Mrs S.

Gansul Maharebha
AGM-IC 38 Galaxy Health
and Allied Insurance Co Ltd Mobile 9976283786 New Ic 38 2023
Chapter
Question No Question Option 1 Option 2 Option 3 Option 4 Correct Answer
No
Which among the following is
Insurance Regulatory and Life Insurance Corporation of Insurance General Corporation
1 1 the regulator for the insurance Insurance Authority India 2
Development Authority of India India of India
industry in india?
Setting aside reserves as a
Which among the following is a Hospitalisation costs as a
1 2 Business interruption cost Goods damaged cost provision for meeting potential 3
secondary burden of risk? result of heart attack
losses in the future
Which among the following is a
1 3 Bank FD Insurance Equity shares Real estate 2
method of risk transfer?
Which among the following The sole bread winner of a A house may lose value due to
1 4 A person may lose his wallet Stock prices may fall drastically 1
scenarios warrants insurance? family might die untimely natural wear and tear
Which of the below insurance
scheme is run by an insurer Employees State Insurance
1 5 Crop Insurance Scheme Jan Arogya All of the above 3
and not sponsored by the Corporation
Government ?
Risk transfer through risk
1 6 Savings Investments Insurance Risk mitigation 3
pooling is called -------------.
The measures to reduce
1 7 chances of occurrence of risk Risk retention Loss prevention Risk transfer Risk avoidance 2
are known as -------
To enjoy peace of mind and
By transferring risk to insurer,it To become careless about our To make money from insurance To ignore the potential risks
1 8 plan one's business more 4
becomes possible ……………. assets in the event of a loss facing our assets
effectively
Origins of modern insurance
1 9 business can be traced to ------- Bottomry Lloyds Rhodes Malhotra Committee 2
--------
In insurance context 'risk
Possibility of loss or damage is Loss producing event has no One decides to bear the risk
1 10 retention' indicates a situation Property is covered by insurance 4
not there value and its effects
where ------------
Which of the following Insurance reduces possiblities Insurance pays when there is
1 11 Insurance protects the asset Insurance prevents its loss 4
statement is true? of loss loss of asset
Out of 400 houses, each valued
at Rs. 20,000. on an average 4
houses get burnt every year
resulting in a combined loss of
1 12 Rs. 100 Rs.200 Rs. 80 Rs. 400 2
Rs. 80,000. What should be the
annual contribution of each
house owner to make good this
loss?
Insurance is a method of Insurance is a method of Insurance is a method of Insurance is amethod of
Which of the following
1 13 sharing the losses of a 'few' by transferringthe risk of an sharing the losses of a transferring the gains of a few 1
statements is true?
' many' individual to another individual 'many'by a few to the many
Why do insurers arrange for
To find out whether other To find out whether
survey and inspection of the To assess the risk for rating To find out how the insured
1 14 insurers have also inspected neighbouring property also can 1
property brfore acceptance of a purposes purchased the property
the property be insured
risk?
Which of the below option best
Sharing the losses of many by Sharing the losses of few by Sharing of losses through
1 15 describes the process of One sharing the losses of few 2
a few many subsidy
insurance?

Which among the following is III. Life Insurance Corporation

16
the regulatory body for the II. Insurance Regulatory and of India IV. General Insurance IV. General Insurance
1 insurance industry in India? I. Insurance Authority of India Development Authority of India Corporation of India Corporation of India 2

III. Setting aside reserves as a

17
Which among the following is a provision for meeting potential IV. Hospitalisation costs as a
1 secondary burden of risk? I. Business interruption cost II. Goods damaged cost losses in the future result of heart attack 3
Which among the following is a
18
1 method of risk transfer? I. Bank Fixed II. Insurance III. Equity shares IV. Real Estate 2

19 Which among the following I. The sole bread winner of a III. Stock prices may fall IV. A house may lose value due
1 scenarios needs insurance? family might die untimely II. A person may lose his wallet drastically to natural wear and tear 1
Which of the following
insurance schemes are
20
sponsored by the Government I. PM Jan Arogya Yojana -
1 of India? Ayushmaan Bharat II. PM Fasal Bima Yojana III. PM Suraksha Bima Yojana IV. All of the above 4
How does Diversification Collecting funds from multiple
Maintaining time differences
2 21 reduce Risks in Financial sources and Investing them in Investing Funds across classes Investing in Safe assets 2
between investments
Markets? one Place
Which of the below is not an
2 22 element of the life insurance Asset Risk Principle of mutuality Subsidy 4
business?
Which of the below cannot be Living with disability
2 23 Dying too young Dying too early Natural wear and tear 3
categorised under risks?
Which one of the following
24 does not represent an insurable IV. Loss of goods due to ship
2 risk? I. Fire II. Stolen goods III. Burglary capsizing 2
Where losses are of such a
25 magnitude; that may result in
2 total loss or bankruptcy Critical Risk Catastrophic Risk Marginal/ Insignificant Risk All theabove 1

