UncategorizedLIC IC 38 LIC IC 38 1 / 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 2 / 50 Who would have to pay for the existing illnesses of some others if pre-existing diseases were covered under insurance? Insured individuals with pre-existing diseases. Healthy individuals who do not have pre-existing diseases Both insured individuals and healthy individuals The government 3 / 50 Which specific type of delivery is typically included in the maternity cover? Normal delivery only C-section delivery only Both normal and C-section deliveries Complicated deliveries requiring specialized medical care 4 / 50 Which of the following expenses are typically included in outpatient coverage? Doctor visits Regular medical tests Dental treatments Surgical procedures 5 / 50 When would a life insurance underwriter decide to decline or reject a proposal for insurance? When there are certain health or other factors that significantly increase the risk When the applicant has a high income and can afford a higher premium When the underwriter is unable to assess the degree of risk accurately. When the applicant requests additional coverage beyond the standard policy. 6 / 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 7 / 50 What kind of information is the proposer expected to disclose in the declaration? All information related to the insurance agent All information related to the proposer's family All information related to the proposer's occupation All information relevant to the application for insurance 8 / 50 What is the purpose of providing identity proof in the health insurance claim process? To determine the age of the insured person. To verify the nationality of the insured person. To establish the relationship between the insured person and the policyholder. To confirm the identity of the insured person and ensure they are the same person being treated 9 / 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 10 / 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 11 / 50 What is the difference between individual coverage and family floater coverage? Individual coverage is for a single person, while family floater coverage is for the entire family. Individual coverage has a separate sum insured for each person, while family floater coverage has a single sum insured for the entire family Individual coverage has more restrictions on the dependents who can be covered, while family floater coverage has no such restrictions. All 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 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 14 / 50 What happens to the bonus and additional benefits accrued in participating products upon the death of the policyholder? They are not payable as part of the death benefit They are payable as part of the death benefit, if not paid earlier They are payable only if the policyholder survives the term of the policy They are not accrued in participating products 15 / 50 What does the chapter explain about health insurance products? The importance of health insurance in India The pricing and premium rates of health insurance The process of filing health insurance claims The features of various health products for individuals, family, and group 16 / 50 What are the three phases involved in retirement planning? Income, Expenses, and Budget Accumulation, Conservation, and Distribution Investment, Savings, and Expenditure Risk, Return, and Liquidity 17 / 50 In what circumstances may the insurer reinstate the policy without any evidence of insurability? If the grace period has expired If the policyholder provides a simple statement certifying good health If the policy has been in a lapsed state for a very short period of time If the sum assured or face amount of the policy is large 18 / 50 How is the currency conversion rate applied when processing reimbursement claims? The currency conversion rate is applied as on the date of claim submission The currency conversion rate is applied as on the date of loss to determine the liability in INR The currency conversion rate is fixed and does not change regardless of the date of loss The currency conversion rate is determined by the insured individual 19 / 50 How do insurers charge interest on policy loans? Interest is waived for policy loans Interest is payable only if the loan is not repaid on time Interest is charged semi-annually or annually Interest is calculated based on the policy's sum assured 20 / 50 Are there any alternative options for determining the sum insured in PA policies? No, the sum insured is always based on the gross monthly income Yes, the sum insured can be determined based on the individual's age Yes, the sum insured can be determined based on the individual's occupation Yes, the sum insured can be determined based on a fixed plan basis 21 / 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 22 / 50 Which risk group does a person working in underground mines belong to? Risk group I Risk group II Risk group III Risk group IV 23 / 50 Which of the following documents is involved at the proposal stage of insurance? Claim form Renewal notice Endorsement form Proposal form 24 / 50 When was the first standardized health insurance product, Mediclaim, launched in the Indian market? 1947 1954 1986 2001 25 / 50 What type of products were introduced later by some companies? Life insurance policies Travel insurance policies Indemnity-based products Investment-based products 26 / 50 What is the role of an Umpire in arbitration? To state the case for each party To make the final decision in the dispute To preside over the meetings between the two arbitrators To examine the witnesses in the dispute 27 / 50 What is the purpose of maternity cover in a group policy? To provide coverage for expenses related to child delivery To offer additional benefits for families in the group To reduce the overall sum insured of the policy To restrict coverage for certain medical procedures 28 / 50 What is the primary purpose of Overseas Travel insurance? To provide coverage for lost baggage during international travel To compensate for flight delays and cancellations To cover expenses of accidental injury or hospitalization while