Test Your Knowledge - Free MCQ PRACTICE
by Saksham Chaudhry : Paschim Vihar, New Delhi 110063 T: 1142316457, 9810570740
INSURANCE
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A fresh set of 20 random questions is generated every time you open this page and every time you refresh it.
For each of the following multiple choice questions, choose the most appropriate answer :

1. A life insurer issued a quotation on 10 February, guaranteed for 14 days, which was accepted by the customer on day 10. Consequently the insurer can only decline this risk if the
A. customer submits a second quotation request
B. insurer increases its underlying premium rates
C. market place experiences a significant downturn
D. material facts change

2. Shyam and his wife are being advised to have an estate planning after their fact finding. In what stage of life cycle stage they may be :
A. Young Married
B. Young Married with children
C. Married with older children
D. Retired

3. What kind of policy does the employer who has insurable interest in the life of an employee take?
A. Surety insurance
B. Key man Insurance
C. Partnership Insurance
D. Debtor Insurance

4. Job of a nodal officer of insurance company involves :
A. Addressing customer grievances
B. Deciding, the premium to be charged
C. Imparting training
D. Looking after sales

5. Nikhil is a young professional working in an organization at good position. He is independent and has no dependants. Which plan will you suggest him?
A. Term Plan
B. Convertible Plan
C. Return of Premium Plan
D. Unit Linked insurance plan

6. After submission of all documents and papers in case of death claim, the proper the proper identification of the payee cannot be done due to some reason. After how many days the bank intercst is payable to the payee?
A. 15
B. 10
C. 30
D. 180

7. In respect of the calculation of interim bonus, which period would be considered'?
A. Next bonus date
B. Previous valuation date to claim date
C. Claim date to next valuation date
D. Date of claim

8. Which of the following is most associated with Pure Risk?
A. Helps in making substantial profits
B. Making little loss
C. Incuring huge loss
D. Break even

9. What is the FDI Limit in the insurance sector?
A. 50%
B. 75%
C. 26%
D. 33%

10. The changes in healthcare costs over recent years has had what general impact on healthcare insurance?
A. A fall in average premium levels
B. A reduction in underwriting requirements
C. A rise in the need for cover
D. A strengthening of the insurable interest rules

11. Payment in Kisan Vikas Patra under post office schemes is done :
A. Regularly, with no fixed term
B. Lump sum, with no fixed term
C. Lump sum for fixed period of time
D. Regularly for fixed period of time

12. If a policy with premium of Rs5000 has matured, how much will be deducted when tile maturity claim arises :
A. Nil
B. 1%
C. 5%
D. 10%

13. Shailesh has an endowmwnt policy with 30 years policy term. He has paid premium for 8 years, The sum assured is Rs.8.00,000/- and accumulated bonus Rs.60,000/-. What is thepaid up value if bonus accumulated and if not bonus accumulated?
A. 2,13,333 & 2,73,333
B. 2,13,333 & 2,29,333
C. 2,29,333 & 2,73,333
D. 2,29,333 & 2,93,333

14. In case of lien:
A. If the insured dies within the lien period, insurance company will still pay the full sum insured
B. The lien should diminish by an equal amount over specific period of time
C. If the term of the policy is multiple of three, then the lien operable is two third of the term of the policy
D. Conditions under which lien can be applied remain same for all insurance companies

15. The process of de-tariffication is referred to as :
A. Free hand for risk assessment
B. No mortality tables
C. Freeing the pricing of insurance
D. Imposing price of insurance

16. If all insurance company asks higher official to submit their report this is to check
A. Physical hazard
B. oral hazard
C. Ensure persistency
D. Client interest to buy

17. Sahil has taken insurance policy of 1 crore SUnderwriter will ask for moral hazard report frorn:
A. Sahil's employer
B. Sahil's employee
C. Sahil's Insurer employee
D. Sahil's agent

18. Which is correct in relation to Insurance Broker?
A. Insurance brokerr represents insurance buyer and is remunerated by the insurance company
B. Insurance broker represents insurance buyer and is remunerated by the Client
C. Both of these
D. Neither of these

19. While filling proposal form of Term insurance plan, details of two persons were mentioned in in non-medical underwriting form. What could be the reason?
A. Joint insurance Plan
B. Securing two lives under one plan
C. Proposer is different than Life insured
D. Extrdetails were required

20. Rajan takes a family floater health insurance of Rs 3 lacs from Insurance Company X and has health insurance of Rs 2 lacs from another Insurance Company Y from his employer's side. He suffers from heart attack and has a total bill of Rs 4 lacs. He can claim from :
A. Company X Only
B. Company Y Only
C. Both the companys to the extent of Rs 4 Lacs
D. Both the companys to the extent of Rs 5 Lacs

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