Who is protected under the In-Contestability Clause included under a Life Assurance Policy?
|Answer» B. Insured|
Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has completed --. Choose the Most Appropriate Option.
|Answer» B. Three Years|
As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Policy, What Does the Beneficiary Receive as the Claim?
|B.||Premium, Paid by the Life-Assured.|
|C.||(2 × Premium), Paid by the Life-Assured.|
|D.||Full Face-Amount of the Policy.|
|Answer» D. Full Face-Amount of the Policy.|
What Does, First Premium Receipt (F.P.R.), signify?
|A.||Free-Look Period has ended.|
|B.||It is the Evidence, that the Policy-Contract has begun.|
|C.||Policy cannot be cancelled, Now.|
|D.||Policy has acquired a Certain Cash-Value.|
|Answer» B. It is the Evidence, that the Policy-Contract has begun.|
Identify the Document, that evidences a Contract, between the Insurer and the Insured.
|Answer» D. Policy-Document|
If Complex Language is used to word a Certain Policy- Document, and it has given Rise to an Ambiguity, How Will it generally be construed?
|A.||In Favour of the Insured.|
|B.||In Favour of the Insurer.|
|C.||The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, With Interest, to the Insured.|
|D.||The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, to the Insured, Without Any Interest.|
|Answer» A. In Favour of the Insured.|
With Regards to Mis-Statement of Age, Select the Valid Option: I: An Under-Statement of Age, will result in the Original Policy being re-issued, for a Reduced Amount. II: An Over-Statement of Age, will, usually, result in a Refund of Premium-Payment.
|C.||I and II.|
|D.||Neither I, Nor II.|
|Answer» C. I and II.|
Which of the Following, is Not a Part of a Standard Policy-Document?
|D.||Policy Forfeiture Provisions|
|Answer» D. Policy Forfeiture Provisions|
Give us, the Proof of Contract between the Insurer and the Insured.
|Answer» D. Policy Document|
Gives us, an Example of a Standard Policy-Provision.
|A.||A Clause, Precluding the Death Due to Pregnancy, for a Lady, Who is Expecting at the Time of Writing the Contract.|
|C.||A Clause, Precluding Certain Illnesses.|
|D.||A Clause, Granting Certain Privileges to the Policy-Holder.|
|Answer» B. Suicide Clause|
Gives us, an Example of a Policy-Specific Provision.
|B.||Mis-Statement of Age|
|D.||A Clause, Precluding the Death Due to Pregnancy, for a Lady, Who is Expecting, at the Time of Writing the Contract.|
|Answer» D. A Clause, Precluding the Death Due to Pregnancy, for a Lady, Who is Expecting, at the Time of Writing the Contract.|
Which One of the Following, forms the First Part of a Standard Insurance Policy-Document?
|Answer» A. Policy-Schedule|
Select the Correct Statement.
|A.||The Policy Document has to be signed by a Competent Authority, but need not be compulsorily stamped according to Indian Stamp Act.|
|B.||The Policy Document has to be signed by a Competent Authority, and should be stamped according to Indian Stamp Act.|
|C.||The Policy Document need not be signed by a Competent Authority, but should be stamped according to Indian Stamp Act.|
|D.||The Policy Document neither needs to be signed by a Competent Authority, nor it needs to be compulsorily stamped according to Indian Stamp Act.|
|Answer» B. The Policy Document has to be signed by a Competent Authority, and should be stamped according to Indian Stamp Act.|
What Will Happen, if the Insured-Person loses the Original Life Assurance Policy-Document?
|A.||The Insurance Company will issue a Duplicate Policy, Without Making Any Changes to the Contract.|
|B.||The Insurance Contract will Come to an End.|
|C.||The Insurance Company will issue a Duplicate Policy, with the Renewed Terms and Conditions, Based on the Current Health- Declarations of the Life- Assured.|
|D.||The Insurance Company will issue a Duplicate Policy, Without Making Any Changes to the Contract; But, Only After a Court-Order.|
|Answer» A. The Insurance Company will issue a Duplicate Policy, Without Making Any Changes to the Contract.|
Which One of the Following Documents, will be issued by the Insurance Company, on Receipt of Subsequent Premiums, After the First Premium?
