CLAIMS quiz
1. State the rate of Penal Interest?
Ans. Coporation declares penal interest rate every year 2020-2021 is 6.65%.
2. What is meant by Early claim?
Ans. When a policy results into claim by death within three years from date of commencement of policy.
on date of issuance of policy on the date of revival or reinstatement of policy, it is known as early claim. 3.What are the different Claims forms in respect of Early Claims?
1)Early Claims Claim Form 'A'
To be completed by the claimant. The form should be duly witnessed and attested/countersigned by a person/authority mentioned in the form. In case of claimant filled the Form in vernacular, the same to be attested by the witness.
4) Claim Form 'C' By a friend who witnessed the Cremation of Burial. He should neither be a relative nor nominee
2)Claim Form 'B' To be completed by the last Medical Attendant.
3)Claim Form 'B1' To be completed by the Hospital Authorities.
5)Claim Form 'E' Employers' Certificate furnishing the full details of leave from a date 3 years prior to the date of risk till date of death with copies of leave application and medical certificates.
6.Affidavit in lieu of B, B1
7.In case where the deceased is not hospitalized, this affidavit is to be submitted by an independent person who has not filled Claim Form C.
8.Form 5152 This form is to be submitted in cases were the deceased was treated by a family doctor before being attended by the last Medical attendant.
4. What do you understand by claim
form A?
Ans. This form is to be completed by the person entitled to the policy money giving all the particulars of death of life assured.
5. What do you mean by claim form E?
Ans. This form is to be completed by the employer of deceased giving the details of leave taken by the insured during the last 3 years prior to DOC or DOR
6. What is meant by Discounted Claim?
Ans. The surrender value payable within a period of one year before the date of maturity is known as discounted claim.
7. What is claims concession?
Ans. Under this concession, under a reduced paid up policies if at least 3 years Premiums have been paid and if death occurs with in 6 months from the date of FUP, If the Premiums have been paid for 5 years and Death occurs with in one year Corporation pays the claim for the full sum assured instead of paid up value.
8. Duration of a policy under a death claim is 21 years two months 13 days. The policy was taken under 76-25. The assistant gave FAB for 21 years. MY opinion is that the FAB is to be given for 22 years. Since mode of payment is yearly, what is your opinion?
Ans: No FAB is payable now w.e.f. 1.1.2007 under Money back policies under death claim.Premium has
to be recovered for balance months to complete pol anniversary and pay for 22 years.
9. How can early claims be controlled?
& digitizing policy/agency records to make them available on-line to Branch/Divisional Office users. EDMS project also envisages the introduction of workflows for certain pre-defined & structured administrative processes in ZOs & CO. EDMS will ensure efficient management of policy/agency records as well as Office space in Branch Offices Besides, EDMS will work as a Disaster Recovery System (DRS) for the physical records maintained by Branches; EDMS should lead us to simplification & standardization of forms including bar coding. *** EDMS project will take around 5 years to complete. Now EDMS project is in second stage. This project will help LIC to provide any time and any where service to the
Policy holders.
Q.79. Who is the Managing Director of LIC? Ans: Sri TC Suseel Kumar, Sri Vipin Anand., Shri Mukesh Kumar Gupta,
Q.80. What is E-proposal?
Shri Rajkumar
Ans: SDC along with its COSP team, provided a web-based proposal capturing mechanism called e-proposal as per the demands of marketing officials. The Proposal is fully integrated into the FEAP system for completing the registered
proposals and sending information back to the agents. Q.81: What is ODS?
Ans ODS stands for On-line Data Store. ODS database provides data for:
.1 Sending SMS to policy holders in case of premium due.
2 On line payment through customer portal 3 Premium collections by branches under Axis.
4 Agents to access through Agents Portal 5 Complaints Tracking System through Portal.
Branches to validate enrolled policies through intranet Q.82. What is EPS?
Ans. (Enterprise Portal Solution) initiative started with the purpose of providing a web based single, personalized, point of interaction along with wide variety of content and services to Customers, Agents, and Employees of LIC. 0.83. Where is Head Qr. of IHealth Insurance Division is located?
Ans: Hyderabad
Q.84. How many TPAs have been selected by L1.C.I. to take care of Health Insurance
Policy Service specific function?
Ans: Genins India Insurance TPA Ltd.
0.85 What is C Zee?
Ans: C-Zee is the short form of Customer Zone. This is a new CRM initiative to provide better and prompt service to our valued customers. It also acts as an info center leading to creation of business leads.
