1. What is meant by a Claim under an insurance policy?
- Any demand made by the policyholder on the insurer
- A demand to fulfill the policyholder’s obligations
- A demand to fulfill the insurer’s obligations *
- All the three above
2. When does a claim arise under an insurance policy?
- Whenever the policyholder feels the need for money
- When the insured events happen *
- When a premium is not paid
- Whenever any of the three things mentioned above happen
3. The insurer will not pay a claim unless
- The event insured against, happens *
- The policyholder himself makes a demand
- The nominee makes a demand
- When all the three things mentioned above happen
4. Which one of the following statements is correct?
- A request for a loan is considered as a claim
- A request for surrender of policy is considered a claim
- Both the statements above are correct
- Both the statements above are wrong *
5. Which one of the following statements is correct?
- A claim will be paid as soon as the death of the insured is confirmed
- An insurer makes enquiries to establish that death took place
- Both the statements above are correct
- Both the statements above are wrong *
6. Which one of the following statements is correct?
- An insurer makes enquiries to establish the fact of death
- The insurer makes enquiries to check facts stated in the proposal *
- Both the statements above are correct
- Both the statements above are wrong
7. Which one of the following statements is correct?
- The insurer makes enquiries only in the case of death claims *
- The insurer makes enquiries in the case of maturity claims also
- Both the statements above are correct
- Both the statements above are wrong
8. Which one of the following statements is correct?
- The insurer makes enquiries in the case of all death claims
- The insurer makes enquiries only in the case of early claims *
- Both the statements above are correct
- Both the statements above are wrong
9. Which one of the following statements is correct?
- A death claim within two years of commencement is treated as an early claim
- A death claim within two years of revival is treated as an early claim
- Both the statements above are correct *
- Both the statements above are wrong
10. Which one of the following statements is correct?
- A death claim within two years of revival is treated as an early claim *
- A death claim within two years of an alteration is treated as an early claim
- Both the statements above are correct
- Both the statements above are wrong
11. Which one of the following statements is correct?
- The insurer waits for a demand before taking action in maturity claim cases
- The insurer takes action in a death claim case after a demand is made on it *
- Both the statements above are correct
- Both the statements above are wrong
12. Which one of the following statements is correct?
- Maturity claims are paid to policyholders
- Maturity claims are paid to assignees
- Both the statements above are correct *
- Both the statements above are wrong
13. Which one of the following statements is correct?
- Maturity claim cheques are paid to the trustees in a MWP Act case *
- Maturity claim cheques are paid to the beneficiaries in a MWP Act case
- Both the statements above are correct
- Both the statements above are wrong
14. Which one of the following statements is correct?
- Maturity claim cheques are paid to the policyholder in MWP Act cases
- Maturity claim cheques are paid to the trustees in a MWP Act case *
- Both the statements above are correct
- Both the statements above are wrong
15. Which one of the following statements is correct?
- The death claim is settled in favour of the nominee in MWP Act cases
- The death claim is settled in favour of the trustee in MWP Act cases *
- Both the statements above are correct
- Both the statements above are wrong
16. Which one of the following statements is correct?
- Maturity proceeds are paid to the nominee, if the policyholder dies earlier
- Maturity proceeds are paid to the heirs, if the policyholder dies earlier *
- Both the statements above are correct
- Both the statements above are wrong
17. Which one of the following statements is correct?
- No claim is paid unless the original policy is surrendered
- Claim can be paid even without the original policy, if it is lost *
- Both the statements above are correct
- Both the statements above are wrong
18. Which one of the following statements is correct?
- Claims may be paid on the basis of indemnity, if title is not established
- Claims may be paid on the basis of indemnity, if original policy is lost
- Both the statements above are correct *
- Both the statements above are wrong
19. Which one of the following statements is correct?
- The claim may be repudiated, if the age is found to be different
- Insurer need not wait for formal death intimation *
- Both the statements above are correct
- Both the statements above are wrong
20. Before paying a claim, which of the following have to be verified?
- Premiums paid till date
- Balance of loan, if any
- Title of claimant
- All the three mentioned above *
21. Before paying a claim, which of the following have to be verified?
- Age of the life insured *
- Age of the nominee
- Age of the assignee, if any
- All of the above
