OCL Quiz 10 - Group Operations Processes - Group 1

What is the minimum number of members (or employees) required to set up a Group Term Insurance policy under an Employer-Employee Scheme?

• 1,000

• 50

• 10

• 5

In Group Term Insurance, members get covered by the policy for ____.

• 5 years

• 1 year

• 10 years

• 3 years

A company's Group Term Insurance (GTI) policy is due for renewal. Which documents will have to be provided by the company?

• Proposal Form, Signed Quote, PAN

• Signed Quote, Members' List, Broker Details, Standing Instructions

• Only Member Details

• GST Certificate, Proposal Form

An authorized signatory from XYZ Limited signs the Proposal Form of a Group Term Insurance (GTI) policy on January 1, 2025. He pays the premium of the policy on January 2, 2025. What will be Risk Commencement Date (RCD)?

• Premium received date

• Signed Quote date

• Proposal form signed date

• Issuance date

What is the cut off time to process Unit Linked (UL) transactions for group fund or Net Asset Value (NAV) based policies?

• 3:00 PM

• 5:00 PM

• 6:00 PM

• 2:00 PM

Which of the following will be required for additional contributions in group fund policies - Defined Benefit scheme?

• Only Contribution form

• 1. Duly filled Contribution form with authorised Trustee signature and trust stamp on the contribution form
  2. Fund Transfer details along with Unique Transaction (UTRN) / Bank details / Pay In Slip (PIS) details in case of a cheque payment

• Only Contribution form with authorised Trustee signature and trust stamp on the contribution form

• Proposal form with authorised Trustee signature and trust stamp

A Master Policy Holder (MPH) had invested in Defensive Managed II Fund of a unit linked plan that they had bought 6 months ago. After considering the current market conditions, they decide to transfer the existing funds to Secure Managed II Fund. What type of service request will it be?

• Premium Redirection

• Automatic Transfer Plan

• Fund Switch

• Fund Switch and Premium Redirection

A Master Policy Holder (MPH) wants to raise a service request for its Group Unit Linked (UL) Fund based policy. Which email ID should they send a mail to?

• [e-mail]

• [e-mail]

• [e-mail]

• [e-mail]

A Master Policy Holder (MPH) has provided the required documents along with funds at 4.00 pm towards additional contribution to its Group Unit Linked (UL) Fund based policy. Which Net Asset Value (NAV) will be considered?

• NAV of the same day

• Next NAV date

• NAV after 2 days

• NAV as on the 1st day of the month

A Master Policy Holder (MPH) wants to raise a retirement claim request for some of its employees for a group unit linked pension plan. Which documents will be required?

• • Claim form duly signed and stamped
  • Member Annexure only (for a Defined Contribution Scheme)

• Surrender form

• • Member withdrawal form  • Member Annexure only (for a Defined Contribution scheme)

• Contribution form