IC38 Life Insurance - 100 Unique MCQs with Answers
Q1. What is the full form of IRDAI?
a) Insurance Regulatory and Development Authority of India
b) Indian Regulatory Department of Actuaries and Insurance
c) Insurance Rate and Development Authority of India
d) Insurance and Reinsurance Development Agency of India
Answer: A
Q2. Which type of life insurance plan offers coverage for a specified period only?
a) Whole Life Plan
b) Term Plan
c) Endowment Plan
d) ULIP
Answer: B
Q3. In life insurance, what does 'sum assured' mean?
a) Bonus amount
b) Premium amount
c) Loan amount
d) Amount paid on death or maturity
Answer: D
Q4. Which document is issued by the insurer to the policyholder after acceptance of
proposal?
a) Endorsement
b) Policy bond
c) Certificate of Insurance
d) Schedule of charges
Answer: B
Q5. Under the MWP Act, the beneficiaries are:
a) Insured's friends
b) Insured's creditors
c) Insured's wife and children
d) Insured's business partners
Answer: C
Q6. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q7. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q8. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q9. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q10. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q11. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q12. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q13. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q14. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q15. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q16. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q17. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q18. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q19. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q20. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q21. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q22. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q23. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q24. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q25. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q26. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q27. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q28. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q29. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q30. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q31. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q32. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q33. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q34. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q35. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q36. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q37. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q38. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q39. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q40. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q41. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q42. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q43. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q44. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q45. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q46. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q47. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q48. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q49. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q50. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q51. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q52. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q53. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q54. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q55. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q56. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q57. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q58. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q59. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q60. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q61. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q62. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q63. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q64. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q65. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q66. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q67. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q68. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q69. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q70. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q71. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q72. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q73. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q74. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q75. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q76. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q77. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q78. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q79. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q80. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q81. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q82. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q83. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q84. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q85. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q86. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q87. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q88. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q89. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q90. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q91. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q92. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
Q93. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q94. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q95. What is the surrender value of a policy?
a) Death benefit
b) Bonus paid
c) Amount received on early termination
d) Loan amount
Answer: C
Q96. Which clause allows revival of a lapsed life insurance policy?
a) Revival clause
b) Nomination clause
c) Assignment clause
d) Indemnity clause
Answer: A
Q97. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q98. Who can be a nominee in a life insurance policy?
a) Only family members
b) Any individual
c) Only spouse
d) Only children
Answer: B
Q99. What is the function of the IRDAI?
a) Selling insurance
b) Paying commissions
c) Regulating insurance sector
d) Offering bonuses
Answer: C
Q100. What is the grace period typically offered in life insurance?
a) 5 days
b) 15 days
c) 30 days
d) 90 days
Answer: C
