H03 Health Insurance Products MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on H03 Health Insurance Products, a fundamental topic in the field of IC38 Life Insurance Agent Exam. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our H03 Health Insurance Products 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 H03 Health Insurance Products mcq questions that explore various aspects of H03 Health Insurance Products problems. Each MCQ is crafted to challenge your understanding of H03 Health Insurance Products principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC38 Life Insurance Agent Exam tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our H03 Health Insurance Products MCQs are your pathway to success in mastering this essential IC38 Life Insurance Agent Exam topic.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of H03 Health Insurance Products. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

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H03 Health Insurance Products MCQs | Page 17 of 18

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Q161.
When is it necessary to provide a notice of claim in a health insurance policy?

a.

Only for cashless claims

b.

Before receiving any medical treatment

c.

Intimations are given after hospitalization

d.

At the time of policy renewal

Discuss
Answer: (a).Only for cashless claims Explanation:In health insurance policies, notice of claim is typically provided well before hospitalization, especially when cashless facility is desired by the customer.
Q162.
What is the usual time limit for document submission in cases of reimbursement claims in health insurance?

a.

30 days from the date of discharge

b.

7 days from the date of discharge

c.

15 days from the date of discharge

d.

90 days from the date of discharge

Discuss
Answer: (c).15 days from the date of discharge Explanation:The usual time limit for document submission in cases of reimbursement claims in health insurance is 15 days from the date of discharge.
Q163.
What is a "free health check" provision in individual health policies?

a.

It provides free healthcare services to policyholders.

b.

It gives policyholders free access to healthcare facilities.

c.

It offers reimbursement for the cost of a health check-up after a specific period of claim-free policy periods.

d.

It is a discount on the premium for individuals who haven't claimed their policy benefits.

Discuss
Answer: (c).It offers reimbursement for the cost of a health check-up after a specific period of claim-free policy periods. Explanation:A "free health check" provision in individual health policies offers reimbursement for the cost of a health check-up after a specific period of continuous, claim-free policy periods.
Q164.
What is the purpose of a "cumulative bonus" in health insurance?

a.

To increase the premium amount each year

b.

To encourage policyholders to make more claims

c.

To provide a bonus on the sum insured for each claim-free year

d.

To reduce the coverage over time

Discuss
Answer: (c).To provide a bonus on the sum insured for each claim-free year Explanation:A "cumulative bonus" in health insurance is provided to encourage policyholders to continue renewing their policies without making claims. It offers a bonus on the sum insured for each claim-free year.
Q165.
How much can the sum insured increase with a "cumulative bonus" for claim-free renewals?

a.

Up to a maximum of 10%

b.

Up to a maximum of 25%

c.

Up to a maximum of 50%

d.

There is no limit to the increase

Discuss
Answer: (c).Up to a maximum of 50% Explanation:The sum insured can increase with a "cumulative bonus" for claim-free renewals up to a maximum of 50% for ten claim-free renewals.
Q166.
What is a "malus" in health insurance?

a.

A bonus for policyholders with high claim ratios

b.

A loading of premium collected at renewal for policies with high claims

c.

A discount on premium for every claim-free year

d.

A restriction on the category of room a policyholder can choose

Discuss
Answer: (b).A loading of premium collected at renewal for policies with high claims Explanation:A "malus" in health insurance is a loading of premium collected at renewal when claims under a policy are very high.
Q167.
What does "no claim discount" refer to in health insurance?

a.

A discount on premium for every claim-free year

b.

A discount on medical expenses for policyholders with high claims

c.

A bonus on the sum insured for each claim-free year

d.

A restriction on the category of room an insured person can choose

Discuss
Answer: (a).A discount on premium for every claim-free year Explanation:"No claim discount" in health insurance refers to a discount on the premium for every claim-free year.
Q168.
How is room rent linked to the sum insured in some health plans?

a.

It is not linked to the sum insured.

b.

It is based on the policyholder's choice.

c.

It is determined by the hospital.

d.

It is linked by a percentage of the sum insured per day.

Discuss
Answer: (d).It is linked by a percentage of the sum insured per day. Explanation:In some health plans, room rent restrictions are linked to a percentage of the sum insured per day, limiting the type of room a policyholder can choose based on their sum insured.
Q169.
According to IRDAI guidelines, what is the mandatory requirement for renewability of health insurance policies?

a.

Lifetime guaranteed renewal, except on grounds of fraud and misrepresentation

b.

Renewability up to the age of 70 for all health insurance policies

c.

Annual renewal based on policyholder's health status

d.

Renewal only upon payment of an additional fee

Discuss
Answer: (a).Lifetime guaranteed renewal, except on grounds of fraud and misrepresentation Explanation:IRDAI guidelines make lifetime guaranteed renewal of health insurance policies compulsory, except on grounds of fraud and misrepresentation.
Q170.
Under what conditions can an insurance company cancel a health insurance policy?

a.

Anytime, without giving a reason

b.

Only on grounds of non-payment of premium

c.

Only on grounds of misrepresentation, fraud, non-disclosure of material facts, or non-cooperation by the insured

d.

Only if the policyholder makes a claim

Discuss
Answer: (c).Only on grounds of misrepresentation, fraud, non-disclosure of material facts, or non-cooperation by the insured Explanation:An insurance company can cancel a health insurance policy only on grounds of misrepresentation, fraud, non-disclosure of material facts, or non-cooperation by the insured.
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