MCQOPTIONS
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MCQOPTIONS
This section includes 851 Mcqs, each offering curated multiple-choice questions to sharpen your Life Insurance Corporation(LIC) knowledge and support exam preparation. Choose a topic below to get started.
| 401. |
Assets can be valued by – |
| A. | ook value |
| B. | arket value |
| C. | iscounted present value |
| D. | ither of the above |
| Answer» E. | |
| 402. |
As per IRDA regulations on health insurance – |
| A. | ife time cover not mandated |
| B. | ife time cover is mandatory |
| C. | ither A or B |
| D. | either A nor B |
| Answer» C. ither A or B | |
| 403. |
Who prescribes the format of a pre-authorisation letter and standard claim forms? |
| A. | entral Government |
| B. | nsurance company |
| C. | PA |
| D. | RDA |
| Answer» E. | |
| 404. |
If the insured gets admitted in a non-network hospital, |
| A. | e could still avail cashless facility |
| B. | e would settle hospital bills and would get reimbursed by the insurer |
| C. | ither A or B |
| D. | either A nor B |
| Answer» C. ither A or B | |
| 405. |
In case of hospitalization in a network hospital, admission would be on the basis of – |
| A. | mart card |
| B. | re-authorisation from Insurer/TPA |
| C. | ither A or B |
| D. | one of the three |
| Answer» D. one of the three | |
| 406. |
Smart identity card for presenting it to network hospital in health insurance would be issued by– |
| A. | nsurer |
| B. | PA |
| C. | ither A or B |
| D. | either A nor B |
| Answer» D. either A nor B | |
| 407. |
Cashless facility means – |
| A. | nsured need not carry cash on hand and he can settle medical bills thro’ debit card |
| B. | nsured has to pay bills and take reimbursement later |
| C. | ospital (Network provider) would directly get the bills settled by the insurer |
| D. | one of the above |
| Answer» D. one of the above | |
| 408. |
Health insurance policy premiums qualify for tax relief under Income Tax Act? |
| A. | 0C |
| B. | 0D |
| C. | 0(10D) |
| D. | 0E |
| Answer» C. 0(10D) | |
| 409. |
In respect of a family floater health policy, which of the following statements is correct? |
| A. | he total premium payable is less than the total premium payable under non-floater policies |
| B. | he total premium payable is more than the total premium payable under non-floater policies |
| C. | oth A & B |
| D. | one of the above correct |
| Answer» B. he total premium payable is more than the total premium payable under non-floater policies | |
| 410. |
With regard to domiciliary hospitalization which is incorrect? |
| A. | he limit for the same is fixed as a %age of total sum insured |
| B. | ll chronic diseases are covered without any exclusion |
| C. | oth A & B |
| D. | one of the above correct |
| Answer» C. oth A & B | |
| 411. |
For admission of domiciliary hospitalization claim, the minimum period of medical treatment should be – |
| A. | 4 hours |
| B. | 8 hours |
| C. | days |
| D. | days |
| Answer» D. days | |
| 412. |
Domiciliary Hospitalisation means – |
| A. | reatment taken as an Outpatient in an hospital |
| B. | reatment taken as an Inpatient in an hospital |
| C. | reatment taken both as an Outpatient and as an Inpatient |
| D. | reatment taken at home as the patient could not be moved to hospital |
| Answer» E. | |
| 413. |
If a person does not prefer any claim in an health insurance – |
| A. | over would cease and policy cancelled |
| B. | over would be subject to certain exclusions |
| C. | over would decrease |
| D. | o claim Bonus allowed for claim-free years |
| Answer» E. | |
| 414. |
Typical health ins. policies may exclude from cover routine expenses related to – |
| A. | lastic surgery |
| B. | ental treatment |
| C. | esthetic treatment |
| D. | ll of the above |
| Answer» E. | |
| 415. |
In which manner Pre-existing illnesses could be covered? |
| A. | fter illness is cured |
| B. | efore illness is contracted |
| C. | fter illness is diagnosed |
