Podcast
Questions and Answers
Which statement regarding group health insurance is correct?
Which statement regarding group health insurance is correct?
Primary care can be described as:
Primary care can be described as:
Statement 1 is true and statement 2 is false.
Statement 1 is true and statement 2 is false.
True
Which of the following refers to a hospital/health care provider enlisted by an insurer to provide medical services to an insured on payment by a cashless facility?
Which of the following refers to a hospital/health care provider enlisted by an insurer to provide medical services to an insured on payment by a cashless facility?
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Which documents are not required for Permanent Total Disability claim?
Which documents are not required for Permanent Total Disability claim?
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Risk transfer through risk pooling is called __________.
Risk transfer through risk pooling is called __________.
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What is underwriting in insurance?
What is underwriting in insurance?
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Match the risk reduction measures with their descriptions:
Match the risk reduction measures with their descriptions:
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The duration of cover for pre-hospitalization expenses would typically vary from insurer to insurer, but the most common cover is for ________ pre-hospitalization.
The duration of cover for pre-hospitalization expenses would typically vary from insurer to insurer, but the most common cover is for ________ pre-hospitalization.
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Gender is a factor that affects the morbidity of an individual.
Gender is a factor that affects the morbidity of an individual.
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Match the following documents with their description:
Match the following documents with their description:
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Health insurance is designed to handle which of the following risks?
Health insurance is designed to handle which of the following risks?
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Which of the below group would not be eligible for a group health insurance policy?
Which of the below group would not be eligible for a group health insurance policy?
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Who cannot be covered under a family floater policy?
Who cannot be covered under a family floater policy?
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As per IRDA regulations issued in February 2013, what is the grace period allowed beyond the expiry date of the policy, for renewal?
As per IRDA regulations issued in February 2013, what is the grace period allowed beyond the expiry date of the policy, for renewal?
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Identify the form of insurance that is depicted in the following scenario: Patient pays the health provider and is subsequently reimbursed by the health insurance company.
Identify the form of insurance that is depicted in the following scenario: Patient pays the health provider and is subsequently reimbursed by the health insurance company.
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Moral hazard by health insurance companies can result in:
Moral hazard by health insurance companies can result in:
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Which of the below elements promote trust?
Which of the below elements promote trust?
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Active listening involves paying attention to the speaker, giving an occasional nod and smile, and providing feedback.
Active listening involves paying attention to the speaker, giving an occasional nod and smile, and providing feedback.
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Expand the term IGMS.
Expand the term IGMS.
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_____ is reflected in the caring attitude and individualized attention provided to customers.
_____ is reflected in the caring attitude and individualized attention provided to customers.
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Match the following: A pair of jeans - ஜீன்ஸ் ஒரு தாடி
Match the following: A pair of jeans - ஜீன்ஸ் ஒரு தாடி
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What is the main purpose of insurance?
What is the main purpose of insurance?
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Which of the following statements is correct with regards to the territorial jurisdiction of the Insurance Ombudsman?
Which of the following statements is correct with regards to the territorial jurisdiction of the Insurance Ombudsman?
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What is the origin of modern insurance business?
What is the origin of modern insurance business?
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What is meant by 'risk retention' in the context of insurance?
What is meant by 'risk retention' in the context of insurance?
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How is the complaint to be launched with an insurance ombudsman?
How is the complaint to be launched with an insurance ombudsman?
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Insurance prevents loss of asset.
Insurance prevents loss of asset.
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What is the time limit for approaching an Insurance Ombudsman?
What is the time limit for approaching an Insurance Ombudsman?
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Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses get burnt every year resulting in a combined loss of Rs. 80,000. What should be the annual contribution of each house owner to make good this loss?
Out of 400 houses, each valued at Rs. 20,000, on an average 4 houses get burnt every year resulting in a combined loss of Rs. 80,000. What should be the annual contribution of each house owner to make good this loss?
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Which among the following is not a pre-requisite for launching a complaint with the Ombudsman?
Which among the following is not a pre-requisite for launching a complaint with the Ombudsman?
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Which of the following statements is true?
Which of the following statements is true?
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Why do insurers arrange for survey and inspection of the property before acceptance of a risk?
Why do insurers arrange for survey and inspection of the property before acceptance of a risk?
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Which of the following options best describes the process of insurance?
Which of the following options best describes the process of insurance?
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What is meant by customer lifetime value?
What is meant by customer lifetime value?
