UncategorizedLIC IC 38 LIC IC 38 1 / 50 When does the utilization of the buffer cover usually occur? After every hospitalization, regardless of the expenses incurred When the family sum insured is not sufficient to cover routine medical expenses Only in case of major illness or critical illness expenses that exhaust the sum insured When the group policy is up for renewal 2 / 50 What should insured individuals keep in mind regarding claim documentation? The above list is comprehensive and covers all required documents for claim processing. Additional information or documents may be requested based on the specific details of the case. Insurers do not have specific claim settlement policies or procedures. The required documents for claim processing are fixed and do not vary. 3 / 50 What is the unique selling proposition (USP) of term assurance? It provides a series of monthly payments to the dependent beneficiaries It offers a disability protection rider on the main policy It allows a policyholder to convert a term insurance policy into a permanent plan without providing fresh evidence of insurability Its low price enables one to buy relatively large amounts of life insurance on a limited budget. 4 / 50 What is the Right to Information (RTI) Act, 2005? A law specific to grievance redressal in insurance A law enacted by the Govt. of India promoting transparency and accountability A law appointing a Chief Public Information Officer (CPIO) A law obliging IRDAI to provide information to members of public 5 / 50 What is the requirement for crossing the deductible in a top-up plan? The deductible must be crossed for each hospitalization event. The deductible must be crossed for the total claims in one year. The deductible must be crossed for a series of hospitalizations during the policy period. The deductible does not need to be crossed in a top-up plan. 6 / 50 What is the purpose of collecting the pure premium? To generate profits for the insurance company To pay for future losses To cover administrative expenses To fund new insurance policies. 7 / 50 What is the Permanent Disability Benefit (PDB) offered by a life insurer and how is it availed? It is a benefit where the sum assured is doubled in case of permanent disability and there is no need to avail it It is a benefit where the sum assured is doubled in case of permanent disability and an extra premium per thousand sum assured is charged It is a benefit where a certain amount is paid in case of permanent disability and an extra premium per thousand sum assured is charged It is a benefit where the policy is cancelled in case of permanent disability and there is no extra premium charged 8 / 50 What is the objective behind Mortgage Redemption Insurance? Facilitate cheaper mortgage rates Provide financial protection for home loan borrowers Protect value of the mortgaged property Evade eviction in case of defaul 9 / 50 What is the importance of add-on covers in insurance policies? It is always necessary to purchase add-on covers to ensure maximum insurance Add-on covers are only useful for customers concerned about maximum insurance per rupee spent Add-on covers are not necessary for any insurance policy Add-on covers are useful for customers to insure against specific risks - 10 / 50 What is the 'Customer Journey'? The process of acquiring new customers The experience a customer goes through from initial contact to claim settlement The journey taken by the insurance agent to reach out to new customers The journey taken by the customer to research and compare insurance policies 11 / 50 What is one of the traditional coverages provided under travel insurance? Loss of property due to natural disasters Medical expenses for pre-existing conditions Compensation for flight delays or cancellations Hijack cover 12 / 50 What is not a component of 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 13 / 50 What is a grace period in insurance? The period of time following the premium due date during which a payment can be made to renew or continue a policy without loss of continuity benefits The period of time during which an insurer can assume risk The period of time after which a policy cannot be renewed The period of time during which claims will not be considered 14 / 50 What governs insurance contracts in India? Indian Insurance Act, 1872 Indian Contract Act, 1872 Indian Insurance Regulatory and Development Authority Act, 1999 Indian Companies Act, 2013 15 / 50 What factors determine the level of healthcare provided in a country? Only the financial resources available to the government The geographical size of the country The population and various other factors The political stability of the country 16 / 50 What does a policy lapse indicate? The policyholder discontinues payment of premiums The policy reaches its maturity date The policy is transferred to another insurance company The policyholder increases the coverage amount 17 / 50 What are the main purposes of underwriting? To prevent anti-selection, that is selection against the insurer To handle claims and reimburse policyholders To market insurance products effectively To manage investment portfolios 18 / 50 What are Contracts of Adhesion? Contracts that can be changed by either party Contracts that are legally binding but cannot be changed by one party Contracts that are not legally binding Contracts that can only be entered into by one party 19 / 50 What advantage does an individual have by taking a loan on or surrendering their insurance policy? Guaranteed minimum rate of return Professional investment management by the insurer Income tax benefits Protection from creditors claims 20 / 50 How should warranties be observed and complied with? They should be fulfilled only if they are material to the risk. They should be strictly and literally followed, regardless of their materiality. They should be fulfilled at the insurer's discretion. They should be overlooked if they are not related to health conditions. 