healthcare services
b) Only secondary healthcare services
c) All three types of healthcare services - primary, secondary, and tertiary
d) Only tertiary healthcare services
Q10. When were the IRDA Micro Insurance Regulations established?
a) 2005
b) 2010
c) 2015
d) 2020
