IC38 -English New Syllabus IC38 Mock Test-7
IC38 English Mock Test helps you prepare for the essential IRDAI IC38 exam to become an insurance agent. It covers insurance principles, regulations, claims, ethics, and sales techniques. Understand the exam pattern, boost your confidence and achieve success with our mock tests. Practice well and pass the exam on your first attempt!
1. How do life insurers handle cases with adverse family history?
Reject the proposal outright
Impose additional financial requirements
Call for other reports and may impose an extra mortality rating
Increase the coverage amount for such individuals
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2. How is the HLV concept calculated using a simple thumb rule?
By taking into account inflation, wage rise, and future earning capacity
By determining the amount that would generate the annual income the family would need by way of interest
By dividing the total amount of money a person has saved over their lifetime by the number of years they are expected to live
By multiplying the annual income of the breadwinner by the prevailing rate of interest
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3. In what way do insurers and financial institutions use life insurance policies as security?
They sell the policies to other parties for a profit.
They assign the policies to third-party investors
They advance loans against the surrender value of the policies
They use the policies as collateral for their own financial transactions
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4. What are some occupations or activities that belong to risk group III?
Persons engaged in racing on wheels (e.g., race car drivers) and similar hazardous occupations/activities
Doctors, Lawyers, Architects
Accountants, Engineers, Builders
Teachers, Librarians, Social workers
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5. What are the two forms of Critical Illness (CI) cover offered by life insurers?
Comprehensive CI cover and basic CI cover
Accelerated CI benefit plan and standalone CI benefit plan
Group CI cover and individual CI cover
Term life insurance and whole life insurance
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6. What does the Grace Period provision in a life insurance contract enable?
It allows the policyholder to extend the policy term without paying additional premiums.
It grants the policyholder an additional period of time to pay the premium after it has become due
The law provides a grace period for submitting claims for policy benefits
This allows the policy to continue in force even if the insured dies during the grace period
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7. What has been made compulsory by IRDAI for all policies?
Annual renewal
Contract extension
Lifetime coverage
Premium adjustment
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8. What is arbitration?
A method of settling disputes arising out of contracts
A legal procedure involving considerable delay and expense
A formal court hearing for commercial insurance policies
A method of settling disputes through litigation
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9. What is the advantage of a non-medical underwriting policy?
Lower premiums compared to traditional policies
Longer waiting periods for coverage
Quick coverage without extensive medical examinations
Higher sum assured for the policy
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10. What is the difference between participating and non-participating life insurance policies, according to IRDAI guidelines?
The minimum sum assured for death benefits
The way the return on policies is disclosed
Whether or not they are linked to an index or benchmark
The types of additional benefits that are accrued at regular intervals
