Insurance - Practice Test | ExamPrepSheets

(A) People hesitate to buy life insurance because they are not aware of their needs

(B) People hesitate to buy life insurance because they prefer to enjoy the present

(C) Both the statements are correct

(D) Both the statements are wrong

(E) In a limited payment policy, there is a maximum limit to the SA

(F) In a limited payment policy, there is a maximum limit to the term

(G) Both the statements above are wrong

(H) Both the statements above are correct

(I) Every plan of insurance is a combination of two basic plans

(J) The name given to a plan indicates the benefits available under the plan

(K) Both the statements above are correct

(L) Both the statement s above are wrong

(M) Underwriting is done only when there is a medical examination

(N) Medical examination is necessary before a policy can be issued

(O) Both the statements above are correct

(P) Both the statements above are wrong

(Q) The underwriter determines the premium to be charged

(R) The underwriter is an employee of the insurer

(S) Both the statements above are correct

(T) Both the statements above are wrong

(U) Health cover policies cover all illnesses without any exclusion whatsoever

(V) There could be a few exclusions like AIDS, STDs, etc

(W) Both A & B

(X) None of the above correct

(Y) If the underwriter feels that the risk is more, he will accept at OR

(Z) If the underwriter feels that the risk is more, he may impose a lien

([) Both the statements above are correct

(\) Both the statements above are wrong

(]) The schedule of a policy is not altered after the policy is issued

(^) Changes in the terms of the policy are made through endorsements

(_) Both the statements above are correct

(`) Both the statements above are wrong

(a) In the case of SSS policies, renewal premium receipts are issued

(b) In the case of SSS policies, FPRs are issued

(c) Both the statements above are correct

(d) Both the statements above are wrong

(e) Assignee is free from the assignor’s obligations under the policy

(f) A nomination is automatically cancelled when a loan is taken under the policy

(g) Both the statements above are correct

(h) None of the above

(i) The beneficiaries under the MWP Act can be any member of the family

(j) A policy can be taken under the MMWP Act for the benefit of parents

(k) Both the statements above are correct

(l) Both the statements above are wrong

(m) Foreclosure can be done only with the consent of the policyholder

(n) Foreclosure can be done only after informing the policyholder

(o) Both the statements above are correct

(p) Both the statements above are wrong

(q) Revivals are not done unless the entire outstanding premium is paid

(r) Revivals are not done unless the underwriter agrees

(s) Both the statements above are correct

(t) Both the statements above are wrong

(u) Foreclosure action cannot be taken till a notice is served on the policyholder

(v) When a foreclosure action is taken, nothing is payable to the policyholder

(w) Both the statements above are correct

(x) Both the statements above are wrong

(y) A presumption of death is not the same as proof of death

(z) Presumption of death allows inheritance of property

({) Both the statements above are correct

(|) Both the statements above are wrong

(}) Annuity would stop strictly with the death of the annuitant

(~) Annuity could be paid to the surviving spouse in case of joint life annuity

() Both A & B

(�) None of the above

(�) Maturity claim cheques are paid to the trustees in a MWP Act case

(�) Maturity claim cheques are paid to the beneficiaries in a MWP Act case

(�) Both the statements above are correct

(�) Both the statements above are wrong

(�) A policy reported to be lost, may actually have been assigned

(�) A policy has no value after the payment of survival benefits

(�) Both the statements above are correct

(�) Both the statements above are wrong

(�) The foreign exchange regulations apply if the life insured is a non-resident

(�) The foreign exchange regulations apply if the claimant is a non-resident

(�) Both the statements above are correct

(�) Both the statements above are wrong

Insurance - Study Mode

[#96] Which of the following statements is true?

Correct Answer

Explanation

[#97] Which of the below option best describes the process of insurance?

Correct Answer

Explanation

[#98] Who devised the concept of HLV?

Correct Answer

Explanation

[#99] Which one of the following statements is correct?

Correct Answer

Explanation

[#100] If the proponent has no insurable interest in the insured, the underwriter will

Correct Answer

Explanation