UncategorizedLIC IC 38 LIC IC 38 1 / 50 What are the five major indicators of service quality? Customer lifetime value, body language, reliability, responsiveness, empathy Customer satisfaction, reliability, empathy, tangibles, ethical behavior Reliability, responsiveness, assurance, empathy, tangibles Customer satisfaction, assurance, ethical behavior, body language, empathy 2 / 50 What are the elements of a valid contract? Offer and acceptance Consideration Agreement between the parties All of the above 3 / 50 What additional benefit is included in disease-specific covers? Cashless hospitalization for any medical condition Coverage for pre-existing diseases related to the specific disease A wellness benefit that covers regular health check-ups Access to specialized treatment centers for the specific disease 4 / 50 Under what circumstances may an insurer reinstate a policy without requiring evidence of insurability? If the policy has been in a lapsed state for a very short period of time If the policy has been in a lapsed state for more than a year If the policyholder provides a medical examination report If the sum assured or face amount of the policy is large 5 / 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 6 / 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 7 / 50 How does long-term heavy drinking affect an individual's health? Enhances liver functioning Improves mental clarity Impairs liver functioning Boosts the immune system 8 / 50 How are premiums calculated for individual insured persons under a family floater policy? Premiums are charged based on the age and sum insured chosen for each individual insured. Premiums are charged based on the age of the oldest member of the family proposed for insurance. Premiums are charged at a fixed rate for all individuals covered under the family floater policy. Premiums are not applicable for individual insured persons under a family floater policy. 9 / 50 How are dividends distributed in the "Contribution" method? They are paid in cash They are used to purchase additional coverage They are accumulated as a credit to the policyholder's account They are adjusted in future premium payments 10 / 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 11 / 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 12 / 50 Who are these plans primarily designed to offer cover to? Young adults Middle-aged individuals Elderly people Children 13 / 50 Which of the following is NOT mentioned as a type of fixed benefit insurance plan? Maternity insurance plans Surgical expense insurance plans Hospital daily cash insurance plans Critical illness insurance plans 14 / 50 Which entities are involved in the standard contracts mentioned in the guidelines? Insurers and policyholders TPAs, insurers, and hospitals TPAs and policyholders Insurers and hospitals 15 / 50 When does a death claim arise in a life insurance policy? Upon the policyholder's decision to surrender the policy When the insured survives the entire policy term Upon the death of the life assured When the policyholder fails to pay the premium 16 / 50 When deciding whether to insure or not, what should one evaluate? The probability of an earthquake or ship sinking The frequency of occurrence of a loss The cost of transferring the risk vs. the cost of bearing it oneself The value derived from insuring an asset 17 / 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. 18 / 50 What is the significance of the information provided by the proposer? It determines the insurance premium It influences the duration of the policy It forms the basis of the insurance policy It affects the company's underwriting policy 19 / 50 What is the significance of Know Your Customer (KYC) documents? They help in identifying potential customers for the insurance company They provide information about the insurance company's products They ensure compliance with Anti-Money Laundering (AML) norms They help in estimating the claim amount 20 / 50 What is the purpose of the Principle of Pooling in life insurance? To provide protection against economic loss due to untimely death To increase the profit margin of insurance companies To make life insurance policies affordable for everyone To reduce the risk of premature death 21 / 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 22 / 50 What is the minimum continuous hospitalization period required to receive benefits under the Corona Rakshak plan? 24 hours 48 hours 72 hours 96 hours 23 / 50 What is the meaning of "Appointment Letter" as per IRDAI regulations? A letter issued by an individual to apply for an insurance policy. A letter issued by an insurer to appoint a designated official. A letter issued by an insurer to appoint an insurance agent. A letter issued by an individual to resign from the post of an insurance agent. 24 / 50 What is the first step in cash planning? Analyzing income and expenditure flows Predicting future monthly income and expenses Designing a plan for managing cash flows Preparing a budget 25 / 50 What is the cash value in a whole life insurance policy? The amount of premium paid throughout the policyholder's life The amount of death benefit that the policyholder is entitled to The amount of money that the policyholder can withdraw in the form of a loan The amount of money that the policyholder will receive upon surrender of the policy 26 / 50 What is the benefit of a no claim discount in health insurance policies? It increases the sum insured for every claim-free year. It provides a discount on the premium for every claim-free year It encourages policyholders to make more claims to avail of the discount It is applicable only to group policies and not individual policies 27 / 50 What is free consent in a contract? When it is caused by coercion and fraud When it is not caused by coercion, undue influence, fraud, misrepresentation or mistake When it is caused by mistake When it is not caused by coercion, fraud or misrepresentation 28 / 50 What is "Consensus Ad-Idem" in a contract? Agreement