IC38 -English New Syllabus IC38 Mock Test-9
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. What did the regulator do to provide standardization in health insurance?
Introduced new insurance products
Revised premium rates for existing products
Issued guidelines on standardization
Implemented stricter eligibility criteria
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2. What expenses are reimbursed under the donor's expenses cover?
Expenses for accompanying person
Outpatient expenses
Ambulance expenses
Expenses related to major organ transplant donor
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3. What factors are considered in the formula used to calculate surrender values?
The type and plan of insurance, age of the policyholder, and the length of the policy premium-paying period
The surrender value chart provided by the Insurance Act, 1938
The outstanding loan amount on the policy
The policyholder's financial income and morals
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4. What is a common issue faced by elderly individuals when it comes to insurance coverage?
Limited coverage options for specific age groups
Higher premium rates for certain age brackets
Exclusion of pre-existing conditions
Lack of coverage for hospitalization expenses
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5. What is a deductible?
A cost-sharing provision between an insurer and insured
A policy that is used for life insurance only
The amount of money paid by an insurer to the insured
A type of coverage used for health insurance
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6. What is liability insurance?
Insurance that covers loss of cargo while at sea
Insurance that covers motor accidents
Insurance that covers events leading to loss of name and goodwill
Insurance that covers liability in case of accidents or damage caused by the insured
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7. What is money laundering and how is it related to financial services?
The process of hiding illegal money to make it appear legal; criminals use financial services to launder money
The process of hiding legal money to make it appear illegal; criminals avoid using financial services to launder money
The process of transferring funds legally to conceal their origin; financial services are not used in money laundering
The process of transferring illegal funds openly; financial services are not used in money laundering
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8. What is the consequence of not observing Utmost Good Faith in an insurance contract?
The contract is automatically terminated
The party not observing Utmost Good Faith is fined
The contract may be avoided by the other party
The party observing Utmost Good Faith is rewarded.
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9. What is the frequency of renewal for most general insurance policies?
Every 6 months
Every 2 years
Every year
Every 5 years
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10. What is the history of insurance in India?
It began in the 1700s with the Amicable Society for a Perpetual Assurance
The first non-life insurer was Bombay Mutual Assurance Society Ltd.
Oriental Life Insurance Co. Ltd was the first Indian insurance company.
Agencies of foreign insurers began the marine insurance business in the early 1800s.
