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 4 of 4

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Q31.
What are the two main types of claims in life insurance?

a.

Survival claim and surrender claim

b.

Maturity claim and survival claim

c.

Death claim and maturity claim

d.

Survival claim and death claim

Discuss
Answer: (d).Survival claim and death claim Explanation:There are two main types of claims in life insurance: survival claims and death claims. Survival claims are associated with the insured surviving until the end of the policy term, while death claims arise upon the death of the life assured.
Q32.
What does Section 45 of the Insurance Act establish regarding the time limit for insurers to call a policy into question?

a.

1 year

b.

2 years

c.

3 years

d.

5 years

Discuss
Answer: (c).3 years Explanation:Section 45 of the Insurance Act establishes a time limit of 3 years for insurers to call a policy into question. This means that after the expiry of three years from the date of the policy, the insurer cannot reject a claim on any grounds whatsoever.
Q33.
Which regulatory body has laid down regulations to safeguard and protect the insured or beneficiary in case of claims as per IRDAI (Protection of Policyholders Interests) Regulations, 2017?

a.

IRDAI

b.

RBI

c.

SEBI

d.

AMFI

Discuss
Answer: (a).IRDAI Explanation:The regulatory body that has laid down regulations to safeguard and protect the insured or beneficiary in case of claims, as per IRDAI (Protection of Policyholders Interests) Regulations, 2017, is the IRDAI (Insurance Regulatory and Development Authority of India).
Q34.
What type of claim is typically associated with the insured surviving until the end of the policy term?

a.

Death claim

b.

Surrender claim

c.

Survival claim

d.

Maturity claim

Discuss
Answer: (d).Maturity claim Explanation:A maturity claim is typically associated with the insured surviving until the end of the policy term. In a maturity claim, the insurer promises to pay the insured a specified amount at the end of the term if the insured survives the plan's entire term.
Q35.
Which of the below statement best describes the concept of claim? Choose the most appropriate option.

a.

A claim is a request that the insurer should make good the promise specified in the contract

b.

A claim is a demand that the insurer should make good the promise specified in the contract

c.

A claim is a demand that the insured should make good the commitment specified in the agreement

d.

A claim is a request that the insured should make good the promise specified in the agreement

Discuss
Answer: (b).A claim is a demand that the insurer should make good the promise specified in the contract Explanation:A claim is a formal request or demand made by the policyholder or beneficiary for the insurer to fulfill the promises and obligations outlined in the insurance contract, typically in the form of a financial payment.
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