...............signify death or total

disability for a large number of
26
people, widespread loss of
assets, having significant
environmental impact which
2 are practically irreversible. Critical Risk Catastrophic Risk Marginal/ Insignificant Risk All theabove 2

Where the possible losses are

insignificant and can be easily
27 met from an individual or a
firm’s existing assets or current
income without imposing any
2 undue financial strain. Critical Risk Catastrophic Risk Marginal/ Insignificant Risk All theabove 3
2 28 Cancer is a Risk Hazard Peril All theabove 3
 29 ........is a physical condition that
2 increases the chance of loss. Physical hazard Moral hazard Legal Hazard Both Wrong 1

It arises when certain features

of the legal system or
30
regulatory environment can
increase the incidence or
2 severity of losses. Physical hazard Moral hazard Legal Hazard None of the above 3
IRDAI has mandated that
insurers are required to
31
maintain a minimum solvency
2 ratio of 1 2 1.5 3 3

All options are Correct Except A sufficiently large number of

32
Regarding Conditions for homogenously [similar] Loss produced by the risk must Loss must be fortuitous or Sharing of losses of the many
2 insuring a risk exposed units be definite and measurable accidental by Few 4
Which of the below action I. Lying about known medical II. Not revealing known III. Disclosing known material
3 33 showcases the principle of conditions on an insurance material facts on an insurance facts on an insurance proposal IV. Paying premium on time 3
“Uberrima Fides”? proposal form proposal form form
Which of the below is not
I. Father taking out insurance II. Spouses taking out III. Friends taking out IV. Employer taking out
3 34 correct with regards to 3
policy on his son insurance on one another insurance on one another insurance on employees
insurable interest?
When is it essential for
I. At the time of taking out III. Insurable interest is not IV. Either at time of policy
3 35 insurable interest to be present II. At the time of claim 1
insurance required in case of life insurance purchase or at the time of claim
in case of life insurance?

Find out the proximate cause

for death in the following
scenario?Ajay falls off a horse
and breaks his back. He lies
3 36 I. Pneumonia II. Broken back III. Falling off a horse IV. Surgery 3
there in a pool of water and
and contracts pneumonia. He is
admitted to the hospital and
dies because of pneumonia.

Mr. Pinto contracted

pneumonia as a result of lying
on wet ground after a horse
37
riding accident. The pneumonia
resulted in death of Mr. Pinto.
What is the proximate cause of
3 the death? I. Pneumonia II. Horse III. Horse riding accident IV. Bad luck 3

I. Ramesh signs a contract II. Ramesh threatens to kill III. Ramesh uses his IV. Ramesh provides false
38
Which among the following is without having knowledge of Mahesh if he does not sign the professional standing to get information to get Mahesh to
3 an example of coercion? the fine print contract Mahesh to sign a contract sign a contract 2
Which among the following
39 options cannot be insured by
3 Ramesh? I. Ramesh’s house II. Ramesh’s spouse III. Ramesh’s friend IV. Ramesh’s parents 3

II. It ensures that all the III. It ensures that multiple

insured who are a part of the insurers covering the same
40
I. It ensures that the insured pool, contribute to the claim subject matter; come together
also contributes a certain made by a participant of the and contribute the claim IV. It ensures that the premium
What is the significance of the portion of the claim along with pool, in the proportion of the amount in proportion to their is contributed by the insured in
3 principle of contribution? the insurer premium paid by them exposure to the subject matter equal instalments over the year. 3

1)It is the process an insurance

company uses to recover claim
amounts paid to a policy holder
41 from a negligent third party.2)
Subrogation can also be
defined as surrender of rights
by the insured to an insurance
company that has paid a claim
3 against the third party. 1 Right 2 Right 1,2 Right 1,2 Wrong 3

.........implies that if the same

property is insured with more
42
than one insurance company,
the compensation paid by all
the insurers together cannot
3 exceed the actual loss suffered. Subrogation Contribution Proximate cause Uberrima fides 2
Which among the following
4 43 options cannot be insured by Ramesh’s house Ramesh’s spouse III. Ramesh’s friend IV. Ramesh’s parents 3
Ramesh?
Ramesh signs a contract II. Ramesh threatens to kill III. Ramesh uses his IV. Ramesh provides false
Which among the following is
4 44 without having knowledge of Mahesh if he does not sign the professional standing to get information to get Mahesh to 2
an example of coercion?
the fine print contract Mahesh to sign a contract sign a contract
Which element of a valid IV. Capacity of parties to
4 45 I. Offer and acceptance II. Consideration III. Free consent 2
contract deals with premium? contract
_____________ relates to
inaccurate statements, which
4 46 Misrepresentation II. Contribution III. Offer IV. Representation 1
are made without any fradulent
Intension?
________________ involves
4 47 pressure applied through I. Fraud II. Undue influence III. Coercion IV. Mistake 3
criminal means.
III. They are contracts between
Which among the following is
I. They are verbal contracts not II. They are verbal which are two parties (insurer and IV. They are similar to wager
4 48 true regarding life insurance 3
legally enforceable legally enforceable insured) as per requirements of contracts
contracts?
Indian Contract Act 1872
 Which of the below is not a
4 49 valid consideration for a I. Money II. Property III. Bribe IV. Jewellery 3
contract?
Which among the following
50 cannot be an element in a valid
4 insurance contract? I. Offer and Acceptance II. Coercion III. Consideration IV. Legality 2

