DOCUMENTATION – POLICY STAGE
Question 1
Which of the following
documents is an evidence of the contract between
insurer and insured?
I. Proposal form
II. Policy document
III. Prospectus
IV. Claim form
Question 2
If complex language is used to
word a certain policy document and it has given
rise to an ambiguity, how will
it generally be construed?
II. In favour of insurer
III. The policy will be declared as void and the insurer
will be asked to return
the premium with interest to
the insured
IV. The policy will be declared as void and the insurer
will be asked to return
the premium to the insured
without any interest
Question 3
Select the option that best
describes a policy document.
I. It is evidence of the
insurance contract
II. It is evidence of the interest expressed by the
insured in buying an insurance
policy from the company
III. It is evidence of the policy (procedures) followed
by an insurance company
when dealing with channel
partners like banks, brokers and other entities
IV. It is an acknowledgement slip issued by the
insurance company on payment
of the first premium
Question 4
Which of the below statement
is correct?
I. The proposal form acceptance is the evidence that
the policy contract has
begun
II. The acceptance of premium is evidence that the
policy has begun
III. The First Premium Receipt is
the evidence that the policy contract has
begun
IV. The premium quote is evidence that the policy
contract has begun
Question 5
For the subsequent premiums
received by the insurance company after the first
premium, the company will
issue __________.
I. Revival premium receipt
II. Restoration premium receipt
III. Reinstatement premium receipt
IV. Renewal premium receipt
Question 6
What will happen if the
insured person loses the original life insurance policy
document?
I. The insurance company will
issue a duplicate policy without making any
changes to the contract
II. The insurance contract will come to an end
III. The insurance company will issue a duplicate policy
with renewed terms and
conditions based on the
current health declarations of the life insured
IV. The insurance company will issue a duplicate policy
without making any
changes to the contract, but
only after a Court order.
Question 7
Which of the below statement
is correct?
I. The policy document has to be signed by a competent
authority but need
not be compulsorily stamped
according to the Indian Stamp Act.
II. The policy document has to be
signed by a competent authority and should
be stamped according to the Indian Stamp Act.
III. The policy document need not be signed by a
competent authority but
should be stamped according to
the Indian Stamp Act.
IV. The policy document neither needs to be signed by a
competent authority
nor it needs to be
compulsorily stamped according to the Indian Stamp Act.
Question 8
Which of the below forms the
first part of a standard insurance policy
document?
I. Policy schedule
II. Standard provisions
III. Specific policy provisions
IV. Claim procedure
Question 9
In a standard insurance policy
document, the standard provisions section will
have information on which of
the below?
I. Date of commencement, date of maturity and due date
of last premium
II. Name of nominee
III. The rights and privileges and
other conditions, which are applicable under
the contract
IV. The signature of the authorized signatory and
policy stamp
Question 10
“A clause precluding death due
to pregnancy for a lady who is expecting at the
time of writing the contract”
will be included in which section of a standard
policy document?
I. Policy schedule
II. General provisions
III. Standard provisions
IV. Specific policy provisions
Question 11
What does a first premium receipt (FPR)
signify? Choose the most appropriate
option.
I. Free look period has ended
II.
It is evidence that the policy contract has begun
III. Policy cannot be cancelled now
IV. Policy has acquired a certain cash value
