UncategorizedLIC IC 38 LIC IC-38 1 / 50 How are riders described in the context of life insurance? Add-on benefits that can be included in the policy for additional coverage Claims settlement process and timelines Surrender and policy termination options Premium payment methods and frequency 2 / 50 Why is the hospital daily cash policy considered easy to sell? It offers comprehensive coverage for all medical expenses It provides higher reimbursement rates compared to other policies It is easy to explain to customers It covers pre-existing conditions without any waiting period 3 / 50 Why is it important to give proper advice on the amount of insurance to be purchased? To ensure the customer spends the maximum amount on insurance To make sure the customer purchases unnecessary insurance To link the amount of insurance to the customer's income and paying capacity To sell as much insurance as possible to the customer 4 / 50 Who is considered a medical practitioner for health insurance purposes? A person holding a valid registration from the medical council of any state of India A person holding a valid registration from the homeopathy council A person who is entitled to practice medicine within the jurisdiction of their registration A person who is acting within the scope and jurisdiction of their license. 5 / 50 Which of the following services is provided by assistance companies for overseas claims? Delivery of essential medicines Assistance with visa issues Monitoring of medical condition Guarantee of medical expenses incurred during hospitalization 6 / 50 Which of the following options correctly lists the key terms related to grievance redress in insurance? a, b, c, d b, c, d, e a, b, f, g c, d, e, f 7 / 50 Which family members are covered for death and permanent disablement (total or partial) in the family package of a Personal Accident policy? The insured individual and any earning family member Only the children and non-earning spouse All family members, regardless of their employment status Only the insured individual 8 / 50 Which factor is considered when determining insurable interest? Financial interest of the person in the asset to be insured The asset which is already insured Each insurers share of loss when more than one company covers the same loss The amount of the loss that can be recovered from the insurer 9 / 50 When does the insurance cover cease due to insufficient balance or administrative issues? On the anniversary date of joining the scheme On the last day of each month On the due date of premium payment On the member's birthday 10 / 50 What should be noted about the special features of the declaration in the proposal form? The proposer's address and contact information The proposer's signature and date of signing The proposer's occupation and income details The details and implications of the declaration to be signed 11 / 50 What should a customer ensure regarding hospital charges when availing cashless facility? The hospital charges should be paid upfront by the customer The hospital charges should be consistent with the limits and specified treatments The hospital charges should be covered by the insurance company directly The hospital charges should be negotiated with the TPA 12 / 50 What is the term used for the stage when a person has children? Provider Partner Parent Earner 13 / 50 What is the subject of Section 45 of the Insurance Act, 1938? Penalty for policy cancellation Grounds for questioning a life insurance policy Expiry period for life insurance policies Date of policy issuance 14 / 50 What is the range of sum insured offered by these plans? Rs. 10,000 to Rs. 1,00,000 Rs. 50,000 to Rs. 5,00,000 Rs. 1,00,000 to Rs. 10,00,000 Rs. 5,00,000 to Rs. 50,00,000 15 / 50 What is the purpose of the waiting period and survival clause in the policy? To delay the payment of benefits To ensure policyholder's compliance with medical treatments To protect the insurer from immediate claims after policy inception To allow time for accurate diagnosis and assessment of the illness 16 / 50 What is the purpose of adding a declaration at the end of the proposal form? To confuse the proposer To ensure the insured fills the form accurately To increase the cost of the insurance To reduce the sum insured 17 / 50 What is the net earnings Mr. Rajan's family would lose if he dies prematurely? Rs. 12,000 Rs. 24,000 Rs. 96,000 Rs. 1,20,000 18 / 50 What is the mode of enforcement of orders made by a District Commission, State Commission or the National Commission? They are not enforced They are enforced by the complainant They are enforced by any court of law They are enforced by the respective commission in the same manner as if it were a decree made by a Court in a suit before it 19 / 50 What is the historical development of insurance? Insurance has been a part of human society since ancient times Insurance was introduced in India during the colonial era Insurance is a modern concept that emerged in the past few decades Insurance has always been regulated by governments 20 / 50 What is the frequency of renewal for most general insurance policies? Every 6 months Every 2 years Every year Every 5 years 21 / 50 What is the consequence of failure to seek or follow medical advice in terms of health insurance coverage? Denial of coverage for all medical expenses Exclusion of coverage for pre-existing diseases Increased premiums for the policyholder Loss of coverage for any future medical expenses 22 / 50 What is money laundering and how is it related to financial services? The process of hiding illegal money to make it appear legal; criminals use financial services to launder money The process of hiding legal money to make it appear illegal; criminals avoid using financial services to launder money The process of transferring funds legally to conceal their origin; financial services are not used in money laundering The process of transferring illegal funds openly; financial services are not used in money laundering 23 / 50 What is Key-man Insurance? An insurance policy taken out by an individual to compensate for financial losses from the death of a family member An insurance policy taken out by a business to compensate for financial losses from the death of an important member of the business An insurance policy taken out by a business to compensate for financial losses from the death of a customer An insurance policy taken out by a business to compensate for financial losses from the loss of a contract 24 / 50 What is a deductible? A cost-sharing provision between an insurer and insured A policy that is used for life insurance only An amount of money paid by an insurer to the insured A type of coverage used for health insurance 25 / 50 What is a common issue faced by elderly individuals when it comes to insurance coverage? Limited coverage options for specific age groups Higher premium rates for certain age brackets Exclusion of pre-existing conditions Lack of coverage for hospitalization expenses 26 / 50 What factors are considered in premium calculation for a group policy? Age profile of the group