IC02 (LICENTIATE) Practice of Life Insurance – 11

Q1.In which category will the breach of duty of utmost good faith fall into?
 All of the above
 None of the above


Q2.What type of group is required to introduce a group insurance scheme?
A big group person having at least 50 members
 A small group of persons having 5 members
 A Homogeneous group
 A Mixed group of different communities
 A Mixed group of different salaried people


Q3.In the state’s effort in social management, Life Insurance performs a ____ function.


Q4.Investing in insurance is a subject matter of __.
 risk transfer


Q5.___ is not applicable as a document to ascertain one’s identity in accordance with the KYC process.
 Identity proof
 Address proof
 Educational document proof
 Age and date of birth proof
 Employment proof


Q6.__ bonus(es) is/are given by insurance companies.
 Terminal bonus
 Interim bonus
 Simple revisionary bonus
 Compound revisionary bonus
 All of the above


Q7.The share of each policyholder in the life fund is a notional figure which is a result of __.
 higher premiums paid in the early years of the policy
 premium paid for survivorship benefits
 interest earned on these excess premiums
 Both 1 and 2
All 1, 2 and 3


Q 8. The Turnaround Time (TAT) as per IRDA standards for post-policy issue service requests concerning correction of mistakes or refund and non-claim related service request is __.
 5 days
 10 days
15 days
 20 days
 30 days


Q 9. Why is there loading in a Term Plan?
 Due to morbidity
 Due to mortality
 Due to investment expenses
 Due to inflation
 Due to Administrative charges


Q10.Which of the following are acceptable as stand ard age proofs? A) Certificate of baptism or certified extract from family Bible, if it contains age or date of birth B) Certified extracts from school records C) Valid Passport D) Certified extracts from Municipal records made at the time of birth E) Identity cards issued by defense department in case of defense personnel
 Only Statements B and C are correct
Only Statements A, B, C, and D are correct
 Only Statements B and D are correct
Only Statements B, C, and E are correct
 All the statements are correct

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