During the Free-look period, if

the policyholder, who has
bought a policy through an III. The premium refund will be
51 Agent, disagrees to any of its adjusted for proportionate risk
terms and conditions, he/ she premium for the period on
can return it and get a refund I. He/ she can exercise this cover, expenses incurred by the
subject to the following option within 15 days of II. He/ she has to communicate insurer on medical examination
4 conditions: receiving the policy document to the company in writing and stamp duty charges IV. All the above 4

If the policyholder has bought a

policy and does not want it, he/
52
she can return it during the
_________ period, and get a
4 refund. I . I. Free evaluation II. Free-look III. Cancellation IV. Free trial 2

53 Identify the two factors that . I. Probability and severity of

5 affect insurance ratemaking. I. risk II. Source and nature of risk III. Source and timing of risk IV. Nature and impact of risk 1
II. Premium applicable to IV. Premium derived from the
54 I. Premium sufficiently big marginal members of the III. Premium after loading for most recent loss experience
5 What is pure premium? enough to pay for losses only society administrative costs period 1
Which of the below features
I. Emotional behaviour of the II. Height, weight and blood
5 55 will be checked in a medical III. Social status IV. Truthfulness 2
proposer pressure
examiner’s report?
Sources of information for Proposal form or underwriting iii. Historic claims experience
56
5 underwriting presentation ii. Risk surveys data All of the above 4

57 The main features of To identify risk based upon the To determine the level of risk
5 underwriting characteristics presented by the proposer Both Right Both Wrong 2

........ is suitably loaded or

58 increased by adding
percentages to provide for
5 expenses, reserves and profits ‘pure premium Risk Premium Both Right Both Wrong 1
Deductibles are not used in
59
5 ....... policies. Life General Health Life and General 1

........... refers to a threshold

60 set, usually as a percentage of
the sum insured, below which
5 no claim is admissible Co payment Deductable Franchise All the above 3

Which of the following

61 activities would not be III. Ascertaining whether the
categorised under professional I. Seeking information relating II. Approaching the claim with a loss was a result of an insured IV. Quantifying the amount
6 settlement of claims? to the cause of the loss prejudice peril payable under the claim 2

.............is the process of

determining whether the loss
suffered by the insured is
62
covered by the insurance
policy, i.e. the loss does not fall
under any exclusion and there Claims Assessment (Loss
6 is no breach of warranty Assessment) Settlement of claims Both Right Both Wrong 1
For an Insurance company,
expeditious settlement of claim
63 is the benchmark of efficiency
for its services referes to Claims Assessment (Loss
6 ............. Assessment) Settlement of claims Both Right Both Wrong 2

These are claims which are

64
clearly within the terms and Condition of average or Act of God perils - Catastrophic
6 conditions of the policy. Standard claim average clause losses On account payment 1

This is a condition in some

policies which penalises the
65 insured for insuring his
property at a sum insured less
than its actual value known as Condition of average or Act of God perils - Catastrophic
6 under insurance. This is the Standard claim average clause losses On account payment 2

Natural perils like storm,

66
cyclone, flood, inundation, and Condition of average or Act of God perils - Catastrophic
6 earthquake are termed as Standard claim average clause losses On account payment 3
if the loss is large and the
completion of assessment may
67
take some time. This is the Condition of average or Act of God perils - Catastrophic
6 Example of Standard claim average clause losses On account payment 4
On payment of the capital sum
insured under a personal
68
accident policy, the policy Condition of average or Act of God perils - Catastrophic
6 stands cancelled. Standard claim average clause losses Post Settlement of Claims 4
When motor claims are settled
on total loss basis, the
69
damaged vehicle is taken over Act of God perils - Catastrophic
6 by insurers Standard claim Salvage losses None of the above 4
 insurers can recover the loss
from shipping companies,
70
railways, road carriers, airlines,
port trust authorities etc. This Act of God perils - Catastrophic
6 is known as Standard claim Salvage losses Recoveries 4
ssues regarding quantum due
71 Disputes related to claims to underinsurance,
6 relates to Non-disclosure of material facts Loss caused by excluded perils depreciation, etc. All of the above 4
Which of the following it not
72 usually part of the insurance
7 prospectus? I. Name of Ombudsman II. Date of Scope of benefits III. The Entitlements IV. The Exceptions 1
Which of the following is not
73 relevant in respect of a
7 Proposal form? Utmost GoodFaith Amount Expected to be Claimed Duty to Disclose material Facts Confidentiality of Details Given 2
III. Birth Certificate issued by
74 Which of the following is not I. Birth certificate extracted Member of Legislative
7 acceptable as valid Age Proof? from municipal records Assembly III. Passport IV. PAN Card 2

