UncategorizedLIC IC 38 LIC IC 38 1 / 50 What is excluded from coverage under Personal Accident insurance? Accidents resulting from mental disorders or sickness Accidents caused by injuries sustained while playing recreational sports Accidents resulting from work-related injuries Accidents caused by slips and falls in public places 2 / 50 What information is included in the proposal form regarding insurance history? Monthly income and expenses Details of the proposer's occupation Past insurance and claims history with any other insurer Names of family members 3 / 50 What does the specific gravity of urine indicate? The pH level of the urine The concentration of salts in the urinary system The presence of toxins or impurities in the urine The overall volume of urine produced 4 / 50 What authorization does the proposer provide to the company regarding sharing information? Sharing information with any individual or organization Sharing information only with the proposer's family members Sharing information with any Governmental and/or Regulatory Authority Sharing information with competitors for market research purposes 5 / 50 What are the barriers to effective communication? Only physical barriers Only emotional barriers Different kinds of barriers that can arise at each step in the communication process No barriers at all 6 / 50 Is it possible to claim the full sum insured from multiple PA policies? No, the sum insured can only be claimed from one policy Yes, the full sum insured can be claimed from all policies Yes, but the total claim amount cannot exceed the sum insured of one policy No, the claim amount will be divided equally among all policies 7 / 50 How long are these plans generally renewable for? 5 years 10 years 20 years Lifelong 8 / 50 How does a Money Back policy work? The full sum assured is paid at the end of the term The premiums are returned to the insured at the end of the term The sum assured is paid in instalments during the term, with a balance sum assured at the end The sum assured is paid only if the insured dies during the term 9 / 50 Can the list of exclusions in Personal Accident insurance vary between insurance companies? No, the list of exclusions is standardized across all insurance companies Yes, the list of exclusions can vary from company to company The exclusions only apply to group policies, not individual policies The exclusions are applicable only to family policies, not individual or group policies 10 / 50 Why do insurers charge lower premiums when the insured voluntarily opts for higher deductibles? Insurers prefer to spend time processing small claims Insurers do not want to get exposed to financial stress caused by accumulation of a large number of small losses at one location The insured is taking on more financial responsibility for the claim Both A and B 11 / 50 Who among the following is not a stakeholder in the health insurance claim process? Customers Police Department Regulator TPA 12 / 50 Which of the following is not a characteristic of effective healthcare? Appropriate to the needs of the people Comprehensive Expensive Easily available 13 / 50 Which approach is more practical and relevant than risk avoidance? Risk retention Risk reduction and control Risk transfer Risk avoidance 14 / 50 When are alterations to policy terms and conditions generally permitted? Alterations are permitted at any time during the policy term Alterations are only permitted during the first year of the policy. Alterations are permitted after the first year of the policy . Alterations are only permitted if the policyholder pays an additional fee. 15 / 50 What principle ensures that the insured is compensated to the extent of his loss on the occurrence of the contingent event? Proximate Cause Contribution Subrogation Indemnity 16 / 50 What is the Sales Process and what is its significance? A process that is both an art and science. A process that is only science. A process that is only an art. A process that is neither an art nor science 17 / 50 What is the purpose of the Agent's declaration in the Proposal form? To inform the proposer about the recommended policy To acknowledge that the proposer has filled out the form To explain the reasons for the Agent's recommendation To comply with IRDAI regulations 18 / 50 What is the Proposal Form in insurance? The document used for making a proposal The legal contract between the insurer and policyholder The confidential information collected during policy issuance The material change that needs to be disclosed during the period of insurance 19 / 50 What is the mathematical principle that makes insurance possible? Law of large numbers Risk pooling Homogeneous units Economic feasibility 20 / 50 What is the duty of an Agent regarding assisting and advising their customers/policyholders? To not assist or advise on any policy servicing matters To assist and advise only on claims settlement related procedures To assist and advise on policy servicing matters including assignment of policy, change of address, or exercise of options under the policy or any other policy service, as required To assist and advise only on obtaining requisite documents at the time of filing the proposal form with the insurer 21 / 50 What is the age threshold at which individuals often face difficulties in obtaining coverage? 