1 Which one of the following statements is correct?
- Requirements should be called within 15 days of receipt of the claim
- Interest is payable on delayed claim payments
- Both the statements above are correct *
- Both the statements above are wrong
2 Which one of the following statements is correct?
- A lunatic policyholder can give a valid discharge
- For settlement of death claim, hospital discharge certificate is necessary
- Both the statements above are correct
- Both the statements above are wrong *
3 Which one of the following statements is correct?
- Suicide five years after commencement of policy, is not an accident
- Agent has a big role in claim processing
- Both the statements above are correct *
- Both the statements above are wrong
4. If a life insured has died a few days before date of maturity, but after signing discharge form, to whom should the claim be paid?
- Nominee *
- Surviving heirs
- The policyholder’s bank account
- Any of the three above
5. Which one of the following statements is correct?
- Coroner’s report is necessary in all death claim cases
- Special reports are avoided in early death cases if death occurred in a hospital
- Both the statements above are correct
- Both the statements above are wrong *
6. If a policyholder had signed the maturity discharge form but dies in an accident before the maturity date,
- Only the maturity amount will be payable to the heirs
- The maturity amount will be payable to the nominee
- Double the SA will be payable as a death claim to the nominee *
- Double the SA will be payable to the heirs
7. If a policyholder died before collecting the survival benefit in a Money Back policy,
- The survival benefit will be paid along with the death claim to nominee
- The survival benefit will be paid to the heirs and not the nominee *
- The death claim will be paid to the heirs along with the survival benefit
- The survival benefit will not be paid to anyone
8. Which one of the following statements is correct?
- The statement from the employer is required in all death claim cases
- The coroner’s report is required in accident cases *
- Both the statements above are correct
- Both the statements above are wrong
9. Which one of the following statements is correct?
- Death certificate is required to be produced in all death claim cases *
- Police inquest report is required in all death claim cases
- Both the statements above are correct
- Both the statements above are wrong
10 Which one of the following statements is correct?
- Enquiries are made in early death claims if SA exceeds Rs. 1 lakh
- Early death claims in non-medical cases are settled without enquiries
- Both the statements above are correct
- Both the statements above are wrong *
11. Which of these is not enough to claim policy monies?
- Succession certificate
- Probate of Will
- A court decree
- An agreement between the heirs *
12. Which one of the following statements is correct?
- An indemnity bond is asked for when there is no clear proof of title
- An indemnity bond is not necessary when there is a probate of a Will
- Both the statements above are correct *
- Both the statements above are wrong
13. Which one of the following statements is correct?
- When a claimant produces the original Will, no further proof is necessary
- An affidavit filed before a court by the heirs is adequate evidence of title
- Both the statements above are correct
- Both the statements above are wrong *
14. Which one of the following statements is correct?
- An indemnity bond is necessary when the heirs challenge the nomination
- Heirs claiming the policy monies must be asked to obtain court decrees *
- Both the statements above are correct
- Both the statements above are wrong
15. Which one of the following statements is correct?
- If there is no decree from a court, the insurer can pay death claim to the nominee*
- If any dispute is raised, the insurer should avoid paying death claim to nominee
- Both the statements above are correct
- Both the statements above are wrong
16. Which one of the following statements is correct?
- A Will can be challenged *
- If there are two Wills, the insurer should act according to the later one
- Both the statements above are correct
- Both the statements above are wrong
17. Which one of the following statements is correct?
- If there is an assignment, the Will is not valid *
- If there is a nomination, the Will is not valid
- Both the statements above are correct
- Both the statements above are wrong
18. Which one of the following statements is correct?
- A Will is valid only after a probate is obtained from a Court
- An insurer can make payment to the nominee without waiting for probate of Will
- Both the statements above are correct *
- Both the statements above are wrong
19. When a Court orders that a missing insured person is presumed to be dead,
- The premiums paid since his disappearance are returned along with the claim
- The date of death is taken to be the date of court order *
- Enquiries will be made as in the case of early death claims
- Suicide clause will operate if the person was missing within one year of policy