|A.||Revival Premium Receipt|
|B.||Restoration Premium Receipt|
|C.||Reinstatement Premium Receipt|
|D.||Renewal Premium Receipt|
|Answer» D. Renewal Premium Receipt|
In Order for the Policy to acquire a Guaranteed Surrender-Value (G.S.V.), For How Long, must, the Premiums be Paid, as per the Regulations?
|A.||2 Consecutive Years|
|B.||4 Consecutive Years|
|C.||3 Consecutive Years|
|D.||5 Consecutive Years|
|Answer» C. 3 Consecutive Years|
For a Life Assurance Policy, Nomination is allowed Under --- of Insurance Act, 1938.
|Answer» C. Section 39|
Identify the Circumstances, under which, the Policy- Holder would need to appoint an Appointee.
|A.||Insured is a Minor|
|B.||Nominee is a Minor|
|C.||Policy-Holder is Not of Sound Mind|
|D.||Policy-Holder is Not Married|
|Answer» B. Nominee is a Minor|
Illustrate the Purpose of Grace-Period.
|A.||It is a Period, within which, Policy-Holder may cancel the Policy, if He or She Does Not Like the Same.|
|B.||It grants the Policy- Holder, An Additional Time, to Pay His or Her Premium.|
|C.||It provides a Period, within which, Policy- Holder must raise a Complaint, in Case of Any Grievance.|
|D.||It provides a Period, after which, Policy- Holder must Pay His or Her Over-Due Premium.|
|Answer» B. It grants the Policy- Holder, An Additional Time, to Pay His or Her Premium.|
All of the Following Statements, are True, with Regard to Nomination, Except --.
|A.||Policy-Nomination is Not Cancelled, if the Policy is assigned to the Insurer, in Return for a Loan.|
|B.||Nomination can be Done, at the Time of Policy-Purchase or Subsequently.|
|C.||Nomination can be Changed, by Making an Endorsement in the Policy.|
|D.||A Nominee has Full Rights on the Whole of the Claim.|
|Answer» D. A Nominee has Full Rights on the Whole of the Claim.|
When is a Policy, Deemed to be Lapsed?
|A.||If the Premiums are Not Paid on the Due-Date.|
|B.||If the Premiums are Not paid, Before the Due- Date.|
|C.||If the Premium has Not been paid, even After Expiry of Grace-Period.|
|D.||If the Policy is surrendered.|
|Answer» C. If the Premium has Not been paid, even After Expiry of Grace-Period.|
Construct a Situation, that would require Evidence of Insurability, at Revival.
|A.||It has been a Week, since the Policy has been Lapsed.|
|B.||Policy has been Lapsed, for More Than a Year.|
|C.||Policy has been In- Force, for a Year.|
|D.||Loan against Policy has been sought.|
|Answer» B. Policy has been Lapsed, for More Than a Year.|
Construct a Valid Argument in Favour of Policy-Loans.
|A.||A Loan of Any Amount, can be obtained, easily.|
|B.||Insured can decide the Terms and Conditions of the Loan.|
|C.||There is No Legal Obligation to Re-Pay the Loan.|
|D.||No Collateral is required.|
|Answer» C. There is No Legal Obligation to Re-Pay the Loan.|
Select the Correct Statement, with Regard to Grace- Period. Choose the Most Appropriate Option.
|A.||The Standard Length of the Grace-Period is 1 Month or 31 Days.|
|B.||The Standard Length of the Grace-Period is One Quarter.|
|C.||The Standard Length of the Grace-Period is One Week.|
|D.||The Standard Length of the Grace-Period is One Fort-Night.|
|Answer» A. The Standard Length of the Grace-Period is 1 Month or 31 Days.|
Which One of the Following Alterations, will be permitted, by an Insurance Company?
|A.||Splitting-Up of the Policy into Two or More Policies.|
|B.||Extension of the Premium-Paying-Term.|
|C.||Change of the Policy from "With-Profits" Policy to "Without- Profits" Policy.|
|D.||Increase in the Sum- Assured.|
|Answer» A. Splitting-Up of the Policy into Two or More Policies.|
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