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In a customer's mind, there are two types of feelings and related emotions that arise with each service failure on the part of the insurance company. These feelings are:
In a customer's mind, there are two types of feelings and related emotions that arise with each service failure on the part of the insurance company. These feelings are:
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What does not go on to make a healthy relationship?
What does not go on to make a healthy relationship?
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Which among the following is not an element of active listening?
Which among the following is not an element of active listening?
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Insurance is a tangible good.
Insurance is a tangible good.
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Study Notes
Overview of IC-38 Question Bank
- The IC-38 exam consists of 50 questions to be attempted in 1 hour
- For all correct answers, candidates obtain 50 marks
- There is no negative marking for wrong answers
- Candidates must 'mouse-click' the appropriate answer option on the computer screen
- Candidates can make changes to their answers before clicking 'Submit'
- After 1 hour, candidates cannot attempt any more questions or check their answers
- Candidates will receive a score card/result sheet immediately after submitting the exam
- Candidates are provided a backup sheet in case of power or system failure
- Candidates can only ask the Test Administrator questions before the exam starts
Section 3: Health Insurance (10 questions)
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Health insurance covers risks related to mortality, morbidity and medical expenses
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Group health insurance policies cannot cover unrelated individuals formed to avail coverage
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Family floater policies cannot cover parents-in-law or maternal uncles
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As per IRDA, the grace period for renewing a lapsed policy is 30 days
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Indemnity is the form of health insurance where the insured is reimbursed for expenses
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Moral hazard by insurers can lead to adverse selection and abuse of coverage
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Primary care refers to the first point of contact for people seeking healthcare
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Network providers are hospitals/clinics enlisted by insurers for cashless treatment
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Underwriting is the process of risk selection and pricing for insurance policies
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Pre-hospitalization cover is typically for 30 days prior to hospital admission### Insurance Policy Terms and Modifications
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Insurance policies can have certain terms and conditions that need to be modified at the time of issuance
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This modification is done through an endorsement
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Other methods of modifying policy terms include:
- Warranty
- Alteration
- Modifications are not possible in some cases
Provisioning for Insurance Claims
- The amount set aside in the insurer's books to account for all pending claims is known as provisioning or reserving
- This is done based on the status and expected payouts of the various claims
Grace Period for Health Insurance Renewal
- As per IRDA guidelines, individual health insurance policies are allowed a 30-day grace period for renewal
Health Insurance Coverage
- Health insurance deals with both morbidity (illness/disease) and mortality (death)
- It covers hospitalization expenses as well as pre and post-hospitalization expenses
Group Health Insurance
- In group health insurance, any individual in the group could potentially anti-select against the insurer
- Group health insurance provides coverage only to employer-employee groups
Hospitalization Expenses Policy Coverage
- Hospitalization expenses policy covers:
- Hospitalization expenses
- Pre and post-hospitalization expenses
- It may also provide a lump-sum payment to family upon the insured's death
Documents for Permanent Disability Claim
- Documents not required for permanent total disability claim include:
- Fitness certificate from treating doctor
- Proof of performing normal duties
Renewal Notice Requirements
- As per regulations, insurers are legally required to send a renewal notice to the insured 30 days before the policy expiry
Health Insurance Entry Age
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The minimum and maximum entry age for a health insurance policy is 18-80 years### Insurance Regulatory Terminology
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Insurance is a method of sharing losses of a 'few' by 'many'
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Insurers inspect and survey property before accepting risk to assess the level of risk
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The insurance process involves sharing the losses of a few by many
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Customer lifetime value refers to the total economic benefits that can be achieved by building a long-term relationship with the customer
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Active listening involves paying attention to the speaker, providing feedback, and giving occasional nods and smiles
Consumer Grievance Redressal
- District Forum handles consumer disputes up to Rs. 20 lakhs
- State Commission handles consumer disputes between Rs. 20 lakhs and Rs. 100 lakhs
- Charging above the Maximum Retail Price (MRP) can form a basis for a valid consumer complaint
- Shopkeeper not advising on the best product in a category cannot form the basis for a valid consumer complaint
- The most appropriate option for a customer to lodge an insurance policy related complaint is the Integrated Grievance Management System (IGMS)
Ethical Behavior in Insurance
- Ethical behavior helps build trust between the insurance agent and the insurer
- Ethical behavior is expected not just from top management but from all insurance agents
- Unethical behavior while selling insurance is not impossible, but it is necessary to maintain ethical standards
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Description
Practice questions for candidates preparing for an exam, available in English and Tamil.