1. Which one of the following statements is correct?
- The policy is the basis of the insurance contract
- The proposal is the basis of the insurance contract *
- Both the statements above are correct
- Both the statements above are wrong
2. Which one of the following statements is correct?
- The proposal must be signed by a witness *
- The answers in the proposal form should be written in English
- Both the statements above are correct
- Both the statements above are wrong
3. Which one of the following statements is correct?
- The proposal must be signed in the language in which it is printed
- The proposal can be signed in any language *
- Both the statements above are correct
- Both the statements above are wrong
4. Which one of the following statements is correct?
- The proposal must be written by the proposer himself / herself
- The proposal can be written by the agent
- Both the statements above are correct
- Both the statements above are wrong *
5. Which one of the following statements is correct?
- The declaration in the proposal must be signed by the proposer *
- Anybody can sign the proposal form on behalf of an illiterate proposer
- Both the statements above are correct
- Both the statements above are wrong
6. Which one of the following statements is correct?
- The declaration in the proposal makes the principle of good faith operational *
- The declaration in the proposal establishes insurable interest
- Both the statements above are correct
- Both the statements above are wrong
7. Which one of the following statements is correct?
- The information in the proposal form is used for underwriting
- Wrong information in the proposal form can nullify the insurance contract
- Both the statements above are correct *
- Both the statements above are wrong
8. If the proposal form is filled up in a language not known to the proposer
- The person who filled up the form has to sign a declaration *
- The agent has to declare that he had explained the questions and answers
- All further correspondence must be only in that language
- The life to be insured must be medically examined
9. Which one of the following statements is correct?
- Some of the particulars in the proposal form have no bearing on underwriting *
- The name of the proposed nominee must be mentioned in the proposal
- Both the statements above are correct
- Both the statements above are wrong
10. Which one of the following statements is correct?
- The personal statement must be witnessed by the agent
- Personal statements are required only in medical cases
- Both the statements above are correct
- Both the statements above are wrong *
11. Which one of the following statements is correct?
- A copy of the proposal has to be given to the proposer *
- A copy of the medical report has to be given to the proposer
- Both the statements above are correct
- Both the statements above are wrong
12. Which one of the following statements is correct?
- A copy of the personal statement is to be given to the proposer
- A copy of the proposal has to be given to the proposer
- Both the statements above are correct *
- Both the statements above are wrong
13. Which one of the following statements is correct?
- The proposer will not be shown the agent’s report to the insurer
- The proposer will not be shown the medical examiner’s report
- Both the statements above are correct *
- Both the statements above are wrong
14. Which of the following are confidential and will not be given to the proposer?
- The medical report
- The agents’ confidential report to the insurer
- The medical referee’s advice
- All of the above *
15. The proposal form and personal statement contain information relevant to determine
- Level of risk
- Moral hazard
- Insurable interest
- All the three *
16. Which one of the following statements is correct?
- FPR is the evidence of the insurance contract
- The medical report is the basis of the insurance contract
- Both the statements above are correct
- Both the statements above are wrong *
17. Which one of the following statements is correct?
- The statements in the medical report form part of the insurance contract
- The medical examiner depends upon the statements in the personal statement *
- Both the statements above are correct
- Both the statements above are wrong
18. Which one of the following statements is correct?
- The FPR is proof of commencement of risk *
- Risk does not commence till the policy is signed
- Both the statements above are correct
- Both the statements above are wrong
19. The FPR is issued when
- The first premium is adjusted in the office *
- The first premium is deposited in the office
- The underwriter makes his decision
- Consent of the proposer is received
20. The date of issue of the FPR indicates
- The date when the risk effectively begins *
- The date when the next premium falls due
- The date when the policy will commence
- None of the above
21. The date of commencement of the policy
- Cannot be earlier than the date of issue of the FPR
- Cannot be later than the date of issue of the FPR *
- Will be the date on which the FPR is received by the proposer
