Tuesday, 20 August 2019

lic agent IC-38 exam set-12

 LIC IC-38 Online Mock Test for LIC agency Exam preparation according to IRDA syllabus # SET-12

CHAPTER 12 : DOCUMENTATION – POLICY STAGE: I

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IC-38 Online Mock Test for LIC agency Exam preparation SET-12

Question-1

What will happen if the insured person loses the original life insurance 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 renewed terms and conditions based on the current health declarations of the life insured [D]. The insurance company will issue a duplicate policy without making any changes to the contract, but only after a Court order.

Question-2

Which of the below statement is correct?
[A]. The policy document has to be signed by a competent authority but need not be compulsorily stamped according to the Indian Stamp Act. [B].The policy document has to be signed by a competent authority and should be stamped according to the Indian Stamp Act.
[C].The policy document need not be signed by a competent authority but should be stamped according to the 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 the Indian Stamp Act.

Question-3

Which of the below forms the first part of a standard insurance policy document?
[A]. Policy schedule [B].Standard provisions
[C].Specific policy provisions [D]. Claim procedure

Question-4

In a standard insurance policy document, the standard provisions section will have information on which of the below?
[A]. Date of commencement, date of maturity and due date of last premium [B].name of nominee
[C].The rights and privileges and other conditions, which are applicable under the contract [D]. The signature of the authorised signatory and policy stamp

Question-5

“A clause precluding death due to pregnancy for a lady who is expecting at the time of writing the contract” will be included in which section of a standard policy document?
[A]. Policy schedule [B].General provisions
[C]. Standard provisions [D]. Specific policy provisions

Question-6

Which of the following documents is an evidence of the contract between insurer and insured?
[A]. Proposal form [B].Policy document
[C].Prospectus [D]. Claim form

Question-7

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 insured [B].In favour of 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

Question-8

Select the option that best describes a policy document.
[A]. It is evidence of the insurance contract [B].It is evidence of the interest expressed by the insured in buying an insurance policy from Co.
[C].It is evidence of the policy (procedures) followed by an insurance company when dealing with channel partners like banks, brokers and other entities [D]. It is an acknowledgement slip issued by the insurance company on payment of the first premium

Question-9

Which of the below statement is correct?
[A]. The proposal form acceptance is the evidence that the policy contract has begun [B].The acceptance of premium is evidence that the policy has begun
[C].The First Premium Receipt is the evidence that the policy contract has begun [D]. The premium quote is evidence that the policy contract has begun

Question-10

For the subsequent premiums received by the insurance company after the first premium, the company will issue __________.
[A]. Revival premium receipt [B].Restoration premium receipt
[C].Reinstatement premium receipt [D]. Renewal premium receipt

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