REAL Insurance Agents (LIFE) Question Bank - English 2023

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Who is protected under the In-Contestability Clause included under a Life Assurance Policy? Insurer Insured Insurance Agent Insurance Broker 2 2 Section 45 (Indisputability Clause) of Insurance... Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has completed --. Choose the Most Appropriate Option. One Year Three Years Five Years Seven Years 2 3 As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Policy, What Does the Beneficiary Receive as the Claim? Nothing Premium, Paid by the Life-Assured. (2 × Premium), Paid by the Life-Assured. Full Face-Amount of the Policy. 4 4 What Does, First Premium Receipt (F.P.R.), signify? Free-Look Period has ended. It is the Evidence, that the Policy-Contract has begun. Policy cannot be cancelled, Now. Policy has acquired a Certain Cash-Value. 2 5 Identify the Document, that evidences a Contract, between the Insurer and the Insured. Proposal-Form Claim-Form Nomination-Form Policy-Document 4 6 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? In Favour of the Insured. In Favour of the Insurer. The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, With Interest, to the Insured. The Policy will be declared as Void, and the Insurer will be asked to Return the Premium, to the Insured, Without Any Interest. 1 7 With Regards to Mis-Statement of Age, Select the Valid Option:I: An Under-Statement of Age, will result in the Original Policy being re-issued, for a Reduced Amount.II: An Over-Statement of Age, will, usually, result in a Refund of Premium-Payment. I, Only. II, Only. I and II. Neither I, Nor II. 3 Insurance Agents (LIFE) Question Bank - English 1 [Show More]

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