.............. a document issued by

the insurer in physical,
75
electronic or any other format
to sell or promote insurance
7 products. Prospectus Proposal Form Declaration All of the above 1

......the process of bringing

illegal money into an economy
76
by hiding its illegal origin so
that it appears to be legally
7 acquired. Money Laundering Know your Customer Both Right Both Wrong 1

IRDAI issued the Guidelines on

77 Anti-Money laundering/
Counter Financing of Terrorism
7 (AML/ CFT) 31st March 2006. 1st July 1939 1st Sep 1956 31st March 2006. 1st April 2016 3
7 78 School or college certificate Standard Age proof Non Standard Age Proof Both Right Both Wrong 1
Which of the following is not
8 79 I. Prospecting II. Sales interview III. Loss assessment IV. Closing 3
part of sales process?
I. Gathering the names of III. Enlisting all the
Prospecting in an insurance II. Preparing a list of all the IV. Preparing list of all the
8 80 people who may be interested policyholders of the branch 1
sale is ___________. persons in the city agents in the neighbourhood
in insurance office
I. Identifying the areas where
In insurance, need-gap analysis II. Identifying people to work III. Identifying how much IV. Identifying the poverty level
8 81 the prospect needs insurance 1
involves _____________. as insurance agents assets a prospect has of the prospects
protection
II. Meeting customers when III. Meeting people IV. Meeting customer after fire
8 82 Cold Calling is ___________. I. Meeting customers in winter 3
they are suffering from cold unannounced was extinguished
________ as a profession
refers to the act of inducing a
commercial transaction through
8 83 inducing the purchase of a I. Marketing II. Selling III. Advertising IV. Promotion 2
product or service, such action
with the intent of earning
remuneration.
III. Life insurance is neither
Which of the below statement I. Life insurance is sold, not II. Life insurance is bought, not bought nor sold; it is a
8 84 IV. None of the above 1
is correct? bought sold necessity and hence should be
bought by every individual.
Which of the below statement I. Selling is an art and not a II. Selling is a science and not III. Selling is neither an art or a IV. Selling is both an art and a
8 85 4
is correct? science an art science science
_________ refers to the ability
to perform the promised
8 86 I. Reliability II. Responsiveness III. Assurance IV. Empathy 1
service dependably and
accurately.
___________ relate to one’s
ability to interact effectively
8 87 with other workers and I. Hard skills II. Soft skills III. Negotiating skills IV. Questioning skills 2
customers, both at work and
outside.
Which of the below elements I. Communication, II. Politeness, affirmation and III. Attraction, communication IV. Affirmation, assertiveness
8 88 3
promote trust? assertiveness and being present communication and being present and attraction
Which of the below tips are
II. Presenting yourself III. Being open, confident and
8 89 useful for making a good first I. Being on time always IV. All of the above 4
appropriately positive
impression?
___________ is reflected in the
caring attitude and
8 90 I. Assurance II. Empathy III. Reliability IV. Responsiveness 2
individualised attention
provided to customers.

III. Sum of economic benefits

91 I. Sum of costs incurred while that can be achieved by IV. Maximum insurance that
What is meant by customer servicing the customer over his II. Rank given to customer building a long term can be attributed to the
8 lifetime value? lifetime based on business generated relationship with the customer customer 3
Identify the scenario where a
92 debate on the need for III. Motor insurance for third
8 insurance is not required. I. Property insurance II. Business liability insurance party liability IV. Fire insurance 3

93 What does not go on to make a

8 healthy relationship? I. Attraction II. Trust III. Communication IV. Dislike 4
Which among the following is
94 not an element of active
8 listening? I. Paying good attention II. Being extremely judgemental III. Empathetic listening IV. Responding appropriately 2

Which among the following is I. Making adequate disclosures II. Maintaining confidentiality
95
not a characteristic of ethical to enable the clients to make of client’s business and III. Placing self-interest ahead IV. Placing client’s interest
8 behaviour? an informed decision personal information of client’s interests ahead of self interest 3
 IV. Indicate the premium to be
I. Interfere with any proposal II. Resort to multilevel III. Receive a share of proceeds charged by the insurer for the
96
Pick the right answer An introduced by any other marketing for soliciting and from the beneficiary under an insurance product offered for
8 insurance agent is allowed to insurance agent procuring insurance policies insurance contract sale 4

