Who is primary underwriter or field underwriter?
A. Development officer
B. Insured
C. Agent
D. Insurer
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In traditional life insurance policies, the investment risk is borne by the _________, while in unit linked plans, the investment risk is borne by the _________.
A. Policyholder, unitholder
B. Insurance company, unitholder
C. Insurance company, insurance company
D. Policyholder, insurer
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Which of the following options are correct?
A. Notice of assignment has to be given to the insurer
B. Notice of nomination has to be given to the insurer
C. Both A & B
D. None of the above
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If a policyholder dies within the grace period, then
A. The claim will be rejected
B. The claim will be paid subject to policy conditions
C. The claim is payable after deducting the premium
D. None of the above
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Exclusions in a health insurance policy mean
A. Diseases covered under health cover
B. Diseases specifically not covered
C. Both A & B
D. None of the above
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In which of the following types of claim will insurer order an investigation?
A. Early death claim
B. Non-early claim
C. Maturity claim
D. Surrender
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In a money back plan, what is the death claim payable?
A. Sum insured
B. Sum insured less survival benefits paid already
C. Bonus
D. Nothing is payable
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In what plan of insurance is medical examination never required?
A. Endowment
B. Pure endowment
C. Group insurance
D. Term assurance
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Which is not a recent phenomenon in health insurance industry segment?
A. Hospital chains are allowed by IRDA to enter health insurance business
B. Tremendous growth of health insurance business is tapped by standalone companies
C. Standalone companies are specifically barred from covering rural masses
D. None of the above
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Who could not be a claimant under a policy?
A. Appointee
B. Assignee
C. Legal heir
D. Minor nominee
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Prospecting in an insurance sale is
A. Gathering the names of people who may be interested in insurance
B. Preparing a list of all the persons in a city
C. Enlisting all the policyholders of a branch office
D. Preparing a list of all the agents in a neighborhood
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According to common law, when should insurable interest be present in a life insurance contract?
A. At the time of taking policy
B. At the time of claim
C. Both A & B
D. None of the above
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The dividends declared under contribution method can be
A. Paid by cash or by reducing future premiums
B. Allowed to purchase non-forfeitable paid up additions
C. Accumulated with interest to be withdrawn at the option of the policy holder
D. None of the three
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Which of the following options are correct?
A. Life insurance selling is different from selling other items
B. Life insurance involves concept of selling and hence, is challenging
C. An agent has to create, in his client's mind, a need for life insurance
D. All of the above
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Which of the following statements is correct
A. Ethical behavior is impossible while selling insurance
B. Ethical behavior is not necessary for insurance agents
C. Ethical behavior helps in developing trust between the agent and the insurer
D. Ethical behavior is expected from the top management only
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Which of the following statements is incorrect?
A. Money laundering is an illegal practice of bringing money into nation's economy by hiding its source and the true identity of the person involved
B. Life Insurance Company will return the entire premium under free look provisions
C. Moral hazard is not easily assessable unlike physical risk of the proposer
D. Standard and non-standard age proofs are not mutually interchangeable
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Which of the following could be termed as a transactional product?
A. Insurance
B. Shares
C. Real estate
D. Bank deposits
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Terminal bonus is payable at the time of
A. Surrender
B. Maturity/death
C. Loan
D. None of the three
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Restructuring of debts refers to
A. Swapping less interest loans with more interest loans
B. Modification of the terms of a loan to debtor who could default on payments
C. Closing all outstanding loans
D. Going for more and more borrowings
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An insurance agent is typically a representative of
A. Customer
B. Insurance company
C. Government
D. IRDA
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