IC38 - HEALTH INSURANCE AGENT EXAM - 10

Q1.On acceptance of the offer of settlement by the insured,insurer shall make the payment within ___days from the date of acceptance of the offer
   a) 7 days
   b) 10 days
   c) 15 days
   d) 30 days
 
Q2.Which One of the Following, by Mutual Agreement of the Insured and the Insurer, can act as a Mediator and Counsellor, within the Terms of Reference, in Case of Dispute?
   Choose the Most Appropriate Option.
   a) Insurance Agent
   b) Ombudsman
   c) Insurer
 
Q3.Which of the following appear as exclusions under personal accident insurance?
  a) Self-injury or suicide
   b) Accident while under influence of alcohol or drugs
   c) War and allied perils
   d) All of the above
 
Q4.An endorsement follows a request for change in the policy. Which of the following will not be a subject for an endorsement?
   a) Change of Insured Address
   b) Change in renewal date
   c) Increase in Sum Assured
   d) Cancellation of Cover
 
Q5.Premium is the ____, Paid, by the Insured, to the Insurer, for insuring the Subject-Matter of Insurance, under a Contract of Insurance.
   a) Contribution
   b) Consideration
   c) Fees
   d) Subscription
 
Q6.In what circumstances may an insurer have the right to avoid paying a claim and to void a household contents insurance policy from inception?
  a) When a premium installment is not paid
   b) When a second insurer is used by the insured
   c) When an undisclosed material fact is discovered
   d) When the value of contents is mistakenly underestimated by the insured
 
Q7.When there is a possible claim the insured must initially advise the insurer within what time period?
   a) Immediately
   b) One Week
   c) Two Weeks
   d) One month
 
Q8.Which of the Following, is the Main Objective of the Consumer Protection Act? (i) To Protect the Interests of the Policy-Holders. (ii) To Protect the Interests of the Investors. (iii) To Provide a Simple, Speedy, and In- Expensive Redressal to the Consumer- Grievances.
   a) Only (i) is Correct.
   b) Both: (i) and (ii) , are Correct.
   c) Only (iii) is Correct.
   d) Both: (i) and (iii) , are Correct.
 
Q9.Under which of the following Fidelity Guarantee policies individual amount of guarantee is NOT specified
   a) Collective policy
   b) Floating policy
   c) Positions policy
   d) Blanket policy
 
Q10.Which of the below statement is correct with regards to renewal notice?
  a) As per regulations there is a legal obligation on insurers to send a renewal notice to the insured, 30 days before the expiry of the policy
  b) As per regulations there is a legal obligation on insurers to send a renewal notice to the insured, 15 days before the expiry of the policy
  c) As per regulations there is a legal obligation on insurers to send a renewal notice to the insured, 7 days before the expiry of the policy
  d) As per regulations there is no legal obligation on insurers to send a renewal notice to the insured before the expiry of the policy

Click Here for Answer Key