| D. | fter a Waiting period |
| Answer» E. | |
| 416. |
Illness/injury for which treatment was required during a pre-determined time is called – |
| A. | re-existing illness |
| B. | ost-operative illness |
| C. | ost-paid illnesses |
| D. | re-correctional illnesses |
| Answer» B. ost-operative illness | |
| 417. |
What do you understand by the term ‘Portability’ in so far as it relates to health ins? |
| A. | ight given to an individual to move from one to another policy of the same co |
| B. | ight to transfer the policy from one insurer to another insurer or from one to another plan |
| C. | oth A & B |
| D. | one of the above correct |
| Answer» D. one of the above correct | |
| 418. |
Which is a network hospital? |
| A. | n hospital enlisted by insurer to provide medical services |
| B. | n hospital enlisted by TPA to provide medical services |
| C. | oth A & B |
| D. | one of the above correct |
| Answer» D. one of the above correct | |
| 419. |
Which among the following is not a Day Care procedure? |
| A. | yepass surgery |
| B. | ataract |
| C. | ithotripsy |
| D. | iles |
| Answer» B. ataract | |
| 420. |
Day care centre in health insurance parlance would mean – |
| A. | atients are admitted during day time only |
| B. | here is no provision for round the clock treatment |
| C. | entre where procedures requiring less than 24 hrs hospitalization are done |
| D. | one of the above |
| Answer» D. one of the above | |
| 421. |
Which of the following process does not cover Estate planning? |
| A. | urrender |
| B. | omination |
| C. | ssignment |
| D. | riting a will |
| Answer» B. omination | |
| 422. |
Estate planning would take care of devolution of one’s estate soon after his |
| A. | llness |
| B. | irth |
| C. | arriage |
| D. | eath |
| Answer» E. | |
| 423. |
Which is not a part of Cash planning exercise? |
| A. | anaging income and expenditure flow |
| B. | reating surplus for capital investment |
| C. | redicting future expenses |
| D. | uying less insurance |
| Answer» E. | |
| 424. |
Of late, changing lifestyles of people lead to more _________ |
| A. | avings |
| B. | nvestments |
| C. | nsurance |
| D. | orrowings |
| Answer» E. | |
| 425. |
With reference to Inflation, which of the following statement is not correct? |
| A. | nflation leads to rise in prices |
| B. | nflation means more purchasing power |
| C. | nflation means erosion of money value |
| D. | nflation plays havoc |
| Answer» C. nflation means erosion of money value | |
| 426. |
Units in a Unit Linked policy are purchased through payment of a |
| A. | ingle premium |
| B. | egular premium |
| C. | ither A or B |
| D. | one of the above |
| Answer» D. one of the above | |
| 427. |
In Unit Linked policies, the benefits are determined by the _________ of units credited to the policyholder’s account on the date on which payment is due. |
| A. | rowth |
| B. | alue |
| C. | eduction |
| D. | oss |
| Answer» C. eduction | |
| 428. |
In respect of Traditional plans, which of the following statement is correct? |
| A. | olicyholder’s bonus depend on periodic valuation of Assets & Liabilities |
| B. | onus did not directly reflect the value of assets of the insurer |
| C. | oth A & B |
| D. | one of the above |
| Answer» D. one of the above | |
| 429. |
In which type of policy, death benefits and cash value varied with investment experience? |
| A. | raditional cash value plan |
| B. | LIP |
| C. | niversal Life Ins |
| D. | ariable life ins |
| Answer» E. | |
| 430. |
In Variable insurance plan, the policy reserves are placed in _________ fund which do not form part of its general investment account. |
| A. | ame |
| B. | eparate |
| C. | ecured |
| D. | rowth |
| Answer» C. ecured | |
| 431. |
Which of the following constitute Breach of Utmost Good faith? |
| A. | on-Disclosure |
| B. | isrepresentation |
| C. | oth A & B |
| D. | one of the above |
| Answer» D. one of the above | |
| 432. |
Duty to disclose arises in which of the following instances? |
