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.

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H03 Health Insurance Products MCQs | Page 2 of 18

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Q11.
What important changes were introduced in the Health Regulations, 2016 regarding health insurance products?

a.

Life Insurance Companies can offer long term health products with premium reviews every year.

b.

Non-Life and Standalone Health insurance companies can offer individual health products with a maximum tenure of one year.

c.

Insurance companies are not allowed to offer innovative ‘Pilot-Products'.

d.

Both a and b

Discuss
Answer: (d).Both a and b Explanation:The Health Regulations, 2016 introduced changes such as allowing Life Insurance Companies to offer long term health products with premium reviews every three years and enabling Non-Life and Standalone Health insurance companies to offer individual health products with a maximum tenure of three years.
Q12.
What is the maximum tenure for individual health products offered by Non-Life and Standalone Health insurance companies under the Health Regulations, 2016?

a.

One year

b.

Three years

c.

Five years

d.

Ten years

Discuss
Answer: (b).Three years Explanation:Under the Health Regulations, 2016, Non-Life and Standalone Health insurance companies can offer individual health products with a maximum tenure of three years.
Q13.
What is the minimum group size required for issuing a Group Health Insurance Policy as per the Health Regulations, 2016?

a.

1

b.

5

c.

10

d.

7

Discuss
Answer: (d).7 Explanation:The Health Regulations, 2016 specify that a minimum group size of 7 is required for issuing a Group Health Insurance Policy.
Q14.
Under what conditions can an insured individual with multiple health policies seek claim settlements?

a.

Only if the insurer with the highest premium is approached for claim settlement.

b.

The insured can only make a claim under the first policy chosen.

c.

The insured has the right to choose any of his/her policies for claim settlement.

d.

The insured must exhaust the sum insured in the earlier chosen policy before seeking settlement under other policies.

Discuss
Answer: (c).The insured has the right to choose any of his/her policies for claim settlement. Explanation:An insured individual with multiple health policies has the right to choose any of his/her policies for claim settlement, and the insurer on whom the claim is made shall make the claim payment.
Q15.
What is the maximum term for Credit Linked Group Personal Accident policies offered by General Insurers and Health Insurers as per the Health Regulations, 2016?

a.

One year

b.

Three years

c.

Five years

d.

Ten years

Discuss
Answer: (c).Five years Explanation:According to the Health Regulations, 2016, General Insurers and Health Insurers may offer Credit Linked Group Personal Accident policies for a maximum term of five years.
Q16.
How often can the premium for long term health products offered by Life Insurance Companies be reviewed under the Health Regulations, 2016?

a.

Every year

b.

Every three years

c.

Every six months

d.

Premiums cannot be reviewed

Discuss
Answer: (b).Every three years Explanation:The premium for long term health products offered by Life Insurance Companies can be reviewed every three years under the Health Regulations, 2016.
Q17.
What is the main reason for the confusion in the health insurance market before the introduction of standardization guidelines?

a.

Lack of insurance companies

b.

Lack of customer interest

c.

Varied products and definitions

d.

High premiums

Discuss
Answer: (c).Varied products and definitions Explanation:The confusion in the health insurance market arose due to the presence of numerous insurers offering varied products with different definitions and exclusions.
Q18.
In which year were the IRDA Guidelines on standardization in health insurance first issued?

a.

2016

b.

2020

c.

2010

d.

2014

Discuss
Answer: (a).2016 Explanation:The IRDA Guidelines on standardization in health insurance were first issued in 2016.
Q19.
Who are the Guidelines on standardization in health insurance applicable to?

a.

Only Health Insurers

b.

Only General Insurers

c.

Both General and Health Insurers offering indemnity-based health insurance

d.

TPAs and hospitals

Discuss
Answer: (c).Both General and Health Insurers offering indemnity-based health insurance Explanation:The guidelines are applicable to both General and Health Insurers offering indemnity-based health insurance products.
Q20.
What is the main objective of a hospitalization indemnity product?

a.

Cover all medical expenses

b.

Cover pre- and post-hospitalization expenses

c.

Protect individuals from hospitalization

d.

Indemnify the policyholder for hospitalization expenses

Discuss
Answer: (d).Indemnify the policyholder for hospitalization expenses Explanation:A hospitalization indemnity product indemnifies the policyholder by covering expenses during hospitalization.
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