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Life Insurance Question Paper

The document consists of a series of multiple-choice questions related to life insurance, health insurance, and financial planning. It covers topics such as the establishment of LIC, health insurance schemes, insurance policies, and tax planning. The questions also address the differences between gambling and insurance, the significance of various insurance documents, and the rights of policyholders.

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106 views4 pages

Life Insurance Question Paper

The document consists of a series of multiple-choice questions related to life insurance, health insurance, and financial planning. It covers topics such as the establishment of LIC, health insurance schemes, insurance policies, and tax planning. The questions also address the differences between gambling and insurance, the significance of various insurance documents, and the rights of policyholders.

Uploaded by

proofneya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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01.

Life Insurance Corporation of India(LIC) was set up under which of the


following acts?
a. Life Insurance Corporation Act, 1956
b. The Insurance Act, 1938
c. Life Insurance Companies Act, 1912
d. Indian Insurance Companies Act, 1928

02. Which of the following social security scheme is a Health Insurance plan?
a. PMVVY
b. PMFBY
c. PMJAY
d. PMSBY

03. The IRDA was established in the yearunder the IRDA Act
a.1999
b.2000
c.2000
d.2003

04. Who among the Following is Likely to be Exposed to Health-Hazard, in His or


Her Occupation?
a.Yoga-Instructor
b.Film-Stunt-Artist
c.Dancer in a Night-Club Person,
d.Exposed to Mining Dust

05. Compare: Gambling and Insurance.


a. Gambling and Insurance, Both, are the Same.
b. Gambling has No Insurable Interest involved, but Insurance does have.
c. Insurance has Only Profitable Outcomes, while, Gambling could result in Losses.
d. Gambling is Legally Enforceable, but, Insurance is Not.

06. What Does, First Premium Receipt (F.P.R.), signify?


a.Free-Look Period has ended.
b.It is the Evidence, that the Policy-Contract has begun.
c.Policy cannot be cancelled, Now.
d.Policy has acquired a Certain Cash-Value.

07. Identify the Document, that evidences a Contract, between the Insurer and
the Insured.
a.Proposal-Form
b.Claim-Form
c.Nomination-Form
d.Policy-Document
08. Which One of the Following Claims, can be Payable, Only to the Assignee or
Nominee?

a. Death-Claim
b. Maturity-Claim
c. Survival-Benefit
d. Surrender-Value

09. On payment of total claim, the life insurance policy-

a) Can be reinstated on payment of pro-rata premium


b) Stands cancelled
c) Automatically terminates
d) Continues till the end of the policy period

10. Which of the Following is Not a Part of a Standard Policy- Document?


a) Policy Schedule
b) Standard Provisions
c) Policy-Specific Provisions
d) Policy Forfeiture Provisions

11. The ability to perform the promised service dependably and accurately, can
be termed as

a) Tangible
b) Reliability
c) Assurance
d) Responsiveness

12. During which period, insurance policy can be returned and refund of premium
obtained?
a) Coverage period
b) Free Look Period
c) Waiting Period
d) Grace Period
13. Premium cannot be received
a. In cash
b. By cheque
c. By promissory note
d. By credit card
14. The customer has choice to continue with same insurer or to switch to another
insurance company in following kind of policies:
a) Individual Term Insurance Policy
b) Motor Third Party Policy
c) Endowment Policy
d) Unit Linked Insurance Policy

15. IGMS stands for-


a) Insurance Grievance Management System
b) Integrated Grievance Management System
c) IRDAI Grievance Management System
d) Initial Grievance Management System

16. Which of the following insurances does not cover personal risks?
a) Life Insurance
b) Personal Accident Insurance
c) Fire Insurance
d) Health Insurance

17. Life insurance policy provides liquidity to the policyholder, which means that
the policyholder can avail against the policy.
a) Cash
b) Loan
c) Surrender value
d) Any of them

18. Describe the purpose of tax planning. Choose the most appropriate option.

a) Tax evasion
b) Planning your investments in a manner such that maximum Tax
benefits become applicable
c) Provide for taxes
d) Pay tax on time

19. When is the best time to start Financial Planning

a) Post Retirement
b) As soon as one gets his first salary
c) After marriage
d) Only after one gets rich
20. One example of contingency
a) Death
b) Disability
c) Unemployment due to illness
d) All of the above.

21. Which of the following is a specified event where a claim is paid to the
insured?
a) Ramesh loses his job and cannot pay his premiums
b) Ramesh decides to cancel his policy before the maturity period
c) Ramesh's policy reaches the maturity period
d) Ramesh decides to take a loan against his policy

22. Which section of the Income Tax Act allowsindividuals to deduct premiums
paid towards Health Insurance from taxable income

a) Section 80 B
b) Section 80 C
c) Section 80 E
d) Section 80 D

23. What is the free look in period for health insurance policies
a. 15 days
b. 20 days
c. 30 days
d. 45 days

24. What information does the insurer consider when deciding to accept a
proposal?
a) Details of the insured
b) Details of the subject matter
c) Previous history of insurance and claim experience
d) All of the above

25. What is the other name for Fixed benefit covers


a) Out-patient covers
b) Travel covers
c) Dental covers
d) Hospital cash

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