21 / 50 How does the per day cash coverage amount vary in the hospital daily cash policy? It remains the same for all policyholders It is based on the insured person's income level It varies depending on the duration of hospitalization It could range from Rs. 1,500 to Rs. 5,000 or more per day 22 / 50 How does the incentive for better control of factors like blood glucose and blood pressure work in disease-specific covers? Insurers provide free medication for controlling these factors Premiums are reduced from the second year of the policy onwards for better control Insurers offer cash rewards for maintaining optimal control No specific incentives are provided for controlling these factors 23 / 50 How are risk groups labeled in terms of hazard level? Low, Medium, High Basic, Intermediate, Advanced Normal, Medium, High Entry-level, Mid-level, Senior-level 24 / 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 25 / 50 Why is it necessary to check if the family of a minor is adequately insured? To determine the minor's eligibility for government assistance To ensure the minor's parents have sufficient income To ascertain the need for insurance in the minor's family To assess the risk of insuring the minor 26 / 50 Who is covered by the Insurance Ombudsman Rules 2017? Only insurers Only intermediaries Insurers and their agents and intermediaries in respect of complaints on personal lines of insurance Only policyholders 27 / 50 Which of the following statements about a warranty is correct? A warranty is an implied condition in the policy. A warranty is not part of the policy document. A warranty is always communicated separately from the policy document. Claims will be payable even if a warranty is breached. 28 / 50 Which of the following procedures are considered as day-care surgeries? Eye surgeries Chemotherapy Dialysis Organ transplants 29 / 50 Which financial product is suitable for an individual who wants to have adequate purchasing power (liquidity) at the right time and quantum? Transactional products Contingency products Wealth accumulation products None of the above 30 / 50 Which factor is the most important in premium calculation for a group policy? Age profile of the group members Size of the group Claims experience of the group All factors are equally important 31 / 50 When does the insured receive the survival benefits in a Money Back policy? At the end of the term At the end of the 1st year At the end of the 5th, 10th, and 15th years At the end of the 2nd, 7th, and 12th years 32 / 50 When does a fact become "material" in an insurance contract? When it is already known to the insurer. When it represents a greater exposure than can be normally expected. When it is not important to the insured. When it is related to the past and not the future. 33 / 50 What should a customer ensure when filling out the pre-authorization form for cashless facility? The form should be submitted to the hospital's insurance desk. The form should include the correct details as per IRDAI's standardized guidelines. The form should be filled out by the consulting doctor. The form should be signed by the TPA representative. 34 / 50 What is the term used to describe reducing the degree of loss, in case a loss happens? Loss reduction/Loss minimisation Loss prevention Risk retention Risk reduction and control 35 / 50 What is the sum assured payable in case of the death of the insured during the term of an Endowment Assurance policy? Payable to the insured Payable to the government Payable to the insurance company Payable to the nominees of the insured 36 / 50 What is the range of sum insured options available under the Corona Rakshak plan? Rs. 10,000 to Rs. 1 lakh Rs. 1 lakh to Rs. 5 lakhs Rs. 50,000 to Rs. 2.5 lakhs Rs. 2.5 lakhs to Rs. 10 lakhs 37 / 50 What is the purpose of the web-based facility created by IRDA for health insurance portability? To allow individuals to compare premium rates of different insurance companies. To provide information on the waiting period for pre-existing conditions To facilitate the transfer of health insurance policies from one insurer to another To track the claims history of policyholders. 38 / 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 39 / 50 What is the next step after determining the investment and asset allocation strategies for investment planning? Implementing the plan Monitoring the plan Selection of appropriate investment vehicles Setting financial goals 40 / 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. 41 / 50 What is the history of insurance in India? It began in the 1700s with the Amicable Society for a Perpetual Assurance. The first non-life insurer was Bombay Mutual Assurance Society Ltd. The Oriental Life Insurance Co. Ltd was the first Indian insurance company. Agencies of foreign insurers started marine insurance business in early 1800s. 42 / 50 What is the frequency of renewal for most general insurance policies? Every 6 months Every 2 years Every year Every 5 years 43 / 50 What is the consequence of not observing Utmost Good Faith in an insurance contract? The contract is automatically terminated. The party not observing Utmost Good Faith is fined. The contract may be avoided by the other party. The party observing Utmost Good Faith is rewarded. 44 / 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 45 / 50 What is liability insurance? Insurance that covers loss of cargo while at sea Insurance that covers motor accidents Insurance that covers events leading to loss of name and goodwill Insurance that covers liability in case of accidents or damage caused by the insured 46 / 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 47 / 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 48 / 50 What factors are considered in the formula used to calculate surrender values? The type and plan of insurance, age of the policyholder, and the length of the policy premium-paying period The surrender value chart provided by the Insurance Act, 1938 The outstanding loan amount on the policy The policyholder's financial income and morals 49 / 50 What expenses are reimbursed under the donor's expenses cover? Expenses for accompanying person Outpatient expenses Ambulance expenses Expenses related to major organ transplant donor 50 / 50 What did the regulator do to provide standardization in health insurance? Introduced new insurance products Revised premium rates for existing products Issued guidelines on standardization Implemented stricter eligibility criteria Your score is LIC IC 38 (W.B) west bengal govt calendar 2024
