IC38 -English New Syllabus IC38 Mock Test-13
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 expenses are covered under the Hospitalization Expenses for Covid-19 treatment?
Diagnostic expenses
Medication expenses
Hospitalization expenses for a minimum period of 24 hours
Outpatient consultation fees
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2. What is "risk avoidance" in the insurance industry?
The process of transferring risk to another party.
The practice of managing risk through a portfolio approach
A technique for reducing the impact of risk events
A strategy of eliminating exposure to certain risks
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3. What is Guaranteed Surrender Value (GSV)?
The maximum surrender value offered by insurers
Surrender value payable if premiums have been paid for at least two consecutive years
The surrender value is calculated based on the policy's cash value
The value of the policy at maturity
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4. What is the benefit of a tailor-made policy for a homogenous group?
Lower premium rates
Access to exclusive banking services
Customized coverage to suit their requirements
Higher interest rates on savings accounts
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5. What is the characteristic of the cover ?
The insured receives a claim amount based on the amount spent on treatment.
The insured receives a claim amount determined by the policyholder's age.
The insured receives a fixed sum as the claim amount regardless of their actual expenses.
The insured receives a claim amount based on the insurance company's profits.
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6. What is the first step that should be taken during the claim stage?
The agent should assist in the investigations needed to assess the loss.
The incident giving rise to the claim should be immediately reported to the insurer.
The agent should delay the claim lodgment formalities.
The customer should contact the authorities before informing the insurer
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7. What is the meaning of "Composite Insurance Agent" as per IRDAI regulations?
An individual who can act as an insurance agent for multiple insurers.
An individual who can act as an insurance agent for only one insurer only
An individual who can act as an insurance agent for two or more insurers, with certain restrictions.
An individual who can act as an insurance agent for a limited period of time.
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8. What is the minimum continuous hospitalization period required to receive benefits under the Corona Rakshak plan?
24 hours
48 hours
72 hours
96 hours
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9. What is the purpose of a receipt issued by the insurer after premium payment?
To demonstrate commitment to the customer
To provide an opportunity to pledge continued support and service
To acknowledge receipt of premium paid
Explaining the various policy provisions and policyholders rights and privileges
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10. What is the purpose of the Proposal Form in life insurance?
To collect premium payments from the proposer
To verify the proposer's identity and address
To gather all the necessary information needed by insurers from the prospect
To assess the proposer's creditworthiness and financial stability