20. In the case of an insured person presumed to be dead
- The insurer has to come to a conclusion on the facts as presented to it
- The insurer has to act on the instructions of a Court of law *
- The accident benefit will become payable
- The policy will be deemed to be paid up from the date he is missing
21. In the case of an insured person presumed to be dead
- The court orders must be produced *
- The police report is necessary
- The coroner’s report will be called for
- It must be registered in the Municipality
22. A missing person will be presumed to be dead only after
- Three years
- Five years
- Seven years *
- Nine years
23. Which one of the following statements is correct?
- In the case of missing persons, a Court has to order presumption of death *
- When a person is missing for six years, the insurer can pay the death claim
- Both the statements above are correct
- Both the statements above are wrong
24 Which one of the following statements is correct?
- If a passenger in an air crash is not traced later, the missing person rule applies
- If a passenger on a ship is missing, the captain’s statement is proof of death *
- Both the statements above are correct
- Both the statements above are wrong
25. Which one of the following statements is correct?
- If an insured person is missing after an earthquake, the seven year rule applies
- If a person aboard a ship is missing, the captain’s statement is proof of death *
- Both the statements above are correct
- Both the statements above are wrong
26. If an insured person in a town hit by a typhoon and floods is missing thereafter
- Presumption of death can be done only after seven years
- Insurers may act upon certificates from local authorities *
- Death claims will not be considered till the courts decree otherwise
- Policy will be treated as paid up from the next premium due date
27. Which one of the following statements is correct?
- In the case of a soldier, the commander’s certificate is proof of death
- If a soldier is taken as a Prisoner of War, the premiums must be continued
- Both the statements above are correct *
- Both the statements above are wrong
28. In the case of a life insured who is a defence personnel and is missing in action
- Presumption of death is automatic
- Presumption of death depends on the certificate of the military unit *
- Presumption of death depends on the court orders
- Presumption of death will have to wait for seven years
29. Which one of the following statements is correct?
- A presumption of death is not the same as proof of death
- Presumption of death allows inheritance of property
- Both the statements above are correct *
- Both the statements above are wrong
30. If the heirs allege that the insured person is insane, the insurer should
- Exercise caution in settling the claim *
- Ignore the allegation and pay the maturity claim
- Refuse to pay the maturity claim
- Tell the heirs to prove their allegation
31. If the heirs allege that the insured person is mentally deranged, the insurer should
- Ask the heirs to produce a stay order from the court *
- Ignore the allegation and pay the maturity claim
- Apply to the court for appropriate directions
- Ask the insured person for his observations
32. Which one of the following statements is correct?
- The Foreign Exchange Regulations apply if the life insured is a non-resident
- The Foreign Exchange Regulations apply if the claimant is a non-resident
- Both the statements above are correct *
- Both the statements above are wrong
33. Which one of the following statements is correct?
- The insurer should ignore a court attaching the moneys under a MWP Act policy,
- The insurer should not become a party to a dispute between rival claimants *
- Both the statements above are correct
- Both the statements above are wrong
34. Which one of the following statements is correct?
- The insurer need not contest court orders relating to policy moneys
- The insurers should not sit on judgment between rival claims to policy moneys
- Both the statements above are correct *
- Both the statements above are wrong
35. Which one of the following statements is correct?
- Rival claimants to policy moneys should resolve the dispute themselves *
- The insurer need not examine the validity of rival claims to policy moneys
- Both the statements above are correct
- Both the statements above are wrong
36. Which one of the following statements is correct?
- If a death claim is made after a long time, it may not be genuine
- If a death claim is made after a long time, it must be carefully scrutinised
- Both the statements above are correct *
- Both the statements above are wrong
37. If a claim is made in January 2007 under a policy, which commenced in May 2002, stating that the life insured had died in April 2004,
- Section 45 of the Act will not apply
- The claim can be treated as an early claim
- Foul play must be suspected
- All the three statements above are correct *
38. If a claim is made in August 2007 under a policy, which commenced in May 2003, stating that the life insured had died in June 2004,
- The policy cannot be called into question because of section 45 of the Act
- The claim cannot be treated as an early claim
- The scrutiny and requirements should be stricter than usual *
- Many requirements will have to be ignored because of difficulty in getting them
39. Which one of the following statements is correct?
- Accident and Disability benefits are payable along with maturity claims
- Accident and Disability benefits are payable along with death claims only
- Both the statements above are correct
- Both the statements above are wrong *
40. If a policy is kept alive by advancing premiums from Surrender Value,
- The death claim will be the full SA less premiums advanced with interest *
- The death claim will be the full SA without any deduction
- The death claim will be the full SA less premiums till the current policy year
- All the three above are wrong
41. When an investigation is being made in respect of early claims,
- It should be completed within 45 days
- It should be completed within 60 days
- It should be completed within 6 months *
- There is no time limit for its completion
42. If payment of death claim is delayed, insurers have to pay interest at the rate of
· 2%
· bank rate
· call money rate
· Bank rate plus 2 % *
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