REAL Insurance Agents (LIFE) Question Bank - English
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Course
LIFE INSURANCE
Institution
LIFE INSURANCE
Who is protected under the In-Contestability Clause included under a Life Assurance Policy?
Insurer
Insured
Insurance Agent
Insurance Broker
2
2
Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has comple...
Insurance Agents (LIFE) Question Bank - English
S.
Question Body Alternative-1 Alternative-2 Alternative-3 Alterna
No.
Who is protected under the In-Contestability Clause
1 Insurer Insured Insurance Agent Insuranc
included under a Life Assurance Policy?
Section 45 (Indisputability Clause) of Insurance Act,
protects the Insured, from Rejection of Claim, by the
2 One Year Three Years Five Years Seven
Insurer; provided the Policy has completed --. Choose
the Most Appropriate Option.
As per the Suicide Clause, if the Life-Assured Dies, as
a Result of Suicide, After 3 Years of the Issue of Premium, Paid by the (2 × Premium), Paid by Full Face-Am
3 Nothing
Policy, What Does the Beneficiary Receive as the Life-Assured. the Life-Assured. Pol
Claim?
It is the Evidence, that
Free-Look Period has Policy cannot be Policy has a
4 What Does, First Premium Receipt (F.P.R.), signify? the Policy-Contract has
ended. cancelled, Now. Certain Ca
begun.
Identify the Document, that evidences a Contract,
5 Proposal-Form Claim-Form Nomination-Form Policy-D
between the Insurer and the Insured.
The Polic
The Policy will be
declared as
declared as Void, and
If Complex Language is used to word a Certain Policy- the Insure
the Insurer will be
6 Document, and it has given Rise to an Ambiguity, How In Favour of the Insured. In Favour of the Insurer. asked to R
asked to Return the
Will it generally be construed? Premium
Premium, With Interest,
Insured, W
to the Insured.
Inter
With Regards to Mis-Statement of Age, Select the
Valid Option:
I: An Under-Statement of Age, will result in the
7 I, Only. II, Only. I and II. Neither
Original Policy being re-issued, for a Reduced Amount.
II: An Over-Statement of Age, will, usually, result in a
Refund of Premium-Payment.
,S.
Question Body Alternative-1 Alternative-2 Alternative-3 Alterna
No.
Which of the Following, is Not a Part of a Standard Policy Fo
8 Policy Schedule Standard Provisions Policy-Specific Provisions
Policy-Document? Provi
Give us, the Proof of Contract between the Insurer
9 Proposal-Form Claim-Form Nomination-Form Policy Do
and the Insured.
A Clause, Precluding the
Death Due to
A Clause,
Pregnancy, for a Lady, A Clause, Precluding
10 Gives us, an Example of a Standard Policy-Provision. Suicide Clause Certain Privi
Who is Expecting at the Certain Illnesses.
Policy-H
Time of Writing the
Contract.
A Clause, Pre
Death D
Pregnancy,
11 Gives us, an Example of a Policy-Specific Provision. Premium-Payment Mis-Statement of Age Claim-Provision
Who is Expec
Time of W
Cont
Which One of the Following, forms the First Part of a
12 Policy-Schedule Standard Provisions Specific-Policy Provisions Claim-Pr
Standard Insurance Policy-Document?
The Policy Document The Policy
The Policy Document The Policy Document
has to be signed by a neither ne
has to be signed by a need not be signed by a
Competent Authority, signed by a
Competent Authority, Competent Authority,
13 Select the Correct Statement. but need not be Authority, n
and should be stamped but should be stamped
compulsorily stamped to be com
according to Indian according to Indian
according to Indian stamped ac
Stamp Act. Stamp Act.
Stamp Act. Indian St
,S.
Question Body Alternative-1 Alternative-2 Alternative-3 Alterna
No.
