UncategorizedLIC IC 38 LIC IC 38 1 / 50 Which of the following documents is involved at the proposal stage of insurance? Claim form Renewal notice Endorsement form Proposal form 2 / 50 Which risk group does a builder belong to? Risk group I Risk group II Risk group III Risk group IV 3 / 50 Who scrutinizes the form completed by the consulting physician? The insured person's employer The company's panel doctor The insured person's family physician The insurance agent 4 / 50 Are the consultation charges of the medical practitioner covered under "Other Expenses" related to the treatment of COVID? Yes, they are fully covered Yes, but only partially covered No, they are not covered It depends on the policy terms and conditions. 5 / 50 How do hospitals typically verify the validity of a policy and coverage during hospitalization? Contact the insured individual directly for policy verification Check the validity of the policy with the insurance company's claims department. Contact the assistance companies/ insurers on the provided call centre numbers. Verify the policy and coverage through an online portal 6 / 50 How is the coverage for babies usually restricted in relation to the maternity cover? It is not covered under the maternity cover It is limited to a specific duration after childbirth It is restricted to a certain monetary limit within the maternity cover It is provided as a separate coverage with its own sum insured 7 / 50 In the judgment method of underwriting, what may underwriters seek in complex cases? Extra mortality rating (EMR) Expert opinion of a medical doctor or medical referee Approval from the underwriting department Historical data of similar cases 8 / 50 What are some examples of frauds committed in health insurance? Impersonation, the person insured is different from the person treated Fabrication of documents to make a claim where there is no hospitalization Inflation of expenses, either with the help of the hospital or by addition of external bills fraudulently created All of the above 9 / 50 What does the accumulation phase of retirement planning involve? Withdrawing funds from investment accounts Setting aside money for investment purposes Maximizing the principal during the individual's working years Converting the corpus or principal into annuity payments 10 / 50 What happens to individuals who are categorized as declined lives in risk classification? They are charged a higher premium They are subjected to certain restrictions They cannot be provided insurance coverage at an affordable cost They are temporarily declined due to recent medical events 11 / 50 What is an insurance contract? A legal agreement between two parties for the exchange of goods and services An agreement between parties for sharing risks A promise made by an insurer to provide financial protection for a price None of the above 12 / 50 What is subrogation in insurance? The transfer of all rights and remedies with respect to the subject matter of insurance, from the insurer to the insured The transfer of all rights and remedies with respect to the subject matter of insurance, from the insured to the third party The transfer of all rights and remedies with respect to the subject matter of insurance, from the third party to the insured The transfer of all rights and remedies with respect to the subject matter of insurance, from the insured to the insurer 13 / 50 What is the difference between customers and clients in the insurance industry? Customers buy a product, while clients are people with whom an agent relates for life Customers are always looking for the cheapest insurance, while clients are more concerned with quality Customers are not important, while clients are very important Customers always renew their policies, while clients do not 14 / 50 What is the legal principle that such declaration converts to a contractual duty? Principle of Uberrimae fidei Principle of non-disclosure Principle of indemnity Principle of subrogation 15 / 50 What is the Principle of Risk Pooling? Spreading funds out among various assets Combining the funds of various individuals Avoiding risk-taking activities Transferring risks to an insurance company 16 / 50 What is the purpose of providing a discount on premium in group policies? To encourage more individuals to join the group To compensate for the administrative costs of the policy To reward the group for maintaining a good claims experience To attract competition among insurance providers 17 / 50 What is the role of insurance in managing risk? It is a tool for transferring risk It is a risk management technique It helps to minimize risk It is not related to risk management 18 / 50 What types of healthcare services are provided by the private health sector in India? Only primary healthcare services Only secondary healthcare services All three types of healthcare services - primary, secondary, and tertiary Only tertiary healthcare services 19 / 50 When were Unit Linked Plans first introduced and where? In India during the 1960s In the UK during the 1960s In the US during the 1960s In Japan during the 1960s 20 / 50 Which of the following expenses are NOT covered under the Hospitalization Expenses for Covid-19 treatment? Diagnostic expenses Medication expenses Outpatient consultation fees Hospitalization expenses for less than 24 hours 21 / 50 Which soft skill is the most important for effective performance in the workplace? Technical skills Management skills Communication skills Analytical skills 22 / 50 Who was Hippocrates and what did he propose? He was a Greek philosopher who emphasized the importance of diet for good health He was a Roman emperor who introduced public sanitation measures He was a Greek physician who explained that illness is caused by environmental, sanitation, hygiene, and dietary factors He was an Indian sage who developed traditional healing practices 23 / 50 Based on whose opinion are decisions such as acceptance, exclusion, etc. made? The insured person's opinion The company's panel doctor's opinion The insurance agent's opinion The insured person's family member's opinion 24 / 50 How do life insurance underwriters consider moral hazard? They assess the likelihood of a client's behavior changing after purchasing a policy They evaluate the external factors that could increase the chance of a loss They analyze the financial profitability of life insurance policies They determine the suitability of a client for life insurance based on their occupation 25 / 50 How is the Guaranteed Surrender Value (GSV) determined? It is a fixed percentage of the policy's sum assured It is a fixed percentage of the premiums paid It is calculated based on the policyholder's age and health condition It is determined by the market value of the policy 26 / 50 In what way do insurers and financial institutions use life insurance policies as security? They sell the policies to other parties for a profit They assign the policies to third-party investors They advance loans against the surrender value of the policies They use the policies as collateral for their own financial transactions. 