- Will be the date on which the underwriter decided to accept the proposal
22. The FPR is important
- Till the policy is issued *
- Till the claim is settled
- As evidence of contract in case the original policy is lost
- To know the terms of acceptance
23. Which one of the following statements is correct?
- Once the FPR is issued, the policyholder cannot back out of the contract
- Policies can be back dated to any date within the financial year *
- FPR is evidence of the insurance contract
- All the three statements above are wrong
24. Which one of the following statements is correct?
- The FPR acknowledges premium for the first year of the policy
- The second quarterly premium after commencement is called renewal premium *
- Both the statements above are correct
- Both the statements above are wrong
25. If a policyholder applies for cancellation of policy soon after he receives the FPR,
- The full premium will be refunded
- The full premium after some small deductions, will be refunded *
- The policy will be treated as lapsed from the next premium due date
- He will be debarred from taking any further insurance policies
26. If a policyholder has doubts about the policy he has applied for, he can
· Ask for cancellation within fifteen days of issue of the policy *
· Ask for cancellation and insist on refund of the full premium paid
· Wait for the next premium due before taking action
· Do nothing once the FPR is issued
27. Which one of the following statements is correct?
- A renewal premium receipt is issued only when all previous dues are paid
- It is not enough to preserve only the latest renewal premium receipt *
- Both the statements above are correct
- Both the statements above are wrong
28. Which one of the following statements is correct?
- In the case of SSS policies, Renewal Premium receipts are issued
- In the case of SSS policies, FPRs are issued *
- Both the statements above are correct
- Both the statements above are wrong
29. Which one of the following statements is correct?
- In the case of SSS policies, the employer gets the Renewal Premium Receipts
- In the case of SSS policies, FPRs are not issued
- Both the statements above are correct
- Both the statements above are wrong *
30. Which one of the following statements is correct?
- In the event of a dispute, the policy document will be referred to *
- In the event of a dispute, the underwriting decision in the file will be referred to
- Both the statements above are correct
- Both the statements above are wrong
31. Which one of the following statements is correct?
- A policy is specific and relevant only to a particular contract *
- A policy is a specimen, applicable to all cases under a specified plan
- Both the statements above are correct
- Both the statements above are wrong
32. Which one of the following statements is correct?
- An endorsement may be placed on the policy at the very beginning
- The nomination may be made later by an endorsement
- Both the statements above are correct *
- Both the statements above are wrong
33. Which one of the following statements is correct?
- The Schedule of the policy will be changed when there is a change in plan
- The change in terms will be made by endorsements *
- Both the statements above are correct
- Both the statements above are wrong
34. Which one of the following statements is correct?
- The Schedule of a policy is not altered after the policy is issued
- Changes in the terms of the policy are made through endorsements
- Both the statements above are correct *
- Both the statements above are wrong
35. Which one of the following statements is correct?
- The amount of vested bonus can be seen from an endorsement on the policy
- When a policy is converted, an endorsement is made on the policy *
- Both the statements above are correct
- Both the statements above are wrong
36. Which one of the following statements is correct?
- IRDA has prescribed proposal forms for all insurers
- Renewal premium cannot be paid without the renewal notice
- Both the statements above are correct
- Both the statements above are wrong *
37. Which one of the following statements is correct?
- Every endorsement must be typed on or attached to policy
- Endorsements on a policy form part of the insurance contract
- Both the statements above are correct *
- Both the statements above are wrong
38. Which one of the following statements is correct?
- If policy document is lost, the insurance contract becomes void
- The family history appears in the personal statement *
- Both the statements above are correct
- Both the statements above are wrong
39. Which one of the following statements is correct?
- FPR is a cash receipt. *
- Renewal premium cannot be paid without the renewal notice
- Both the statements above are correct
- Both the statements above are wrong
40. Which one of the following statements is correct?
- Clauses modify the conditions in the policy.
- Endorsements modify the conditions in the policy.
- Both the statements above are correct *
- Both the statements above are wrong
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