50 years 60 years 70 years 80 years 22 / 50 What is Customer Lifetime Value? The economic benefits that can be derived from building a sound relationship with a customer over a long period of time The total number of customers an agent has in their network The amount of money an agent earns per customer per year The total amount of money earned from commissions on new business 23 / 50 What information does the proposer need to provide regarding previous insurers? The premium amounts paid The types of coverage provided The names of the insurers The policy numbers 24 / 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 25 / 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 26 / 50 What are some tips for appearing confident and self-assured? Hiding behind a smile Slouching Avoiding eye contact Standing tall with shoulders held back and solid eye contact with a "smiling" face 27 / 50 In which types of insurance is insurable interest required only at the time of loss? Health and personal accident insurance Both a and b Fire and accident insurance Marine policies 28 / 50 How is the pure premium calculated? By adding percentages for expenses, reserves, and profits By calculating the average loss percentage per vehicle By collecting data on past losses for a period of time By expressing the amount of loss as a percentage of the total value of vehicles 29 / 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 30 / 50 Can most lapsed life insurance policies be reinstated? No, once lapsed, policies cannot be reinstated Yes, policies can be reinstated without any conditions Yes, most lapsed policies can be reinstated Only specific types of policies can be reinstated 31 / 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 32 / 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 33 / 50 Which of the following is an example of a package policy in health insurance? Critical illness cover combined with travel insurance Indemnity policy combined with motor insurance Life insurance policy combined with property insurance Critical illness cover combined with indemnity policy 34 / 50 Which additional cover provides limited coverage for outpatient expenses? Hospital cash Recovery benefit Outpatient cover Donor's expenses 35 / 50 What was the reason behind allowing insurers to collect health insurance premiums in instalments? To ease the burden of premium payment during the COVID-19 outbreak To encourage policyholders to switch to other insurance companies To increase the overall premium amount collected by insurers To restrict access to health insurance products for certain policyholders 36 / 50 What other important information does a prospectus include? The name of the agent who sold the policy The amount of commission payable to the agent The terms and conditions of cancellation of the policy The possibility of any revision or modification of the terms of the policy including the premium 37 / 50 What is the role of primary underwriting in the underwriting process? Gathering information and assessing the insurability of applicants Determining the premium rates for insurance coverage Issuing insurance policies to qualified applicants Processing claims for insurance benefits 38 / 50 What is the purpose of Section 45 of the Insurance Act, 1938? To impose a penalty on insurance companies for policy cancellation To establish grounds for questioning a life insurance policy To protect the policyholder by limiting the time period in which a policy can be called into question To define the terms and conditions of a life insurance policy 39 / 50 What is the process of calculating the price to cover future insurance claims and expenses called? Premium calculation Underwriting Ratemaking Risk assessment 40 / 50 What is the main factor considered in underwriting Personal Accident Policies? The age of the insured The occupation of the insured The duration of the policy The geographical location of the insured 41 / 50 What is the difference between participating and non-participating life insurance policies, according to IRDAI guidelines? The minimum sum assured for death benefits The way the return on policies is disclosed Whether or not they are linked to an index or benchmark The types of additional benefits that are accrued at regular intervals 42 / 50 What is the advantage of a non-medical underwriting policy? Lower premiums compared to traditional policies Longer waiting periods for coverage Quick coverage without extensive medical examinations Higher sum assured for the policy 43 / 50 What is arbitration? A method of settling disputes arising out of contracts A legal procedure involving considerable delay and expense A formal court hearing for commercial insurance policies A method of settling disputes through litigation 44 / 50 What has been made compulsory by IRDAI for all policies? Annual renewal Contract extension Lifetime coverage Premium adjustment 45 / 50 What does the Grace Period provision in a life insurance contract enable? It allows the policyholder to extend the policy term without paying additional premiums It grants the policyholder an additional period of time to pay the premium after it has become due It provides a grace period for submitting claims for policy benefits It allows the policy to continue in force even if the insured dies during the grace period. 46 / 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 47 / 50 What are some occupations or activities that belong to risk group III? Persons engaged in racing on wheels (e.g., race car drivers) and similar hazardous occupations/activities Doctors, Lawyers, Architects Accountants, Engineers, Builders Teachers, Librarians, Social workers 48 / 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 49 / 50 How is the HLV concept calculated using a simple thumb rule? By taking into account inflation, wage rise, and future earning capacity By determining the amount that would generate the annual income the family would need by way of interest By dividing the total amount of money a person has saved over their lifetime by the number of years they are expected to live By multiplying the annual income of the breadwinner by the prevailing rate of interest 50 / 50 How do life insurers handle cases with adverse family history? Reject the proposal outright Impose additional financial requirements Call for other reports and may impose an extra mortality rating Increase the coverage amount for such individuals Your score is LIC IC 38 LIC IC 38
