English Mock Test 1

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English IC33 Paper 1

Question 1
The principle of utmost good faith is meant to protect the interests of:
A
The insurer
B
The community of policyholders
C
The shareholders
D
None of the above
Question 2
The responsibility to comply with the principle of utmost good faith rests with:
A
The agent
B
The proposer
C
The life to be insured
D
All the three
Question 3
Which of the following statements is correct in life insurance?
A
The principle of good faith continues to operate till the policy becomes a claim
B
Facts that happen after the policy has commenced need not be reported
C
Any illness after the policy has commenced must be informed to the insurer
D
All the above statements are correct
Question 4
A life insurance policy becomes invalid if _____________
A
There is a change in occupation after the policy has commenced
B
If the policyholder changes his residence to another country
C
The statements in the proposal are found to be substantially wrong
D
The insured person becomes sick after the issue of policy
Question 5
The principle of utmost good faith will not continue to operate in an existing policy______.
A
Every time the premium is paid
B
If the policy has lapsed and it has to be revived
C
If the insured person falls sick and is hospitalised
D
If the insured person changes his job
Question 6
If the life to be insured falls sick, that fact has to be informed to the insurer
A
If it happens within two years of commencement of risk
B
If it happens before the first premium receipt is issued
C
If it happens before the policy document is issued
D
Only if there is a specific query from the insurer
Question 7
An insurance contract is valid because ____________
A
It is not a wagering contact
B
It promotes socially desirable causes
C
It takes care of the destitute
D
It provides government with large funds
Question 8
The premium is loaded because of____________.
A
Interest likely to be earned
B
Likely expenses
C
Likely claims
D
Age of the insured
Question 9
The policyholder is concerned with the __________.
A
Office premium
B
Net premium
C
Risk premium
D
Adjustments (loading)
Question 10
The reason for charging level premium is ______________.
A
Risk increases as age increases
B
It is convenient to the policyholder
C
It is convenient to the insurer
D
All the above reasons
Question 11
Adjustments are made to the tabular premium because of
A
The health of the person insured
B
The frequency of premium payment
C
The occupation of the person insured
D
All of the above
Question 12
What is a proposal?
A
A request for an insurance cover
B
An offer to enter into a contract
C
Both a request and an offer to enter an insurance contract
D
None of the above
Question 13
Financial underwriting is done to evaluate ____________
A
The probability of the policy lapsing in future
B
The possibility of moral hazard
C
Both lapse and moral hazard probabilities
D
Neither lapse nor moral hazard
Question 14
A ‘lien’ may be imposed by the underwriter if
A
The additional risk is expected to wear off in course of time
B
The proposer is unlikely to agree to pay a higher premium
C
In both the above cases
D
In neither of the above cases
Question 15
A ‘clause’ restricts the ________________ under the policy
A
Premium
B
Sum assured
C
Riders
D
Bonus
Question 16
Which one of the following statement is not correct with regard to the non-medical underwriting?
A
Medical examiners are not available in all areas
B
Most of the cases are found to be standard lives acceptable at ordinary rates
C
The sum assured is low
D
The cost of medical examination is very high
Question 17
Under the system of non-medical underwriting
A
There is no restriction on age
B
There is no restriction on SA
C
There is restriction on both the SA and age
D
Only some towns are covered
Question 18
Smoking is a hazard in which ______________
A
The premium is low
B
The premium is high
C
It calls for additional premium
D
No difference in premium
Question 19
If the age proof submitted along with proposal is later found to be false, the insurer
A
May declare the policy null and void ab initio
B
May revise the premium on the basis of the actual age from the commencement
C
May revise the premium and other terms of the contract
D
May do any one of the three suggested above
Question 20
When a policy lapses, _____________
A
The contract continues to exist
B
The contract comes to an end
C
The contract is revived automatically
D
The insurance cover becomes zero
Question 21
Non-forfeiture provisions exist because
A
It is not fair to the policyholders to deny everything to them
B
The Insurance Act requires it
C
There is an accumulated reserve under the policy
D
For all the above reasons
Question 22
The reserve accumulates under a policy because of _____________
A
Level premiums
B
Additional premiums
C
High investment yields
D
High bonuses
Question 23
When an insurance policy is assigned ________________
A
All the premiums are transferred to the assignee
B
The title and rights of the policy is transferred to the assignee
C
All the bonuses are transferred to the assignee
D
All the rider benefits are transferred to the assignee
Question 24
When a nomination is made in the insurance policy it means that ______________
A
The nominee can take loans under the policy
B
The nominee can receive the claim benefits at the time of maturity claim
C
The nominee can receive the claim benefits at the time of death claim
D
The nominee can enjoy the claim benefits
Question 25
An assignment becomes effective
A
As soon as it is made
B
As soon as it is made and intimated to the insurer
C
After two years of commencement of the policy
D
