L09 Life Insurance Claims MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on L09 Life Insurance Claims, 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 L09 Life Insurance Claims 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 L09 Life Insurance Claims mcq questions that explore various aspects of L09 Life Insurance Claims problems. Each MCQ is crafted to challenge your understanding of L09 Life Insurance Claims 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 L09 Life Insurance Claims MCQs are your pathway to success in mastering this essential IC38 Life Insurance Agent Exam topic.

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L09 Life Insurance Claims MCQs | Page 1 of 4

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Q1.
What is the purpose of IRDAI's Protection of Policyholders' Interests Regulations, 2017?

a.

To impose strict penalties on life insurers

b.

To streamline the premium payment process

c.

To regulate advertising for insurance companies

d.

To ensure prompt processing and settlement of death claims

Discuss
Answer: (d).To ensure prompt processing and settlement of death claims Explanation:IRDAI's Protection of Policyholders' Interests Regulations, 2017 aims to ensure that life insurers process death claims without delay and settle them promptly.
Q2.
What is the definition of a claim in the context of insurance?

a.

A request for more information from the policyholder

b.

A promise to pay future benefits

c.

A demand that the insurer fulfills the promise specified in the contract

d.

An application for a new insurance policy

Discuss
Answer: (c).A demand that the insurer fulfills the promise specified in the contract Explanation:A claim in insurance is a demand made by the policyholder for the insurer to fulfill the promises made in the insurance contract.
Q3.
When does a death claim typically arise in a life insurance contract?

a.

When the policyholder decides to surrender the policy

b.

When the policy reaches its maturity period

c.

When the life assured passes away

d.

When critical illnesses are covered under the policy

Discuss
Answer: (c).When the life assured passes away Explanation:A death claim in a life insurance contract arises when the life assured, the person whose life is insured, passes away.
Q4.
What is the maximum time frame for completing an investigation if the claim warrants one, as per IRDAI?

a.

15 days

b.

30 days

c.

60 days

d.

90 days

Discuss
Answer: (d).90 days Explanation:IRDAI specifies that if an insurer believes a claim warrants an investigation, it should be completed within 90 days from the date of intimation.
Q5.
In what situations are survival claims typically payable?

a.

When the policy reaches maturity

b.

When the policyholder decides to surrender the policy

c.

When critical illnesses are covered under the policy

d.

When the insured reaches the pre-decided duration(s) specified in the policy

Discuss
Answer: (d).When the insured reaches the pre-decided duration(s) specified in the policy Explanation:Survival claims are typically payable when the insured reaches the pre-decided duration(s) specified in the policy, such as reaching the maturity period of the policy or when money-back installments become payable.
Q6.
How is a survival claim typically ascertained in a life insurance policy?

a.

By the decision of the policyholder to cancel the contract

b.

Based on medical and other records provided by the policyholder

c.

When the policy reaches its maturity period or fulfills specific conditions

d.

When critical illnesses are diagnosed

Discuss
Answer: (c).When the policy reaches its maturity period or fulfills specific conditions Explanation:Survival claims in life insurance are typically ascertained when the policy reaches its maturity period or fulfills specific conditions outlined in the policy.
Q7.
What makes the process of ascertaining maturity claims and money-back instalment claims straightforward?

a.

The date of maturity and installment payment dates are clearly specified in the policy contract

b.

The policyholder's medical history

c.

The decision of the policyholder to surrender the policy

d.

The policyholder's annuity payments

Discuss
Answer: (a).The date of maturity and installment payment dates are clearly specified in the policy contract Explanation:Maturity claims and money-back installment claims are easily ascertained because the dates of maturity and installment payments are explicitly laid out in the policy contract.
Q8.
What triggers the event of surrender value payments in a life insurance policy?

a.

The occurrence of a critical illness

b.

The decision of the policyholder or assignee to cancel the contract and withdraw funds

c.

Reaching the policy's maturity date

d.

Periodic life certificate submission

Discuss
Answer: (b).The decision of the policyholder or assignee to cancel the contract and withdraw funds Explanation:Surrender value payments are triggered by the decision of the policyholder or assignee to cancel the contract and withdraw the funds due to them under the policy.
Q9.
How are critical illness claims ascertained in life insurance?

a.

Based on the policyholder's periodic life certificates

b.

By the decision of the policyholder to cancel the contract

c.

Through the medical and other records provided by the policyholder

d.

When the policy reaches its maturity period

Discuss
Answer: (c).Through the medical and other records provided by the policyholder Explanation:Critical illness claims are typically ascertained based on the medical and other records provided by the policyholder to support their claim.
Q10.
How is a maturity claim different from other types of claims in life insurance?

a.

Maturity claims are based on medical records

b.

Maturity claims are triggered by the decision of the policyholder or assignee

c.

Maturity claims do not involve a penalty for premature withdrawal

d.

Maturity claims are established based on dates determined at the beginning of the contract

Discuss
Answer: (d).Maturity claims are established based on dates determined at the beginning of the contract Explanation:Maturity claims in life insurance are established based on dates that are determined at the beginning of the contract, such as the date of maturity.
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