| A. | t the time of taking the policy |
| B. | t the time of revival of lapsed ins |
| C. | oth A & B |
| D. | one of the above situations |
| Answer» D. one of the above situations | |
| 433. |
Which of the following material facts need not be disclosed? |
| A. | atters of law |
| B. | act which proposer was not aware |
| C. | act which could have been discovered by reasonable diligence |
| D. | ll of the above |
| Answer» E. | |
| 434. |
Which of the following is not a material fact? |
| A. | azardous occupation |
| B. | revious policies of the proposer |
| C. | ealth |
| D. | one of the above |
| Answer» E. | |
| 435. |
Material facts are those that would help the insurer to decide : |
| A. | he acceptability of risk |
| B. | he rate of premium to be charged |
| C. | oth A & B |
| D. | one are correct |
| Answer» D. one are correct | |
| 436. |
Which of the following is not a long term goal of an individual? |
| A. | ducation/marriage of child |
| B. | etirement provision |
| C. | uying a TV set |
| D. | ll of the above |
| Answer» D. ll of the above | |
| 437. |
Why insurance contract is an Adhesion Contract? |
| A. | nsurance Co. has all the bargaining power |
| B. | lient has also great bargaining power |
| C. | oth A & B |
| D. | one of the three |
| Answer» B. lient has also great bargaining power | |
| 438. |
When an insurance contract can be declared void? |
| A. | nnocent misrepresentation |
| B. | raudulent misrepresentation |
| C. | & B are correct |
| D. | one of the above |
| Answer» D. one of the above | |
| 439. |
Which of the following could be termed Misrepresentation? |
| A. | nnocent misrepresentation |
| B. | raudulent misrepresentation |
| C. | & B are correct |
| D. | one of the above |
| Answer» D. one of the above | |
| 440. |
Which of the following could be classified as Nondisclosure? |
| A. | nadvertent omission of information |
| B. | ntentional suppression of information (Concealment) |
| C. | & B are correct |
| D. | one of the above |
| Answer» D. one of the above | |
| 441. |
Which of the following is incorrect? (i) - The longer the period of investment, the more they will multiply. (ii)– The lesser the period of investment, the greater they will multiply. |
| A. | tatement (i) |
| B. | tatement (ii) |
| C. | oth (i) and (ii) |
| D. | either (i) nor (ii) |
| Answer» C. oth (i) and (ii) | |
| 442. |
At young age, one tends to be |
| A. | rogressive |
| B. | ggressive |
| C. | ecured |
| D. | onservative |
| Answer» C. ecured | |
| 443. |
Contingency products typically address which type of need? |
| A. | ash requirements |
| B. | gainst uncertainties |
| C. | ealth creation |
| D. | ll of the above |
| Answer» C. ealth creation | |
| 444. |
Which of the following is a Contingency product? |
| A. | ank deposits |
| B. | eal Estate |
| C. | ostal savings |
| D. | nsurance |
| Answer» E. | |
| 445. |
Which of the following could be termed the need of an individual? |
| A. | pecific transaction needs |
| B. | eneral transaction needs |
| C. | eeting contingencies |
| D. | ll of the above |
| Answer» E. | |
| 446. |
In commercial contracts, the principle to be observed is |
| A. | aveat Emptor |
| B. | ndemnity |
| C. | roximity |
| D. | berrima Fides |
| Answer» B. ndemnity | |
| 447. |
Which is not a capacity to enter into contract? |
| A. | inor |
| B. | ajor |
| C. | ound mind |
| D. | ot disqualified under law |
| Answer» B. ajor | |
| 448. |
Consent is not said to be free when it is caused by |
| A. | oercion |
| B. | raud |
| C. | isrepresentation |
| D. | ll of the above |
| Answer» E. | |
| 449. |
Which is the ‘consideration’ from the insurer in an insurance contract? |
| A. | remium |
| B. | romise to indemnify |
| C. | olicy bond |
| D. | roposal |
| Answer» C. olicy bond | |
| 450. |
If any condition is put by the Insurer then it is |
| A. | cceptance |
| B. | ffer |
| C. | ounter offer |
| D. | onditional acceptance |
| Answer» D. onditional acceptance | |