IC02 (LICENTIATE) Practice of Life Insurance - 11
| Q1.In which category will the breach of duty of utmost good faith fall into? |
| Concealment |
| Non-disclosure |
| Mis-representation |
| 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. |
| Non-important |
| Complementary |
| Supplementary |
| Mandatory |
| Benefactor |
| Q4.Investing in insurance is a subject matter of __. |
| risk transfer |
| solicitation |
| saving |
| risk-sharing |
| choice |
| 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 |