Q1.
A life insurance policy can only be made paid up if what particular policy
feature exists?
Indexing contribution.
Nomination facility.
Rider benefits.
Savings element.
Q2. When an insurance company is not bound by the terms of the quotation during
the set period?
When the insurance company is closed
When propser withdraws the contract
When policy received
When material facts change
Q3. Arun started a 20-year term insurance policy. Once established, when the insurer
next entitled to ask him for proof of continuing good health?
At no point.
After the end of the first 12 months.
At the point when he changes occupation or retires
When a lapsed policy is revived
Q4. In case of life insurance the insurable interest should exist
At the time of taking the policy
At the time of claim
At the time policy matures
At the time of taking the policy & claim
Q5. If a policy holder is not satisfied with terms and conditions of the policy which
she/he has received then there is an option to return policy for cancellation
within�..days from the date of receipt fo policy by poicyholder.
15Days
20 Days
25 Days
10 Days
Q6. A person who receives policy money after death of policyholder generally is
___________
Trustee
Insurer
Assignee
Nominee
Q7. The main supplier of the material facts is
The agent since he meets the life to be insured
The proposer as he is alone in the possession of full information about himself
The insurance company
The neighbours
Q8. A Client can reject a policy within how many days of receiving the same.
30
15
50
20
Q9. Policy taken by husband and wife jointly is called as ..
Group Insurance Policy
Family Floater policy
Joint life policy
Joint Account policy
Q10. The __________ of the policy states that the proposal declaration signed by the
proposer forms the basis of contract
Preamble
Attestation
Operative Clause
Proviso
Q1. The insurance contract is mainly an
Agreement enforceable by law
Agreement enforceable by insurance company
Agreement enforceable by IRDA
Agreement enforceable under the Insurance Act of India
Q2. Kailash is working with an MNC and has a coworker Ramesh who helps him in
his work. In the absence of Ramesh Kailash�s work would suffer significantly
and he has to work on his own to complete his assignments. Which of the
statement is true with regard t
Insurable Interest exists between Kailash and Ramesh
Insurable Interest does not exist between Kailash and Ramesh
Kailash has unlimited insurable interest in life of Ramesh
Ramesh has unlimited insurable interest in life of Kailash
Q3. A person who receives policy money after death of policyholder generally is
___________
Trustee
Insurer
Assignee
Nominee
Q4. Is the payment of interim bonus made mandatory under section 112 of the
insurance Act 1938
Yes
No
Sometimes
Rarely
Q5. Rajiv consumes alcohol regularly but in the proposal form he declared that he
does not drink to avoid loading on the premiums and the medical test. This is a
case of:
Fraudulent misrepresentation of material facts
NonDisclosure of material facts
Concealment of Material Fact
Innocent Misrepresentation of material facts
Q6. Utmost good faith envisages a positive duty to disclose accurately all
information that are
Facts of common knowledge
Facts which are material to the risk being proposed
Facts of law
Facts already known to the insurer
Q7. Janvi borrows Rs 10 lacs from Geeta. She returns Rs 2 lacs in the next month.
Geeta now plans to take an insurance policy on life ofJanvi. Which of the
statement is true?
Geeta cannot take the policy on life of Janvi as there is no insurable interest
Geeta can take the policy on Janvi to the extent of total loan amount.
Geeta can take the policy of an unlimited amount
Geeta can take the policy up to the extent of unpaid loan amount
Q8. The person seeking insurance policy is called as ..
Proposer
Policyholder
Nominee
Assignee
Q9. Two endowment policies A and B are issued in the same time on the quarterly
mode. In both the policies 22 quarterly installments are paid. Both are
surrendered immediately after paying 22nd installment. But in policy A
surrender value is significantly hig
Term of A policy is higher than B policy
Term of B policy is higher than A policy
Policy A is assigned and B is not assigned
Policy B is assigned and A is not assigned
Q10. When does insurable interest exist in a life insurance contract?
inception of the contract
At claims
at survival benefits
Through out the term
