IC38 - English Exam (Life Agent Exam) Mock Test 19
These questions cover important IC38 concepts related to health insurance, life insurance, group insurance, nomination, healthcare costs, maternity benefits, survival claims, traditional life insurance limitations, policyholder protection, and combination insurance products. They examine expenses that may not be covered during COVID-19 hospitalization and the development of health insurance schemes in India. The questions also cover who generally purchases group policies and how nominations can be changed or cancelled. Healthcare expenses generally vary according to the level of specialized care required. Maternity benefits are usually subject to specified limits. Other topics include survival claims, traditional policy returns, IRDAI service parameters, and Health plus Life Combo Products.
Q1. Which of the following expenses are NOT covered under the Hospitalization Expenses for Covid-19 treatment?
a) Diagnostic expenses
b) Medication expenses
c) Outpatient consultation fees
d) Hospitalization expenses for less than 24 hours
Q2. Which sector of insurance companies introduced health insurance schemes first?
a) Public sector insurance companies
b) Private insurance companies
c) Both public and private insurance companies simultaneously
d) Insurance companies from other sectors
Q3. Who typically takes a group policy?
a) Individuals who want coverage for themselves
b) Employers, associations, or bank's credit card divisions
c) Insurance agents or brokers
d) Government organizations
Q4. Can a nomination be cancelled or changed before the policy matures?
a) Yes, through a will only
b) No, once a nomination is made, it cannot be cancelled or changed
c) Yes, through an endorsement or a further endorsement or a will
d) Yes, by notifying the insurer orally
Q5. How do the expenses associated with healthcare change as the level of care increases?
a) The expenses decrease due to better access to medical services
b) The expenses remain the same across all levels of care
c) The expenses increase as more specialized services are required
d) The expenses depend on the type of healthcare provider chosen
Q6. How is the maternity cover usually limited within the overall sum insured of the family?
a) It is provided as a separate coverage with its own sum insured
b) It is deducted from the sum insured of other medical expenses
c) It is limited to a certain percentage of the overall sum insured
d) It is unlimited and not restricted by the overall sum insured
Q7. In which situations are survival claims payable to the insured?
a) Upon the death of the policyholder
b) Upon the surrender of the policy
c) On reaching the maturity period or fulfilling conditions specified in the policy
d) On the occurrence of critical illnesses covered under the policy
Q8. What are some of the limitations of traditional life insurance policies?
a) The cash value component is well defined and transparent
b) It is easy to ascertain the rate of return on traditional policies
c) Surrender value is transparent and easily calculated
d) The yield on traditional policies is much lower than those from other investments
Q9. What are the two service parameters mandated by IRDAI Regulations on Protection of Policyholders’ Interests 2017?
a) Time management and complaint handling
b) Turnaround times and complaint resolution
c) Complaint management and time resolution
d) Speedy complaint resolution and turnaround times
Q10. What does the Health plus Life Combo Products offer?
a) Combination of a life insurance cover and a motor insurance cover
b) Combination of a life insurance cover and a travel insurance cover
c) Combination of a life insurance cover and a health insurance cover
d) Combination of a life insurance cover and a home insurance cover