The ability to perform the

promised service dependably
97
and accurately is considered
the most important indicator of
8 good service Reliability Responsiveness Assurance Tangibles 1
t may be measured by
indicators like speed, accuracy,
98
and attitude while giving the
8 service. Reliability Responsiveness Assurance Tangibles 2
Refers to the knowledge,
competence and courtesy
displayed by an employee or
99 agent in understanding and
meeting the needs of a
customer, thus conveying trust
8 and confidence. d Reliability Responsiveness Assurance Tangibles 3

Represent physical
environmental factors like
location, layout and cleanliness
100
as also the sense of
professionalism that a
customer feels when
8 contacting a service provider Reliability Responsiveness Assurance Tangibles 4
The ______________ has
jurisdiction to entertain
complaints, where value of the
101
goods or services and the
compensation claimed is up to
9 Rs.1 CRORE . I. District Commission II. State Commission III. Zilla Parishad IV. National Commission 1
The ______________ has
jurisdiction to entertain
complaints, where value of the
9 102 I. District Forum II. State Commission III. Zilla Parishad IV. National Commission 2
goods or services and the
compensation claimed is 1crore
to10 Crore
I. Insurance General II. Indian General Management III. Integrated Grievance IV. Intelligent Grievance
9 103 Expand the term IGMS. 3
Management System System Management System Management System
Which among the following II. Shopkeeper not advising the
I. Shopkeeper charging a price III. Allergy warning not
9 104 cannot form the basis for a customer on the best product IV. Faulty products 2
above the MRP for a product provided on a drug bottle
valid consumer complaint? in a category
Which of the below will be the
most appropriate option for a
9 105 I. Police II. Supreme Court III. Insurance Ombudsman Zila Parishad 3
customer to lodge an insurance
policy related complaint?

Which of the below statement

IV. Insurance Ombudsman
is correct with regards to the I. Insurance Ombudsman has II. Insurance Ombudsman has III. Insurance Ombudsman has
9 106 operates only within the 4
territorial jurisdiction of the National jurisdiction State jurisdiction District jurisdiction
specified territorial limits
Insurance Ombudsman?
How is the complaint to be III. The complaint is to be IV. The complaint is to be
I. The complaint is to be made II. The complaint is to be made
9 107 launched with an insurance made orally in a face to face made through newspaper 1
in writing orally over the phone
ombudsman? manner advertisement
What is the time limit for II. Within three years of IV. Within one month of
I. Within two years of rejection III. Within one year of rejection
9 108 approaching an Insurance rejection of the complaint by rejection of the complaint by 3
of the complaint by the insurer of the complaint by the insurer
Ombudsman? the insurer the insurer
Which among the following is
I. The complaint must be by an II. The complaint must be III. Complainant has to IV. The total relief sought must
not a pre-requisite for
9 109 individual on a ‘Personal Lines’ lodged within 1 year of the approach a consumer forum be within an amount of Rs.20 3
launching a complaint with the
insurance insurer rejecting the complaint prior to the Ombudsman lakhs.
Ombudsman?
Are there any fee / charges
that need to be paid for lodging I. A fee of Rs 100 needs to be II. No fee or charges need to III. 20% of the relief sought IV. 10% of the relief sought
9 110 2
the complaint with the paid be paid must be paid as fee must be paid as fee
Ombudsman?
II. Yes, complaint can be III. Complaint can be launched IV. Complaint can be launched
Can a complaint be launched I. Complaints can be launched
9 111 launched against private against private insurers only in against private insurers only in 2
against a private insurer? against public insurers only
insurers the Life Sector the Non-Life
who is the controller of
9 112 RBI SEBI Central IRDA 4
Insurance?
Girish Saxena‟s insurance claim
was denied by insurance
9 113 company. In case of a denial,
what is the option available to
Girish Saxena, apart from the II. To approach insurance IV. Nothing could be done in
representation to the insurer? I. To approach Government I II. To approach legal authorities agent I case of case denial 2
___________ may deal with
more than one life insurance
10 114 I. Agent II. Surveyor III. Composite agent IV. None of the above 3
company or general insurance
company or both.