After five years of commencement of the policy
Question 26
When the assignment is made, the nomination________________
A
Has to be cancelled by the assignor
B
Automatically gets cancelled
C
Continues to exist throughout the policy period
D
Can be retained by the assignor
Question 27
A Policy which has been assigned, will revert to the assignor
A
If the assignor survives till maturity
B
Whenever the assignor demands it
C
When the conditions specified in a conditional assignment happen
D
On maturity of the policy
Question 28
A Policy which has been assigned absolutely, will revert to the assignor
A
When the assignee reassigns the policy
B
Whenever the assignor likes it to happen
C
When the policy becomes a claim
D
When the assignee dies
Question 29
The nomination is made to _______________
A
To make the claim settlements easier
B
To give the benefits of the insurance to the nominees
C
To give the policyholder the assurance of the claim payments
D
To prevent the legal heirs to enjoy the benefits of the claim amount
Question 30
A nomination can be made ____________
A
Only at the beginning of the policy
B
Only after two years of the commencement of the policy
C
Anytime during the policy term
D
As per the instructions of the insurance company
Question 31
Revivals cannot be made _____________
A
Unless the entire outstanding premium is paid
B
Unless 1/3 of the premium is paid
C
Unless the penalty is pad
D
Unless the entire outstanding premium along with Certificate of good health is submitted
Question 32
When a policy is foreclosed, the insurer will
A
Pay the balance moneys to the nominee
B
Offer to reinstate the policy on original terms
C
Pay balance surrender after adjustment of all outstanding dues
D
Offer to pay 50% of the sum assured.
Question 33
An alteration _____________
A
Necessarily changes the terms of the insurance contract
B
Necessarily increases the risk levels
C
Necessarily increases the sum assured
D
Necessarily does not change any terms of the insurance contract
Question 34
Alterations are generally allowed _______________
A
Even if they increase the level of risk
B
If they do not increase the risk
C
At the choice of the policyholders
D
At the choice of the insurance companies
Question 35
If the assignee is dead, the claim can be paid to the _______________
A
Assignor
B
Assignor’s nominee
C
Assignee’s nominee
D
Assignee’s legal heir
Question 36
The assignees can _________________
A
Not further assign the policy to another person
B
Assign the policy further to another person
C
Provide nomination to some one
D
Reassign the policy to the assignor on his (assignee’s) death
Question 37
In a Life Insurance policy under M W P Act, ____________
A
Assignments can be made
B
Nominations can be made
C
Surrender of the policy can be made
D
Assignments and nominations cannot be made
Question 38
Under a MWP Act policy, the beneficiaries
A
Must be specified at the commencement of the policy
B
Can be specified at any time during the course of the policy
C
May be specified even after the claim has arisen
D
Are determined by the law
Question 39
What is meant by a claim under an insurance policy?
A
Any demand made by the policyholder on the insurer
B
A demand to fulfill the policyholder’s obligations
C
A demand to fulfill the insurer’s obligations
D
A demand for loan amount as and when the policyholder wishes
Question 40
When does a claim arise under an insurance policy?
A
Whenever the policyholder feels the need for money
B
When the insured events happen
C
When a premium is not paid
D
Whenever any of the three things mentioned above happen
Question 41
Which one of the following statements is correct?
A
A death claim within two years of commencement is treated as an early claim
B
A death claim within three years of commencement is treated as an early claim
C
A death claim within four years of commencement is treated as an early claim
D
A death claim within five years of commencement is treated as an early claim
Question 42
In the case of assignments, maturity payments are paid to ___________
A
Policyholders
B
Assignees
C
Nominees
D
Legal heirs
Question 43
In India, the Life Insurance Industry was nationalized in the year _________________
A
1972
B
1956
C
1938
D
1912
Question 44
In India, the non-Life insurance business was nationalized in the year _________
A
1956
B
1972
C
1938
D
1912
Question 45
The Insurance Regulatory Authority was established in the year _____________
A
1993
B
1997
C
1999
D
2000
Question 46
_______________is the regulator of Insurance Industry in India.
A
Insurance Authority of India
B
Insurance Regulatory and Development Authority
C
Life Insurance Corporation of India
D
General Insurance Corporation of India
Question 47
Which one of the following statements is true.
A
Insurance prevents the losses arising out of a loss situation
B
Insurance controls the losses arising out of a loss situation
C
Insurance reduces the losses arising out of a loss situation
D
Insurance avoids the losses arising out of a loss situation
Question 48
Insurance is meant to _____________
A
Prevent specified events
B
Prevent damage to assets from specified events
C
Compensate for losses from specified events
D
Rebuild the assets lost because of specified events
Question 49
Insurance is necessary because ________________
A
Assets depreciate over time and though usage
B
Assets may be damaged by external causes
C
Assets require regular maintenance
D
Assets are costly
Question 50
Which of the following statement is not correct?
A
Human being is an economic asset
B
Human being is an income earning asset.
C
Human being is a perishable asset
D
Human being is a durable asset
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