Protection of Policyholder Interest MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Protection of Policyholder Interest, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Protection of Policyholder Interest MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of Protection of Policyholder Interest mcq questions that explore various aspects of Protection of Policyholder Interest problems. Each MCQ is crafted to challenge your understanding of Protection of Policyholder Interest principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC 14 Regulations of Insurance Business tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our Protection of Policyholder Interest MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of Protection of Policyholder Interest. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your Protection of Policyholder Interest knowledge to the test? Let's get started with our carefully curated MCQs!

Protection of Policyholder Interest MCQs | Page 8 of 8

Discover more Topics under IC 14 Regulations of Insurance Business

Q71.
Within how many days should a proposal be processed by the insurer?

a.

15

b.

30

c.

60

d.

10

Discuss
Answer: (a).15 Explanation:A proposal should be processed by the insurer within 15 days according to regulatory guidelines.
Q72.
Free look option has to be exercised within how many days?

a.

10

b.

20

c.

15

d.

30

Discuss
Answer: (c).15 Explanation:The free look option must be exercised within 15 days, allowing policyholders to review the policy terms and return it if dissatisfied.
Q73.
___________was created by the Government of India for quick disposal of grievances of the insured customers.

a.

Grievance Redressal Authority

b.

Insurance Ombudsman

c.

Insurance Council

d.

Special Insurance Courts

Discuss
Answer: (b).Insurance Ombudsman Explanation:The Insurance Ombudsman was established by the Government of India to quickly address the grievances of insured customers.
Q74.
What is the penal interest that the insurance company has to give to the claimant in case of delay in payment of claim?

a.

1% above the prevailing bank rate

b.

2% above the prevailing bank rate

c.

4% above the prevailing bank rate

d.

5% above the prevailing bank rate

Discuss
Answer: (b).2% above the prevailing bank rate Explanation:The penal interest for delayed claim payment is 2% above the prevailing bank rate, ensuring timely settlements.
Q75.
What should be the font size of the Key Feature Document?

a.

16 of Arial

b.

12 of Times New Roman

c.

14 of Times New Roman

d.

10 of Arial

Discuss
Answer: (c).14 of Times New Roman Explanation:The font size of the Key Feature Document should be 14 of Times New Roman, ensuring readability and compliance with regulatory standards.
Q76.
Which of the following fall in the pre-sale stage of the insurance policy?

a.

Issuance of policy bond

b.

Proposal of insurance

c.

Claim settlement

d.

None of the above

Discuss
Answer: (b).Proposal of insurance Explanation:Proposal for insurance falls in the pre-sale stage of insurance.
Q77.
What is the ceiling limit for the premium for all riders put together?

a.

30% of the premium of the basic product

b.

15% of the premium of the basic product

c.

10% of the premium of the basic product

d.

None of the above

Discuss
Answer: (a).30% of the premium of the basic product Explanation:The ceiling limit of all riders put together is 30% of the premium of the basic product.
Q78.
________ is a legal document setting out the terms and conditions of the contract.

a.

Proposal form

b.

Prospectus

c.

Cover Note

d.

Policy Bond

Discuss
Answer: (d).Policy Bond Explanation:Policy Bond is a legal document setting out the terms and conditions of the contract.
Q79.
Which rules have been framed by the Central Government in 1988 to resolve all complaints related to settlement of complaints?

a.

Redressal of Public Grievances Rules

b.

Insurance Council

c.

Policyholders’ servicing

d.

None of the above

Discuss
Answer: (a).Redressal of Public Grievances Rules Explanation:The Central Government has framed rules known as Redressal of Public Grievances Rules in 1988 to resolve all complaints related to settlement of claims.
Q80.
Who should be appointed for assessing the loss / claim?

a.

Insurer

b.

Surveyor

c.

Insured

d.

None of the above

Discuss
Answer: (b).Surveyor Explanation:A surveyor should be appointed to assess the loss / claim.
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