I. Solicit or procure insurance III. Disclose the scales of IV. Offer different rates,
115 Which of the following business without being II. Induce the prospect to omit commission in respect of the advantages, terms and
statements is incorrect An appointed to act as such by the any material information in the insurance product offered for conditions other than those
10 insurance agent shall not - insurer proposal form sale, if asked by the prospect offered by his insurer Test 3

Which of the following diseases

116 is not attributed to Lifestyle
factors (i.e. not in the control of
H1 the individual)? I. Cancer II. Aids III. Malaria IV. Hypertension 3
Which of the following are part
117
H1 of primary healthcare? I. Fever II. Cancer III. Organ Transplant IV. High risk pregnancy 1
 The first standardised health
insurance product for
individuals and their families
118
was launched in the Indian
market by all the four
nationalized non-life insurance
H1 companies in the year _____. 1948 II. 1954 III. 1986 IV. 2001 3
What are the determinants of
H1 119
Health Life style factors Environmental factors Genetic factors All theabove 4
Among the determinant sof
Health,which of the factors are
H1 120
mostly in the control of the
individual? Life style factors Environmental factors Genetic factors All theabove 1
Commumicable diseases like
H1 121 Influenza, chicken pox are
related to …… Life style factors Environmental factors Genetic factors All theabove 2

H1 122 Diseases may be passed from

parent sto children related to Life style factors Environmental factors Genetic factors All theabove 3

The health care services

provided by medical specialists
H1 123
and other health professionals
who generally donot have first
contact with patient? Primary health care Secondary health care Teritiary health care All theabove 2
…. Is the specialised
consultative health care uasally
H1 124 for inpatients on referal from
primary and secondary care
providers Primary health care Secondary health care Teritiary health care All theabove 3
…. Refers to advanced medical
H1 125 facilities and medical
professionals Primary health care Secondary health care Teritiary health care All theabove 3
Factors affecting health system Demographic or population
H1 126
in India related trends Social trends Life expectancy All theabove 4
H1 127 ESI Act was passed in 1948 1950 1954 1960 1

H1 128 The central Government Health

Schemw was introduced in….. 1948 1950 1954 1960 3
ESI Scheme relates to blue
H1 129 collar workers of ….. Salary
Band 20000 25000 15000 10000 3

III. A warranty is always

130 Which of the below statement I. A warranty is a condition communicated to the insured
is correct with regards to a which is implied without being II. A warranty forms part of a separately and cannot be part IV. Claims will be payable even
H2 warranty? stated in the policy policy document of the policy document if a warranty is breached. 2

If certain terms and conditions

of the policy need to be
131 modified at the time of
issuance, it is done by setting
out the amendments through IV. Modifications are not
H2 __________. I. Warranty II. Endorsement III. Alteration possible 2

Though the duration of cover

for pre-hospitalization
132 expenses would vary from
insurer to insurer and is
defined in the policy, the most
common cover is for ________
H3 pre-hospitalization. . I. Fifteen days II. Thirty days III. Forty Five days IV. Sixty days 2
As per IRDA guidelines, a
________ grace period is
133
allowed for renewal of
H3 individual health policies. . I. Fifteen days II. Thirty days III. Forty Five days IV. Sixty days 2
1) In a group health insurance,
any of the individual
constituting the group could
H3 134 anti-select against the insurer.
2) Group health insurance
provides coverage only to I. Statement 1 is true and II. Statement 2 is true and III. Statement 1 and statement IV. Statement 1 and statement
employer-employee groups. statement 2 is false statement 1 is false 2 are true 2 are false
Which of the following factor
H3 135 does not affect the morbidity of
an individual? I. Gender II. Spouse job III. Habits IV. Residence location 2
According to the principle of II. The sum insured
H3 136 indemnity, the insured is paid I. The actual losses to the irrespective of the amount III. A fixed amount agreed IV. The actual losses
for __________. extent of the sum insured actually spent between both the parties IV. irrespective of the sum assured 1
I. The condition of the patient
Under which of the following is such that he/she can be II. The patient cannot be
H3 137 condition, is domiciliary removed to the removed to Hospital/Nursing III. The treatment can be
hospitalization is covered in a Hospital/Nursing Home , but Home for lack of carried out only in IV. Duration of hospitalization
health insurance policy? prefer not to accommodation therein I hospital/Nursing home is exceeding 24 hours 2

……is a cost sharing

requirement under a health
H3 138 insurance policy that provides
tha policy holder will bear the
specified percentage of that
admissable claim amount Co pay Fixed benefit Deductible All theabove 1
 ….is the fixed amount the
insures is required to pay
H3 139
initially before the claim is paid
by the insurer Co pay Fixed benefit Deductible All theabove 3
…..works along with a basic
health cover having a low sum
H3 140 insured and comes
comparetively with a Top up cover or high deductible
reasonable premium plan Indemnity plan Fixed Plan Hospitilasation Plan 1

…plan requires the deductible

H3 141
amount to be crossed at every Top up cover or high deductible Catastrophic based High Aggregate based Highh
single event of hospitalisation plan Deductible plan deductible plan All theabove 2

….Plan allows the deductable

H3 142 to be crossed post series of
hospitilisation during the policy Top up cover or high deductible Catastrophic based High Aggregate based Highh
period plan Deductible plan deductible plan All theabove 3