members Size of the group Claims experience of the group All of the above 27 / 50 What do the IRDAI (Protection of Policyholders Interests) Regulations aim to do? Set premium rates for insurance policies Define the role of insurance agents Safeguard and protect the insured or beneficiary in case of claims Determine the coverage limits of insurance policies 28 / 50 What did IRDAI's Consolidated Guidelines on Product filing in Health Insurance Business revise? Guidelines on the renewal of health insurance policies Guidelines on the portability of health insurance policies Guidelines on the migration of health insurance policies Guidelines on the pricing of health insurance policies 29 / 50 What are the five major indicators of service quality according to the SERVQUAL approach? Accuracy, speed, cleanliness, reliability, and empathy Responsiveness, trust, competence, empathy, and tangibles Empathy, responsiveness, reliability, assurance, and tangibles Reliability, professionalism, accuracy, responsiveness, and trust 30 / 50 What are the elements of a valid contract? Offer and rejection, consideration, mutual distrust, free consent Offer and acceptance, mutual benefit, agreement between parties, free consent Offer and acceptance, coercion, unilateral benefit, free consent Offer and consideration, unilateral agreement, legal object, coercion 31 / 50 What action may a life insurance company take to guard against moral hazard? Requiring policyholders to disclose their past medical history Conducting background checks on policyholders' financial records Requesting the submission of a Moral Hazard Report by an official of the insurance company Offering additional coverage for risky activities like skiing expeditions 32 / 50 Under what circumstances may an inquiry be made regarding a life insurance proposal? When the proposed insured lives in a different city than the branch location When the proposed insured prefers a medical examination at a distant location When there is no clear insurable interest or the nominee is not a dependent When the agent is a close relative of the proposed insured 33 / 50 How many qualified practitioners in other systems of Medicine are there in India? Over 1 lakh practitioners Over 5 lakh practitioners Over 7 lakh practitioners Over 10 lakh practitioners 34 / 50 How does the health of a population impact a country's social and economic progress? There is no correlation between the health of a population and a country's progress Healthier individuals contribute to a stronger economy Poor health leads to social inequality and economic decline A country's social and economic progress depends on the health of its people 35 / 50 How does level premium work in life insurance? Premiums increase with age to cover death claims of those dying at higher ages Premiums decrease with age to cover death claims of those dying when young Premiums are fixed and do not increase with age but remain constant throughout the contract period Premiums are not required in life insurance contracts 36 / 50 How are pre-existing diseases defined? Diseases that occur after the commencement of the policy Diseases that occur within 48 months after the commencement of the policy. Diseases that occur within 48 months prior to the commencement of the policy Diseases that occur before a person is covered for insurance 37 / 50 How are death claims distributed among multiple nominees? Each nominee receives an equal share of the claim amount. The claim amount is paid to the nominee who reaches majority age first The claim amount is payable to the nominees jointly, or to the survivor(s) The claim amount is divided among the nominees based on their relationship to the life assured. 38 / 50 Why is insurance needed? To increase the primary burden of risk To increase the secondary burden of risk To reduce the primary and secondary burden of risk To transfer the risk from insurer to insured 39 / 50 Who can enter into an insurance contract according to the paragraph? Only minors Only adults who are not of sound mind Only individuals who are disqualified under law Both parties must be legally competent 40 / 50 Which of the following job roles is most likely to be associated with accidental hazards? Office administrator Circus artiste Accountant Teacher 41 / 50 Which of the following is NOT mentioned as a type of fixed benefit insurance plan? Hospital daily cash insurance plans Critical illness insurance plans Maternity insurance plans Surgical expense insurance plans 42 / 50 Which document is used by insurance companies to provide details about the product? Age Proof Proposal form Prospectus KYC document 43 / 50 When does a customer relation opportunity arise? Only during the sale of an insurance policy Only when a customer has a complaint At various touch points, such as understanding insurance needs and explaining coverage When a customer cancels their policy 44 / 50 When can customers evaluate and experience the insurance protection they buy? When they purchase the policy When they contact customer service When they have a loss and file a claim When they receive a premium refund 45 / 50 What role can the Insurance Ombudsman play in resolving complaints? The Ombudsman can only act as a mediator and counsellor if requested by the insurer The Ombudsman can only act as a mediator and counsellor if requested by the insured The Ombudsman can act as a mediator and counsellor within the terms of reference, by mutual agreement of the insured and the insurer The Ombudsman cannot act as a mediator or counsellor, but can only issue final decisions on complaints 46 / 50 What is the significance of the information provided by sales personnel in their reports? It is irrelevant to the company's decision-making process It forms a minor consideration for the company It is crucial and should be taken into account. It has no impact on the company's operations 47 / 50 What is the purpose of the waiting period and survival clause in the policy? To delay the payment of benefits To ensure policyholder's compliance with medical treatments To protect the insurer from immediate claims after policy inception To allow time for accurate diagnosis and assessment of the illness 48 / 50 What is the purpose of the policy stamp on the policy document? It indicates the date of commencement of the policy It serves as proof of payment for the insurance coverage It signifies the authenticity and validity of the policy It contains the signature of the policyholder 49 / 50 What is the purpose of a prospectus in the insurance industry? To collect premiums in advance To announce the availability of payment facilities To introduce insurance products to prospective buyers To regulate the issuance of insurance policies 50 / 50 What is the minimum and maximum tenure for individual health products offered by non-life and standalone health insurance companies? Minimum one year and maximum five years Minimum one year and maximum three years Minimum three years and maximum five years Minimum five years and maximum ten years Your score is Lic IC 38 Agent Exam Mock Test LIC IC 38