traveling outside India To offer assistance with visa and immigration processes 29 / 50 What is the Integrated Grievance Management System (IGMS)? A system for registering insurance policies An online complaints registration system for policyholders A central repository of insurance data for IRDAI A system for tracking complaints of insurance agents 30 / 50 What is the difference between a rate and a premium? Rates are determined by the insurer while premiums are determined by the insured Rates are the same as premiums Premiums are the price of a given unit of insurance while rates are the calculation of future insurance claims and expenses None of the above 31 / 50 What is risk retention? Transferring the risks to an insurance company Deciding to bear the risk and its effects by oneself Taking steps to lower the chance of occurrence of a loss Avoiding activities or situations that pose a risk 32 / 50 What is active listening? Interrupting the speaker with counter-arguments Allowing the speaker to finish each point before asking questions Ignoring the speaker and preparing a rebuttal Engaging in external distractions 33 / 50 What happens if the principles relevant to underwriting in health insurance are violated? The insurer decides to avoid the liability The insurer increases the premium The policyholder loses coverage The policyholder can request a refund 34 / 50 What does risk reduction involve? Avoiding risky activities Transferring risks to an insurance company Making environmental changes Bearing the risk and its effects by oneself 35 / 50 What are renewal premium receipts (RPR) used for? They serve as evidence of policy commencement They provide information about the policyholder's address and contact details They act as proof of payment for subsequent premium payments They indicate the sum assured for the life insurance policy 36 / 50 In Scenario 1, why did the insurance company reject the claim? The damage was due to normal wear and tear, which was excluded from the policy The damage was due to an excluded peril in the policy The car was too old to be insured None of the above 37 / 50 How is a product defined in popular terms? A service that is offered in the market A commodity or good that is brought and sold in the market An intangible item that can be owned A business process used to create value for customers 38 / 50 How can one ensure that the rates are not unfairly discriminatory? By considering all relevant rating factors By charging higher rates for higher quality risks By charging lower rates for lower quality risks By only insuring risks of similar type and quality 39 / 50 Are ambulance charges typically covered under personal accident insurance? No, ambulance charges are not covered by personal accident insurance Yes, they are covered up to a fixed limit Only if the accident occurs outside of a certain radius from the insured's residence Ambulance charges are covered based on the actual expenses incurred 40 / 50 Who may service a health insurance claim? Insurance company Third Party Administrator (TPA) Hospital Regulator 41 / 50 hich organization follows the definition of health insurance business ? World Health Organization (WHO) International Association of Insurance Supervisors (IAIS) Insurance Regulatory and Development Authority of India (IRDAI) Insurance Information Institute (III) 42 / 50 When there is a delay in processing a claim for reasons other than those specified, what does the life insurance company do? Rejects the claim and offers no compensation Pays the claim amount without any additional compensation Pays interest on the claim amount at a rate 2% above the bank rate prevalent at the beginning of the financial year Extends the claim processing timeline without any compensation 43 / 50 What type of payment do benefit-based products provide? Monthly installments Lump sum payment Reimbursement of medical expenses Cashless treatment facility 44 / 50 What is typically required for persons above the age of 45-50 years enrolling for health insurance? Submission of a detailed medical history Completion of a physical fitness test Pathological investigations to assess health risk profile Participation in a health and wellness program 45 / 50 What is the role of a Third Party Administrator (TPA) in the health insurance business? Selling health insurance policies to individuals Providing medical services directly to policyholders Servicing of claims under health insurance policies, facilitating pre-insurance medical examinations, and more Act as an intermediary between insurance brokers and insurance companies 46 / 50 What is the primary concern addressed by a critical illness policy? The need for routine medical check-ups and preventive care The availability of advanced medical treatments for major diseases The financial burden associated with surviving a critical illness The risk of developing chronic diseases in the future 47 / 50 What is the importance of understanding objections raised by customers during a sale? To identify and resolve underlying concerns To ignore the objections and move on to the next customer To argue with the customer and convince them to buy the product To make assumptions about the customer's needs 48 / 50 What is the definition of Permanent Partial Disability (PPD) in the policy? Becoming partially disabled for a temporary period of time Becoming totally disabled for a temporary period of time Becoming totally disabled for lifetime Becoming partially disabled for lifetime 49 / 50 What is pure premium? Premium sufficiently big enough to pay for losses only Premium applicable to marginal members of the society Premium after loading for administrative costs Premium derived from the most recent loss experience period 50 / 50 What happens if the medical costs are less than the chosen deductible level in a top-up policy? The insured receives full reimbursement for the medical expenses The insured receives partial reimbursement for the medical expenses The insured is not eligible to receive any claim under the policy The insured must pay the entire medical expenses out of pocket. Your score is LIC IC 38 ishwar chandra vidyasagar biography in bengali
