As per IRDA regulations issued, what is the grace period allowed beyond the expiry date of a policy for renewal?
A. 10 days
B. 30 days
C. 45 days
D. 60 days
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Which regulation deals with claim procedure?
A. IRDA (Licencing of Agents) Regulations, 2000
B. IRDA (Protection of Policyholders' Interests) Regulations, 2002
C. Insurance Act, 1938
D. Government of India directives
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Which of the following statements are true with regard to MWP Act cases? I: Maturity claim cheques are paid to policyholder. II: Maturity claim cheques are paid to trustee.
A. I is true
B. II is true
C. Both I and II are true
D. Neither I nor II is true
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Which of the following will be the most appropriate option for an aggrieved customer to lodge an insurance policy related complaint?
A. Police
B. Supreme Court
C. Insurance Ombudsman
D. District Court
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Which of the following statements is correct with regard to the territorial jurisdiction of the Insurance Ombudsman?
A. Insurance Ombudsman has national jurisdiction
B. Insurance Ombudsman has state jurisdiction
C. Insurance Ombudsman has direct jurisdiction
D. Insurance Ombudsman operates only within the specified territorial limits
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How can a complaint be launched with an Insurance Ombudsman?
A. The complaint is to be made in writing
B. The complaint is to be made orally over the phone
C. The complaint is to be made orally in case of a face to face manner
D. The complaint is to be made through newspaper advertisement
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An insurance contract terminates after _________ is paid.
A. Loan
B. Human Life Value
C. Economic value
D. Claim
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Which of the following forms is not required for settlement of a death claim?
A. Declaration of good health
B. Certificate of cremation/burial
C. Physician certificate
D. Death certificate
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Which of the following is the correct statement?
A. Life insurance contract is a verbal contract through custom and usage
B. Life insurance is a legally enforceable contract between the insurer and the insured, as per the Indian Contract Act, 1872
C. Verbal contracts, like life insurance, are enforceable
D. Life insurance, like a wagering contract, is a business practice
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Health plus life combo products would mean a combination of
A. Health insurance from a non-life company and life cover from a life insurance company
B. Health insurance from a standalone health company and life cover from a life insurance company
C. Both A & B
D. None of the above
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Which of the following are correct?
A. Prospecting is building a list of persons who can be approached for life insurance
B. Marketing includes an exercise to meet the account holders of a bank
C. Meeting known and familiar people who can give an agent interview for life insurance purposes is useful
D. All of the above
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If assets are overvalued, the result would be
A. More surplus
B. Less surplus
C. More or less surplus
D. New business strain
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Which of the following factors are taken into account for financial underwriting?
A. Income
B. Occupation
C. Lifestyle/habits
D. All of the above
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When is it essential for insurable interest to be present in case of life insurance?
A. At the time of taking out insurance
B. At the time of claim
C. Insurable interest is not required in case of life insurance
D. Either at time of policy purchase or at the time of claim
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Which of the following is correct?
A. Extra benefits are allowed by the insurer in a life policy on payment of an extra premium
B. Double accident benefit is a free item in a life policy
C. Permanent Disability, like DAB, is also a free benefit and not chargeable
D. Extra premium for health and extra premium for extra benefits are identical
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Which of the following statements is incorrect with regards to decreasing term assurance?
A. Death benefit amount decreases with term of coverage
B. Premium amount decreases with term of coverage
C. Premium remains leveled throughout the term
D. Mortgage redemption plans are an example of decreasing term assurance plans
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Which of the following policies is suitable for a person who cannot temporarily afford to pay high premiums?
A. Convertible Endowment
B. Convertible Money Back
C. Convertible ULIP
D. Convertible Whole Life
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Which of the following is untrue as per IRDA’s regulations on non-par policies?
A. The benefits shall be stated at the outset
B. The benefits shall be linked to some index
C. The additional benefit under these policies shall be laid out at the outset
D. The return shall be stated at the beginning of the contract itself
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Which of the following plans have several limitations?
A. Traditional cash value plans
B. Non-traditional plans
C. Both A & B
D. None of the above
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Reversionary bonus is declared as an amount
A. Per thousand premium paid
B. Per thousand surplus of the company
C. Per hundred premium paid
D. Per thousand sum insured
Select an option to see the answer and solution.