SOME NEW CONCEPTS
CCC : Customer Care Centre is a new CRM initiative, in our endeavour to be a customer centric world class
organisation. These CCCs will be located in 30 divisions and will have 4 major functionalities : Info Centre, Premium Collection, Help Desk and Relationship Desk for priority customers like Gold Club Members.
Customer Care Centres which will be relationship management structures offering differentiated and unique customer service experience. The new name for CCC is C-Zee.
MASH:
In a Branch Office, mix-up of the major operations such as Business Procurement, Customer care, Batch Processing Jobs etc. leads to conflict of priorities and as a consequence, one or other job gets less attention, at
times But each of these areas is important and needs focused attention LIC has created a separate Back Office structure (MASH) for some batch processing jobs
which do not need interaction with, What is a Data Warehouse?
or physical presence of customer.
"A data warehouse is a subject oriented, integrated, time variant, non volatile collection of data in support of management's decision making process" Example: In order to store data, over the years, many application designers in each branch have made their
individual decisions as to how an application and database should be built. So source systems will be different in naming conventions, variable emeasurements, encoding structures, and physical attributes of data. Consider a bank
8) Web 18 Genius of the Web Award 2007
9) Gold at the "Corporate Sporting Challenge
10)Corporate Championship Award winner-2008
Q.42. IRDA Act 1999 was enacted on 29.12.1999. What are its objectives? Ans. It is an act to provide for the establishment of an authority to protect the interest of connected therewith or incidental thereto and further to amend the Insurance Act 1938, the Life Insurance Corporation
holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters
Act 1956 and the General Insurance Business (Nationalisation) Act 1972.
Q.43. How the Authority shall be constituted?
Ans. The Authority shall consist of A Chairperson, (i) not more than 5 whole life members and (ii) not more than 4
part time members to be appointed by the Central Govt. having knowledge and experience in Life Insurance, General
Insurance, Actuarial Science, Finance, Economics, Law, Accountancy and Administration. Q.44. What is the tenure of the members of IRDA?
Ans. 5 years.
Q.45. Who is the present Chairman of IRDA? Ans. Mr. Subhash Chandra Khuntia
Q.46. Name the House Magazine of our Central Office. ?
Ans. Central Office - Yogakshema,
Q.47. Where are our various zonal offices located
Ans. Central Zone - Bhopal (Jeevan Shikha)
North Central zone - Kanpur (Jeevan Vikash)
South Central Zone - Ilyderabad Jeevan Bhagya)
Northern Zone - New Delhi (Jeevan Bharati)
Southern Zone - Chennai (LIC Buildings) Eastern Zone - Kolkata (Ilindustan Building
East Central Zone: Patna (Jeevan Deep Building)
Western Zone - Mumbai (Yogakshema) Q.48. What is the emblem of LIC and logo of LICI?
Ans. The lamp with two hands. It was prepared by Advertising and Sales Promotion
Agency. The script style of official name "LIFE INSURANCE CORPORATION OF INDIA" is the logo of LICI. Q.49. What is the motto of LIC? Who had prescribed it?
Ans. "Yogakshemam Vahamychann". It was formulated by Sri S Ananth Chari, Sr. Steno to Principal Secy (Finance), Govt. of India.
Q.50. Who is the pioneer of OIC in LIC?
Ans. Prof. Iswar Dayal (in 1980)
0.51. What is the name of world's largest group insurance scheme? Ans. LALGI Scheme (1.2 crore population)
Q.52. What is the name of first Indian Insurance Company?
Ans. Bombay Mutual Life Assurance Society (1870) Q.53. What is our mission as per Citizen's Charter?
Ans. Improve the quality of life of people. Q.54. What is UAN?
Ans: Unified Access Number -1.c. 1251 for IVRS centres where mapping is done. Q.55. What do you mean by the word 'YOGAKSHEMA?
Ans. I bring security of what you have and attainment of what you have not Q.56. What are the characteristics of a sound Management Information System (MIS)?
Ans. Accuracy, promptness and relevance
Q.57. Investment of Life Fund is governed by which section of Insurance Act, 1938?
Ans. Sec. 27 (A) Q.58. What are the
various parts of a LIC Policy Bond?
Ans. Preamble, Operative Clause, Provisa, Schedule, Attestation, Privileges and conditions Q.59. Nigam Geet has been translated to Hindi from which language?
Ans. Kannada
Q.60. What is a Policy Bond
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