Which of the following documents is an

evidence of the contract between insurer

and insured?

• Proposal form

• Policy document

• Prospectus

• Claim form

If complex language is used to word a certain

policy document and it has given rise to an

ambiguity, how will it generally be construed?

• In favour of insured

• In favour of insurer

• The policy will be declared as void

  and the insurer will be asked to return

  the premium with interest to the

  insured

• The policy will be declared as void

  and the insurer will be asked to return

  the premium to the insured without

  any interest

Which of the below forms the first part of

a standard insurance policy document?

• Policy schedule

• Standard provisions

• Specific policy provisions

• Claim procedure

“A clause precluding death due to

pregnancy for a lady who is expecting at

the time of writing the contract” will be

included in which section of a standard

policy document?

• Policy schedule

• General provisions

• Standard provisions

• Specific policy provisions

Which of the below statement is correct?

• The policy document has to be signed

  by a competent authority but need

  not be compulsorily stamped

  according to the Indian Stamp Act.

• The policy document has to be signed

  by a competent authority and should

  be stamped according to the Indian

  Stamp Act.

• The policy document need not be

  signed by a competent authority but

  should be stamped according to the

  Indian Stamp Act.

• The policy document neither needs to

  be signed by a competent authority

  nor it needs to be compulsorily

  stamped according to the Indian

  Stamp Act.

Which of the below statement is false with

regards to nomination?

• Policy nomination is not cancelled if

  the policy is assigned to the insurer in

  return for a loan

• Nomination can be done at the time

  of policy purchase or subsequently

• Nomination can be changed by making

  an endorsement in the policy

• A nominee has full rights on the whole

  of the claim

When is a policy deemed to be lapsed?

• If the premiums are not paid on due

  date

• If the premiums are not paid before

  the due date

• If the premium has not been paid

  even during days of grace

• If the policy is surrendered

What will happen if the policyholder does

not pay the premium by the due date and

dies during the grace period?

• The insurer will consider the policy

  void due to non-payment of premium

  by the due date and hence reject the

  claim

• The insurer will pay the claim and

  waive off the last unpaid premium

• The insurer will pay the claim after

  deducting the unpaid premium

• The insurer will pay the claim after

  deducting the unpaid premium along

  with interest which will be taken as

  2% above the bank savings interest

  rate

For an insurance policy nomination is

allowed under _________ of the Insurance

Act, 1938.

• Section 10

• Section 38

• Section 39

• Section 45

Which of the below alteration will be

permitted by an insurance company?

• Splitting up of the policy into two or

  more policies

• Extension of the premium paying term

• Change of the policy from with profit

  policy to without profit policy

• Increase in the sum assured