between the parties Mutual benefit for the parties Communication of acceptance to the proposer None of the above 29 / 50 What expenses are covered under the Hospitalization Expenses for Covid-19 treatment? Diagnostic expenses Medication expenses Hospitalization expenses for a minimum period of 24 hours Outpatient consultation fees 30 / 50 What does the term "consumer" mean under the Consumer Protection Act? Any person who buys goods or hires services for commercial purposes Any person who buys goods or hires services for personal use Any person who obtains goods for resale Any person who avails of services for commercial purposes 31 / 50 What can IRDAI do if an Insurance Agent fails to submit the required information within the specified time lines? IRDAI can appoint the agent as an Investigating Officer IRDAI can revoke the agent's appointment IRDAI can initiate legal action against the agent IRDAI can appoint an Investigating Officer to inspect the affairs of an Insurance Agent 32 / 50 What are the conditions for non-medical underwriting in life insurance? Applicability to all types of lives and insurance plans. No specific conditions are required for non-medical underwriting. Applicability to certain class of lives, certain plans of insurance, certain upper limits of sum insured, entry age limits, maximum term of insurance, etc Applicability only to applicants with a clean medical history 33 / 50 What are the certified court copies of police reports required for? Claim form verification Hospital's certificate Employer's certificate Proof of death in case of death by accident 34 / 50 Is there a one-size-fits-all approach to investment planning? Yes, the same investment strategy can be applied to all investors No, investment planning is a customized process that varies from individual to individual. Yes, the same investment strategy can be applied to investors with similar risk profiles. No, investment planning is not necessary for all investors 35 / 50 How long is the waiting period for cataract for some other insurer? 1 year 2 years 3 years No waiting period 36 / 50 How does buying insurance differ from buying a car? Insurance is tangible, while a car is intangible Insurance cannot be experienced, while a car can be experienced Insurance is a physical product, while a car is a service Insurance is easily understood, while a car is not 37 / 50 How does a Term Life insurance policy work as an income replacement plan? By providing a lump-sum amount to the dependent beneficiaries By providing a series of monthly, quarterly or similar periodical payments to the dependent beneficiaries By providing a fixed salary to the dependent beneficiaries By providing health benefits to the dependent beneficiaries 38 / 50 For which medical condition may the waiting period vary between insurers? Diabetes Hypertension Cataract Sinusitis 39 / 50 Why does the proposer need to disclose details of any declined proposals, special conditions, or policy cancellations? To determine the proposer's loyalty to insurers To assess the proposer's negotiation skills To evaluate the proposer's risk profile To compare premium rates between insurers 40 / 50 Who are the target customers for group cover? Retail customers and their family members Corporate clients and their employees Very poor sections of the population Government employees and officials 41 / 50 Which of the following is NOT an operating expense incurred by life insurers? Agents training and recruitment Commissions of agents Investment returns Staff salaries 42 / 50 Which components make up the policy document? Policy schedule, standard policy provisions, and specific policy provisions Policy owner's details, premium payment terms, and policy number Insurer's promise to pay, policy stamp, and proof of age Standard policy provisions, policy number, and local Insurance Ombudsman's address 43 / 50 When can a non-standard age proof be submitted to the life insurer? When the insured forgets to carry a standard age proof When the insured is unable to produce a standard age proof When the insured wants to avoid the standard age proof submission process Non-standard age proofs are not acceptable readily 44 / 50 What regulations govern the issuance of a prospectus in the insurance industry? Insurance Act, 1938 and Health Insurance Regulations 2016 Protection of Policyholders Interest Regulations 2017 only Insurance Act, 1938 and Protection of Policyholders Interest Regulations 2017 Health Insurance Regulations 2016 only 45 / 50 What is the section number of the Insurance Act 1938 that states no risk can be assumed unless premium is received in advance? Section 59 Section 64 VB Section 1939 None of the above 46 / 50 What is the purpose of the excess clause in domiciliary hospitalization coverage? To limit the coverage for chronic illnesses To prevent misuse of the provision To extend the waiting period for coverage To provide additional benefits for home treatment 47 / 50 What is the purpose of a buffer cover in a group policy? To provide coverage for routine medical expenses To cover expenses of minor illnesses or injuries To provide additional coverage when the family sum insured is exhausted To offer financial assistance for non-medical expenses 48 / 50 What is the maximum pay-out for each of the listed treatments in the policy? It is determined by the insured's income level It is specified by the insured's age It is determined by the insurance company's profits It is clearly mentioned in the policy 49 / 50 What is the exception to the cancellation of the nomination in an assignment? When the assignee is a family member of the assignor When the assignor designates a new nominee before the assignment When the assignment is made to the insurance company for a policy loan When the assignment is revoked by the assignor 50 / 50 What is the basis for determining the pure rate of premium? Future loss experience Statistical data of past losses Market trends Customer preferences Your score is LIC IC 38 LIC IC 38