27 / 50 What are some indicators of the healthcare needs in an area? Environmental factors and general nutritional status of the people Availability of specialized healthcare providers Socio-economic factors and affordability Incidence of specific diseases in the population 28 / 50 What are the two forms of Critical Illness (CI) cover offered by life insurers? Comprehensive CI cover and basic CI cover Accelerated CI benefit plan and standalone CI benefit plan Group CI cover and individual CI cover Term life insurance and whole life insurance 29 / 50 What does the Grace Period provision allow for? Continuation of a policy that would have lapsed due to non-payment of premium Extension of the policy term for an additional period. Waiver of premium payment during the grace period Changes in the coverage and benefits of the policy during the grace period 30 / 50 What happens when an illness is permanently excluded from the policy? It is mentioned in the underwriting report. It is communicated to the insured separately. It is endorsed on the policy certificate and becomes an additional exclusion apart from the standard policy exclusion It is subject to review after a specific period of time 31 / 50 What is arbitration and how is it different from litigation? Arbitration is a process of settling disputes through court of law Arbitration is a process of settling disputes in a less costly and informal manner than litigation Arbitration is a process of submitting disputes to an insurance company Arbitration is a process of settling disputes through negotiation 32 / 50 What is the accumulation motive with respect to investing? It is an individuals desire to invest in highly risky markets. It is an individuals desire to invest for accumulating wealth and taking advantage of favorable market opportunities It is an individuals desire to invest to create a safety net for future contingencies It is an individuals desire to invest in order to avoid losses in the future 33 / 50 What is the difference between Participating and Non-participating insurance products? Participating policies do not pay any bonuses to the policyholders, while non-participating policies do Participating policies offer a share in the surpluses (bonuses) generated by the insurer, while non-participating policies have fixed and guaranteed benefits. Participating policies only invest in regulatory norms, while non-participating policies have more freedom in investments Participating policies are more expensive than non-participating policies 34 / 50 What is the main difference between the Individual Plan and the Family Floater Plan under Arogya Sanjeevani Insurance Policy? The Individual Plan offers coverage for pre-existing conditions, while the Family Floater Plan does not. The Individual Plan has a higher premium rate compared to the Family Floater Plan. The Individual Plan covers only the policyholder, while the Family Floater Plan covers multiple family members The Individual Plan has a higher room rent and ICU charges capping compared to the Family Floater Plan 35 / 50 What is the process of calculating the price to cover future insurance claims and expenses called? Premium calculation Underwriting Ratemaking Risk assessment 36 / 50 What is the purpose of Section 45 (Indisputability Clause) of the Insurance Act? To establish a time limit for policy cancellation To protect the insurer from fraudulent claims To allow the insurer to reject claims without valid reasons To offer protection against claim rejection on flimsy grounds and set a time limit of 3 years for calling a policy into question 37 / 50 What is the role of nominees in relation to the policy's death claim amount? They become the new policyholders and can make changes to the policy They hold the money as trustees on behalf of those entitled to it They receive the full amount of the death claim for their personal use They are responsible for repaying any outstanding loans or interest on the policy 38 / 50 What options may the insurer consider when evaluating the evidence of continued insurability during policy revival? Revive the policy as per existing terms and premium only Offer revival with increased premium or reduced risk cover or both Terminate the policy without revival Offer revival with reduced premium or increased risk cover or both 39 / 50 What was the previous practice regarding the cost of medical examination? Insurer reimbursed the full cost Prospective clients had to bear the cost Insurance agent paid for the examination IRDAI covered the expenses 40 / 50 Which additional cover provides coverage for maternity expenses? Critical illness cover Reinstatement of sum insured Maternity cover Coverage for AYUSH 41 / 50 Which of the following is an example of a package policy in health insurance? Life insurance policy combined with property insurance Critical illness cover combined with indemnity policy Critical illness cover combined with travel insurance Indemnity policy combined with motor insurance 42 / 50 Which type of COVID-19 product is mandatory for general and health insurers to provide? Benefit-based product Indemnity-based product Combination of benefit-based and indemnity-based products Travel insurance product 43 / 50 Why are losses arising out of normal wear and tear not covered in insurance? Because it is not a natural process Because the asset has a finite lifetime Because it yields benefits Because it is covered in insurance 44 / 50 Can individuals who previously exited the scheme re-join in the future? No, re-joining is not allowed once an individual exits the scheme Yes, with a reduced sum insured Yes, with a higher annual premium Yes, through the specified enrolment modality 45 / 50 How does a critical illness policy differ from a regular health insurance policy? It covers all types of illnesses, while a regular policy only covers critical illnesses It reimburses all medical expenses, while a regular policy pays a fixed amount It provides coverage for routine medical check-ups, while a regular policy does not It pays a lump sum amount upon diagnosis of critical illnesses, while a regular policy covers ongoing treatment costs 46 / 50 How is the present value of liabilities determined in life insurance? By subtracting future premiums from future payments By applying a suitable rate of discount to future payments By dividing future payments by the interest rate By adding future payments and future premiums 47 / 50 In which types of insurance is insurable interest required only at the time of loss? Fire and accident insurance Marine policies Health and personal accident insurance Both a and b 48 / 50 What are some short-term goals in an individual's life cycle? Buying a house or a vacation abroad Education or marriage of ones child or post-retirement provision Buying an LCD TV set or a family vacation 49 / 50 What are the two types of plans available under Arogya Sanjeevani Insurance Policy? Individual Plan and Group Plan Basic Plan and Enhanced Plan Single Plan and Joint Plan Individual Plan and Family Floater Plan 50 / 50 What does the insured person confirm by signing the declaration? That they have read the form thoroughly That they have disclosed all their financial assets That they are in good physical and mental health That they have read the prospectus and accept the terms and conditions Your score is ishwar chandra vidyasagar biography in bengali LIC IC 38