Though the duration of cover

for pre-hospitalization
143 expenses would vary from
insurer to insurer and is
defined in the policy, the most
common cover is for ________
H3 pre-hospitalization. . I. Fifteen days II. Thirty days III. Forty Five days IV. Sixty days 2
As per IRDA guidelines, a
________ grace period is
144
allowed for renewal of
H3 individual health policies. . I. Fifteen days II. Thirty days III. Forty Five days IV. Sixty days 2
According to the principle of II. The sum insured
H3 145 indemnity, the insured is paid I. The actual losses to the irrespective of the amount III. A fixed amount agreed IV. The actual losses
for __________. extent of the sum insured actually spent between both the parties IV. irrespective of the sum assured 1

……is a cost sharing

requirement under a health
H3 146 insurance policy that provides
tha policy holder will bear the
specified percentage of that
admissable claim amount Co pay Fixed benefit Deductible All theabove 1
….is the fixed amount the
insures is required to pay
H3 147
initially before the claim is paid
by the insurer Co pay Fixed benefit Deductible All theabove 3
…..works along with a basic
health cover having a low sum
H3 148 insured and comes
comparetively with a Top up cover or high deductible
reasonable premium plan Indemnity plan Fixed Plan Hospitilasation Plan 1

…plan requires the deductible

H3 149
amount to be crossed at every Top up cover or high deductible Catastrophic based High Aggregate based Highh
single event of hospitalisation plan Deductible plan deductible plan All theabove 2

….Plan allows the deductable

H3 150 to be crossed post series of
hospitilisation during the policy Top up cover or high deductible Catastrophic based High Aggregate based Highh
period plan Deductible plan deductible plan All theabove 3
Which of the following cases is
III. Housewife with no income IV. Housewife with no income
H4 151 likely to be declined or Healthy 18 year old II. A person suffering from AIDS 2
of her of her
postponed by a life insurer
II. A person drinking copious
Which of the following is an I. Stunt artist dies while III. Insured defaulting on IV. Proposer lying on policy
H4 152 amounts of alcohol because he 2
example of moral hazard? performing a stunt premium payments document
is inured
Why is heredity history of II. Certain diseases can be
III. Poor parents have IV. Family environment is a
H4 153 importance in medical Rich parents have healthy kids passed on from parents to 2
malnourished kids critical factor
underwriting? children
Which of the following denotes
H4 154 the underwriter’s role in an I. Process claims II. Decide acceptability of risks III. Product design architect IV. Customer relations manager 2
insurance company?
Which of the following is not an I. Risk acceptance at standard
H4 155 II. Declinature of risk III. Postponement of risk IV. Claim rejection 4
underwriting decision? rates
Which of the following is not a
H4 156 I. Passport II. School leaving certificate III. Horoscope IV. Birth certifica 3
standard age proof?
Which of the following
H4 157 condition will affect a person’s I. Daily jogs II. Banned substance abuse III. Lazy nature IV. Procrastination 2
insurability negatively?
Under what method of
underwriting does an
underwriter assign positive
H4 158 rating points for all negative or I. Judgment II. Arbitrary III. Numerical rating IV. Single step 3
adverse factors (negative
points for any positive
orfavourable factors)?
Under risk classification,
___________ consist of those
whose anticipated mortality
H4 159 I. Standard lives II. Preferred risks III. Sub-standard lives IV. Declined lives 1
corresponds to the standard
lives represented by the
mortality table.
IV. Pravin, aged 30 years,
Which of the below insurance III. Satish, aged 28 years,
I. Savita, aged 26 years, working in a departmental
proposal is not likely to qualify II. Mahesh, aged 50 years, working in a bank and has
H4 160 working in an IT company as a store and has applied for an 2
under non-medical working in a coal mine applied for an insurance cover
software engineer endowment insurance plan for
underwriting? of Rs. 1 crore
a tenure of 10 years
 Sheena is suffering from acute
diabetes. She has applied for
III. Any of the above method
an insurance plan.n this case IV. Neither of the above
since an illness like diabetes
H4 161 the underwriter is most likely to I. Judgment method II. Numerical method method as diabetes cases are 1
does not play a major role in
use ____________ for rejected outright
the underwriting process
underwriting.Choose the most
appropriate option.
Underwriting is the process of II. Collecting premiums from III. Risk assessment and risk IV. Selling various insurance
162
H4 ___________. I. Marketing insurance products customers pricing products 3
The principle of utmost good
faith in underwriting is
163
required to be followed by III. Both the insurer and the
H4 ___________. I. The insurer II. The insured insured IV. The medical examiners 3

I. Financial interest of the III. Each insurer’s share of loss IV. The amount of the loss that
164
Insurable interest refers to person in the asset to be II. The asset which is already when more than one company can be recovered from the
H4 ____________. insured insured covers the same loss insurer 1