22. Before paying a death claim, which of the following have to be verified?
- Proof of death of life insured
- Receipts of all premiums paid from commencement
- Entitlement for accident benefits
- All of the above *
23. Which one of the following statements is correct?
- If a person is missing for seven years, the claim is called a death claim
- A claim can be admitted if the life insured is not heard of for seven years
- Both the statements above are correct *
- Both the statements above are wrong
24. Which one of the following statements is correct?
- In the case of a missing person, the claim arises from the date he is missing
- In the case of a missing person, premiums have to be paid till court judgment *
- Both the statements above are correct
- Both the statements above are wrong
25. Which one of the following statements is correct?
- Action is initiated by the insurer well before the date of maturity
- The rightful claimant in the case of maturities is the policyholder or assignee
- Both the statements above are correct *
- Both the statements above are wrong
26. Which one of the following statements is correct?
- All maturity claims are paid in one lump sum
- All death claims are paid in one lump sum
- Both the statements above are correct
- Both the statements above are wrong *
27. Which one of the following statements is correct?
- A maturity claim is finally settled on the date of maturity
- A death claim, after admission, may be paid years later *
- Both the statements above are correct
- Both the statements above are wrong
28. Which one of the following statements is correct?
- A claim may be paid in instalments only if there is a prior request
- A maturity claim may be payable years after the date of maturity *
- Both the statements above are correct
- Both the statements above are wrong
29. Which one of the following statements is correct?
- A survival benefit is settled like a maturity claim *
- A survival benefit is paid to the nominee if the policyholder dies
- Both the statements above are correct
- Both the statements above are wrong
30. Which one of the following statements is correct, if trustee is not appointed?
- A claim under the MWP Act policy will be paid to the Official Trustee *
- A claim under the MWP Act policy will be paid to the beneficiaries
- Both the statements above are correct
- Both the statements above are wrong
31. Which one of the following statements is correct?
- Survival benefits may be settled on indemnity basis, if original policy is lost
- Survival benefits have to be endorsed on the policy *
- Both the statements above are correct
- Both the statements above are wrong
32. Which one of the following statements is correct?
- If original policy is lost, duplicate policy is necessary for survival benefits *
- If original policy is lost, duplicate policy is necessary for maturity payments
- Both the statements above are correct
- Both the statements above are wrong
33. Which one of the following statements is correct?
- A policy reported to be lost, may actually have been assigned *
- A policy has no value after the payment of survival benefits
- Both the statements above are correct
- Both the statements above are wrong
34. Which one of the following statements is correct?
- No claim can be paid without either the original or the duplicate policy
- No maturity claim can be paid without the life insured’s signature
- Both the statements above are correct
- Both the statements above are wrong *
35. Which one of the following statements is correct?
- A survival benefit is paid only to the life insured
- A death claim can be paid only to the nominee
- Both the statements above are correct
- Both the statements above are wrong *
36. In which of the following cases, is the maximum documents asked for?
- Death claim *
- Maturity claim
- Survival benefits
- Annuity cases
37. In which of the above cases, will the help of the agent be most useful?
- Death claims *
- Maturity claims
- Survival benefits
- Annuity cases
38. In which of the above cases, is the claimant likely to feel most anxious?
- Death claim within two years *
- Surrender cases
- Applications for loans
- Survival benefit cases
39. Why are enquiries made in the case of early claim?
- To ensure that there is no misstatement of facts
- To protect the interests of the community of policyholders
- To protect the interests of the insurers
- For all the above reasons *
40 Why are enquiries made in the case of early claims?
- To confirm that the underwriting decision was not incorrect
- To confirm the validity of the mortality table used
- To check whether underwriting policies need change
- For none of the above reasons *
41. Which one of the following statements is correct?
- The insurer can initiate action even before a death claim intimation is received
- A death claim intimation does not establish that the life insured has actually died
- Both the statements above are correct *
- Both the statements above are wrong
42. Which one of the following statements is correct?
- Frauds are more likely in death claim cases than in maturity cases
- If the life insured had died one month before maturity date, it is a death claim
- Both the statements above are correct *
- Both the statements above are wrong
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