Insurance mcqs

Identify the correct statement out of the following.

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Free look period enables the policyholder to return the policy and ask for refund subject to certain conditions
Passport & School certificate is a standard proof of age
Ration card is a non-standard proof of age
All of the above
✅ The correct answer is D.
All the statements are correct.
Free look period enables the policyholder to return the policy and ask for refund subject to certain conditions, Passport & School certificate is a standard proof of age and Ration card is a non-standard proof of age.

Mahesh has brought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favor of khan. Mahesh suffers a heart attack and there is a claim of Rs.50,000 under the critical illness rider. To whom will the payment be made in this case?

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Mahesh
Karan
The payment will be shared equally by Mahesh and Karan
Neither of the two because Mahesh has suffered the heart attack but the policy is assigned in the favor of Karan
✅ The correct answer is B.
Mahesh has brought a life insurance policy with a critical illness rider. He has made absolute assignment of the policy in favor of khan. Mahesh suffers a heart attack and there is a claim of Rs.50,000 under the critical illness rider. The payment be made to Karan in this case.

Identify the correct statement out of the following ones.

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In emergencies insurer may waive preauthorisation for entering into a hospital for treatment
In all cases preauthorisation either by the insurer or TPA is a must before getting admitted into a hospital
There is no provision for nomination in a health insurance cover
Summary of benefits, terms and conditions for each product in a health cover is not mandatory
✅ The correct answer is A.
In emergencies insurer may waive preauthorisation for entering into a hospital for treatment.

Who prescribes the format of a pre-authorisation letter and standard claim forms?

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Central Government
Insurance company
TPA
IRDA
✅ The correct answer is D.
IRDA prescribes the format of a pre-authorisation letter and standard claim forms. The Insurance Regulatory and Development Authority of India is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.

What do you understand by the term ‘Portability’ in so far as it relates to health ins?

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Right given to an individual to move from one to another policy of the same co
Right to transfer the policy from one insurer to another insurer or from one to another plan
Both A & B
None of the above correct
✅ The correct answer is C.
‘Portability’ in so far as it relates to health insurance means right given to an individual to move from one to another policy of the same co and right to transfer the policy from one insurer to another insurer or from one to another plan.

Apart from the salary level, what another key feature of Alok’s job is likely to have a major impact on the level of his pension, life insurance, and health insurance needs?

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Whether the job is office or field-based
The normal retirement age in relation to the job
Whether the job is in the public or private sector
Whether the job is manual or non-manual
✅ The correct answer is C.
Apart from the salary level, Whether the job is in the public or private sector key feature of Alok’s job is likely to have a major impact on the level of his pension, life insurance, and health insurance needs.

Which of the below statement is correct?

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Life insurance is sold, not bought
Life insurance is bought, not sold
Life insurance is neither bought nor sold; it is a necessity and hence should be bought by every individual
None of the above
✅ The correct answer is A.
Is it true Unlike tangible goods which can be seen and experienced before purchase , very few people feel the need for life insurance. Hence, Life insurance is sold, not bought.

Pick out the correct sentence from the flowing ones.

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Family floater policy does not cover parents
Family floater is for self and spouse only
Family floater policy covers self, spouse, parents and dependants
Uncle and aunt can be covered in a family floater
✅ The correct answer is C.
Family floater policy covers self, spouse, parents and dependants. A family floater covers all the family members under one single plan. The sum insured is fixed and gets exhausted as and when any member avails medical services and makes a claim. The members coverable under a family floater can be the policyholder and his/her parents, spouse and children.