IC02 (LICENTIATE) Practice of Life Insurance - DEMO

Q1.When a new policyholder decides to invest in a fund, then the NAV on that day used for allotting the units to him is known as ____.
 Sale price
 Offer price
 Opening price
 Bid price
 Initial price
 
Q2.Which one of the following CANNOT be a reason for an Insurance Company to deny an early claim?
 The next premium is due and still unpaid
 The agent who got the policy done no longer works with the company
Proper documents for the insured’s death were not furnished
 Multiple claimants are under a legal suit for claim
 Evidence for suppression of information at the time of proposal was found
 
Q3.The Identification, Assessment, and Prioritization of the risks are called ____.
 Disaster recovery
 Threat assessment
 Disaster management
 Risk management
 Risk assessment
Q4.Surrender value is allowed as a percentage of __.
 Vested amount
 Sum assured
 Accumulated premium
 Deferred value
Paid-up value
 
Q5.Which of the following statement(s) is/are correct? A - A lost policy may actually have been assigned B - Once the survival benefits are paid, the policy has no value C - A policy document should be kept safely even after maturity
 Only statement A is correct
 Only statement B is correct
 Only statement C is correct
 Both statements A and C are correct
 Both statements A and B are correct
 
Q6.What are the insurance plans called which are specifically meant to meet regular income needs, post-retirement?
 Whole life assurance plan
 Endowment assurance plan
 Annuities
 Retirement plan
 Term assurance
 
Q7.Which of the following statement(s) is/are correct ?
An agent can be asked for identification even if he is not filling the insurance proposal form
 A prospect is entitled to ask to see the license of the agent
 The agent is expected to carry the identity card with him while meeting the clients
 Only statements 2 and 3 are correct
All 1, 2, and 3 are correct
 
Q8.Out of the various offerings by health care insurance companies, which is the most preferred and basic offering?
 Post hospitalization cover
 Preferred consultations
 Reimbursement schemes
Outpatient dept (OPD) cover
Cashless transaction
 
Q 9. A married woman buys a life assurance policy in February 2016 and unfortunately she dies in a car accident in December 2016. Which of the below documents will NOT be required while settling the claim?
 Police inquest report
 Certificate of cremation or burial
 First information report in the local police station
 Agents confidential report
 Post mortem report
 
Q10.In insurance terms, the risk of suffering a disability is best described as which type of risk?
 Homogeneous
 Fundamental
 Factious
 Financial planning
 Speculative

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