II. Current health status and III. Proposers have to undergo

165 Which of the following I. It involves high cost in age are the key factors in medical and pathological IV. Percentage assessment is
statements about medical collecting and assessing medical underwriting for health investigations to assess their made on each component of
H4 underwriting is incorrect? medical reports. insurance. health risk profile the risk. 4

1) In a group health insurance,

any of the individual
166 constituting the group could
anti-select against the insurer.
2) Group health insurance
provides coverage only to I. Statement 1 is true and II. Statement 2 is true and III. Statement 1 and statement IV. Statement 1 and statement
H4 employer-employee groups. statement 2 is false statement 1 is false 2 are true 2 are false 4
Underwriting is the process of II. Collecting premiums from II. Risk selection and risk IV. Selling various insurance
H4 167 ___________. I. Marketing insurance products customers I pricing products 3
II. Current health status and II. Proposers have to undergo
Which of the following I. It involves high cost in age are the key factors in medical and pathological IV. Percentage assessment is
H4 168 statements about medical collecting and assessing medical underwriting for health investigations to assess their made on each component of
underwriting is incorrect? medical reports. insurance. health risk profile. the risk. 4

The first and the primary

H4 169 source of information about an
applicant, for the underwriter is
his ________________. . Age proof documents s II. Financial documents III. Previous medical records IV. Proposal form 4
I. All the critical information
related to the health and III. The received information is
H4 170 The underwriting process is personal details of the proposer II. All the medical examinations carefully assessed and V. The policy is issued to the
completed when are collected through the and tests of the proposer are classified into appropriate risk proposer after risk selection
___________________. proposal form completed I categories and pricing. 3
I. Numerical rating method I. Analysis of difficult or
provides greater speed in the doubtful cases is not possible
H4 171 Which of the following handling of a large business on the basis of numerical points I. This method can be used by IV. It ensures consistency
statements about the numerical with the help of trained without medical referees or persons without any specific between the decisions of
rating method is incorrect? personnel. experts knowledge of medical science. I different underwriters. 2

Who among the following is

172
not a stakeholder in Health
H5 insurance claim process? I. Customers II. Police Department III. Regulator IV. TPA 1

Which of the following

173 document is maintained at the
hospital detailing all treatment IV. Hospital registration
H5 done to an in-patient? I. Investigation report II. Discharge summary III. Case paper certificate 3
The amount of provision made
for all claims in the books of
174 the insurer based on the status
of the claims is known as
H5 ________. I. Pooling II. Accounting III. Reserving Investing 3

III. Permanent disability

Which of the following certificate from a civil surgeon IV. Fitness certificate from the
175
documents are not required to I. Duly completed Personal or any equivalent competent treating doctor certifying that
be submitted for Permanent Accident claim form signed by doctors certifying the disability the insured is fit to perform his
H5 Total Disability claim? the claimant. II. Copy of Insurance Policy. of the insured. . normal duties. 4

Most hospitals accept

Guarantee of Payments from
176 all international insurance
companies once the insured
provides them with a valid
H5 __________ Insurance policy. I. Legal Liability II. Corona Rakshak III. Overseas Travel IV. Endowment Answers 3
Who among the following is not
H5 177 a stakeholder in insurance I. Insurance company
claim process? shareholders II. Human Resource Department III. Regulator IV. TPA 2

Which of the following

H5 178 document is maintained at the
hospital detailing all treatment IV. Hospital registration
done to an in-patient? I. Investigation report II. Settlement sheet III. Case paper certificate 3
The amount of provision made
for all claims in the books of
H5 179 the insurer based on the status
of the claims is known as
________. I. Pooling I. Provisioning I III. Reserving IV. Investing 3
III. Permanent disability
Which of the following certificate from a civil surgeon IV. Fitness certificate from the
H5 180 documents are not required to I. Duly completed Personal or any equivalent competent treating doctor certifying that
be submitted for Permanent Accident claim form signed by II. Attested copy of First doctors certifying the disability the insured is fit to perform his
Total Disability claim? the claimant Information Report if applicable. of the insured. normal duties. 4
 Who among the following is
considered as primary
H5 181 stakeholder in insurance claim
process? I. Customers II. Owners III. Underwriters IV. Insurance agents/brokers 1
During investigation, of a
health insurance claim
presented by Rajiv Mehto,
insurance company finds that
instead of Rajiv Mehto, his
H5 182 brother Rajesh Mehto had been
admitted to hospital for
treatment. The policy of Rajiv
Mehto is not a family floater IV. Outpatient treatment
plan. This is an example of converted to in-patient /
___________fraud. I. Impersonation II. Fabrication of documents III. Exaggeration of expenses hospitalization 1
Which of the following codes
H5 183 capture the procedures
performed to treat the illness? I. ICD II. DCI III. CPT IV. PCT 3