The Insurance Company
will issue a Duplicate The Insuranc
The Insurance Company
Policy, with the will issue a
will issue a Duplicate
What Will Happen, if the Insured-Person loses the The Insurance Contract Renewed Terms and Policy, With
14 Policy, Without Making
Original Life Assurance Policy-Document? will Come to an End. Conditions, Based on Any Chang
Any Changes to the
the Current Health- Contract;
Contract.
Declarations of the Life- After a Co
Assured.
Which One of the Following Documents, will be issued
Restoration Premium Reinstatement Premium Renewal
15 by the Insurance Company, on Receipt of Subsequent Revival Premium Receipt
Receipt Receipt Rec
Premiums, After the First Premium?
In Order for the Policy to acquire a Guaranteed
16 Surrender-Value (G.S.V.), For How Long, must, the 2 Consecutive Years 4 Consecutive Years 3 Consecutive Years 5 Consecu
Premiums be Paid, as per the Regulations?
For a Life Assurance Policy, Nomination is allowed
17 Section 10 Section 38 Section 39 Secti
Under --- of Insurance Act, 1938.
Identify the Circumstances, under which, the Policy- Policy-Holder is Not of Policy-Hol
18 Insured is a Minor Nominee is a Minor
Holder would need to appoint an Appointee. Sound Mind Mar
It is a Period, within It provides a Period,
It grants the Policy- It provides
which, Policy-Holder within which, Policy-
Holder, An Additional after whic
19 Illustrate the Purpose of Grace-Period. may cancel the Policy, Holder must raise a
Time, to Pay His or Her Holder must
if He or She Does Not Complaint, in Case of
Premium. Her Over-Du
Like the Same. Any Grievance.
Policy-Nomination is
Nomination can be Nomination can be
Not Cancelled, if the A Nomine
All of the Following Statements, are True, with Regard Done, at the Time of Changed, by Making an
20 Policy is assigned to the Rights on th
to Nomination, Except --. Policy-Purchase or Endorsement in the
Insurer, in Return for a the C
Subsequently. Policy.
Loan.
, S.
Question Body Alternative-1 Alternative-2 Alternative-3 Alterna
No.
If the Premiums are Not If the Premium has Not
If the Premiums are Not If the P
21 When is a Policy, Deemed to be Lapsed? paid, Before the Due- been paid, even After
Paid on the Due-Date. surren
Date. Expiry of Grace-Period.
It has been a Week,
Construct a Situation, that would require Evidence of Policy has been Lapsed, Policy has been In- Loan agains
22 since the Policy has
Insurability, at Revival. for More Than a Year. Force, for a Year. been s
been Lapsed.
Insured can decide the There is No Legal
A Loan of Any Amount, No Colla
23 Construct a Valid Argument in Favour of Policy-Loans. Terms and Conditions of Obligation to Re-Pay the
can be obtained, easily. requ
the Loan. Loan.
The Standard Length of The Standard Length of The Standard Length of The Standar
Select the Correct Statement, with Regard to Grace-
24 the Grace-Period is 1 the Grace-Period is One the Grace-Period is One the Grace-Pe
Period. Choose the Most Appropriate Option.
Month or 31 Days. Quarter. Week. Fort-N
Change of the Policy
Splitting-Up of the
Which One of the Following Alterations, will be Extension of the from "With-Profits" Increase in
25 Policy into Two or More
permitted, by an Insurance Company? Premium-Paying-Term. Policy to "Without- Assu
Policies.
Profits" Policy.
Cash-Value, Associated
Compen
Maximum with the Policy, in Case, Minimum Compensation,
Available U
26 Explain the Concept of Surrender-Value. Compensation, the Premiums have Available Under the
Policy, At
Available Under Policy. been Paid, for 3 Years, Policy.
Point o
at least.
How Many Persons, can be nominated under a Policy?
27 Exactly One Exactly Two Exactly Three One or Mor
Choose the Most Appropriate Option.
To Appoint a Person, to
To Transfer the Rights Receive the Policy-
28 Describe the Purpose of Nomination. To Surrender the Policy. To Create
of the Policy. Monies, in the Event of
the Life-Assured's Death.
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