Underwriting
Mastering Underwriting Knowledge Quiz
Test your understanding of underwriting principles and practices with our comprehensive quiz. This is an excellent opportunity to reinforce your knowledge and identify areas for further learning.
Key features of the quiz:
- Multiple choice questions
- Real-world application scenarios
- Immediate feedback on answers
Underwriting involves measuring ________ and determining the premium that needs to be charged to insure that risk.
Premium
Sum Assured
Risk Exposure
Mortality
What is the main objective of Underwriting?
To ensure that insured contingencies experienced are worse than the actuarial assumption.
To ensure that overall mortality and other insured contingencies experienced is no worse than that assured by the actuary in calculating the premium rates.
To calculate appropriate premium rates.
To support actuaries in calculating the mortality rates.
State True or False: Classifying risk is to put the individual into the common risk category.
True
False
Only Term Plans (Protection Plans) can be taken under Partnership Insurance.
True
False
State which of the following statement is true:
Underwriters role is to charge higher premium for the profit of the company.
Underwriters job include calculating mortality and morbidity tables.
Underwriters role is to charge appropriate premium as per risk carried by the individual in the group.
Underwriters role is to charge level premium for the group.
Which of the below is a factor affecting the risk:
Nature of Job
Relationship Status of the individual
Debt history of the individual
Chances of promotion at job.
Which of the following is not a factor affecting the risk:
Nature of Job
Hobbies
Occupation of Spouse
Family History
Which of the following falls into Un-insurable category?
Standard
Substandard
Postpone
None of the above
___________ are those that are at an increased risk due to the various factors affecting risk.
Standard Lives
Substandard Lives
Declined Risk
Postponed Risk
State True or False: Postponement happens where the risk assessment is uncertain.
True
False
State True or False: Proposal form acts as the source of information required for assessing risk.
True
False
State True or False: The Proposal form becomes part of the Insurance Contract.
True
False
A Proposal form is valid only for _____ days from the date of application signed.
30 Days
45 Days
60 Days
90 Days
State True or False: If any question in the proposal form is not applicable, it should be left blank.
True
False
State True or False: If there is any mismatch in the name of the life assured given in the proposal form with the documents submitted, the life assured will only have to submit a self-declaration regarding the same.
True
False
Which of the following documents need to be submitted if there is any mismatch in the name provided in the proposal form and the documents submitted?
Gazette Notification showing the old and new name of the life assured.
Birth Certificate of the life assured
Self attested Passport Copy of the life assured
Self-Declaration stating the old name and the new name with the reason for change.
In cases where a life to be insured is undergoing treatment and follow up, the following document will be required.
An Attending Physician Statement
Self Declaration
A letter from the hospital in their letter head
A statement from the Medical Superintendent of the hospital where treated
Sales Confidential Report is mandatory for all cases above _________
10 Lacs of Premium
30 Lacs of Premium
10 Lacs of Sum Assured
30 Lacs of Sum Assured
State True or False: Depending on the risk assessment, Sales Confidential Report can be called for irrespective of the amount of cover applied.
True
False
State True or False: Male lives and female lives have same underwriting guidelines.
True
False
Standard Age Proof is mandatory for which of the following plan?
Immediate Annuity Plan
Pension Plan
Triple Advantage Plan
GCAP
State True or False: PAN card application acknowledgement can be accepted as non-standard age proof.
True
False
State True or False: Standard Income Proof is not mandatory for CritiCare+ Plans.
True
False
Standard Income Proof is mandatory for savings plan in which of the following situations:
Annual Premium more than or equal to 50,000 as per AML Guidelines.
If Financial SUC is more than 15 Lacs
If Financial SUC is more than 25 Lacs
If ratio of sum assured to modal premium exceeds 30 and life assured is post graduate.
State True or False: Sum Under Consideration and Sum Assured is the same for all the plans.
True
False
State True or False: Additional Income proofs will the called for Businessmen/self-employed category along with ITRs if Life Cover opted is not getting justified with ITR income.
True
False
Which of the following can be accepted as the Standard Income Proof for salaried category?
Bank Statement for last one year
Bank Statement for last three year
Bank Statement for last three years showing salary credit for last three months.
Last month’s Salary Slip.
State True or False: Ration Card is a Standard Age Proof.
True
False
State True or False: Gram Panchayat Certificate is a Non-Standard Age Proof.
True
False
State True or False: Credit Card Statement can be taken as a surrogate income proof.
True
False
State True or False: Housewives can be offered Term Plans.
True
False
State True or False: No insurance cover will be provided to illiterate female without husband’s insurance cover information or proof.
True
False
State True or False: Term plans can be offered to Pregnant Females.
True
False
State True or False: Criticare+ plan cannot be offered to Juvenile Lives.
True
False
State True or False: CI Rider can be offered to Retired Individuals
True
False
Which of the following is true for an NRI applying for Term Plan?
Non-standard age proof can be accepted for NRIs
Standard age proof is mandatory for NRIs
Maximum Sum Assured is restricted to 1Cr.
Minimum age allowed is 15 years.
State True or False: Investment Plans can be offered to Foreigners working in India temporarily.
True
False
State True or False: Foreigners working in India temporarily can be given Savings plan with 15 Years term.
True
False
For Minor Lives, up to ______ cover, parents & siblings insurance is not required.
2 Lacs
5 Lacs
7 Lacs
10 Lacs
Which of the following riders can be offered to Retired Individuals?
Term Rider
Critical Illness
ATPD
No Riders
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