Insurance & FM Awareness Quiz For LIC ADO Mains 2023-29th March

Q1. What is the purpose of the Office of Insurance Ombudsman?
(a) To sell insurance policies
(b) To resolve grievances of aggrieved policyholders
(c) To regulate insurance companies
(d) To promote insurance awareness
(e) None of the above
Q2. How many Ombudsman Centers are there in India?
(a) 10
(b) 15
(c) 17
(d) 20
(e) 25
Q3. Which of the following grievances can be considered by the Insurance Ombudsman?
(a) Disputes over payment of taxes
(b) Disputes over payment of rent
(c) Disputes over payment of salaries
(d) Disputes over premium paid or payable in terms of insurance policy
(e) All of the above
Q4. Who appoints the Insurance Ombudsman?
(a) Insurance companies
(b) Policyholders
(c) The IRDAI
(d) Council for Insurance Ombudsmen
(e) None of the above
Q5. Which types of policies can be covered by the Insurance Ombudsman?
(a) Personal lines of insurance
(b) Group insurance policies
(c) Policies issued to sole proprietorship and micro enterprises
(d) All of the above
(e) None of the above
Q6. Which of the following is a ground for complaints to the Insurance Ombudsman?
(a) Disputes over payment of loans
(b) Misrepresentation of policy terms and conditions
(c) Disputes over payment of salaries
(d) Disputes over payment of rent
(e) None of the above
Q7. Which of the following is not covered by the Insurance Ombudsman?
(a) Group insurance policies
(b) Policies issued to sole proprietorship and micro enterprises
(c) Policies issued by government-owned insurance companies
(d) Personal lines of insurance
(e) All of the above are covered
Q8. Which of the following is a benefit of approaching the Insurance Ombudsman for grievance redressal?
(a) Cost-effective resolution of grievances
(b) Timely resolution of grievances
(c) Impartial and fair resolution of grievances
(d) All of the above
(e) None of the above
Q9. What is the time limit for the insurer to comply with the award passed by the Ombudsman?
(a) 15 days
(b) 30 days
(c) 45 days
(d) 60 days
(e) 90 days
Q10. What happens if a settlement by recommendation does not work?
(a) The Ombudsman will refer the case to a court of law.
(b) The Ombudsman will ask the insurer to increase the settlement amount.
(c) The Ombudsman will pass a binding award within 3 months.
(d) The Ombudsman will reject the complaint.
(e) None of the above.

Solution

S1. Ans. (B)
Sol. The Office of Insurance Ombudsman is an alternate grievance redressal platform which aims to resolve grievances of policyholders against insurance companies and their agents and intermediaries.
S2. Ans. (C)
Sol. There are 17 Ombudsman Centres covering the country, situated in different cities across India.
S3. Ans. (D)
Sol. The Insurance Ombudsman can receive and consider complaints related to delay in settlement of claims, a partial or total repudiation of claims, disputes over premium paid or payable, misrepresentation of policy terms and conditions, policy servicing grievances, and other matters arising from non-observance of regulations made by IRDAI.
S4. Ans. (D)
Sol. The Insurance Ombudsman is appointed by the Council for Insurance Ombudsmen in accordance with the Insurance Ombudsman Rules, 2017.
S5. Ans. (D)
Sol. The Insurance Ombudsman can receive and consider complaints related to personal lines of insurance, group insurance policies, and policies issued to sole proprietors and micro enterprises.
S6. Ans. (B)
Sol. Misrepresentation of policy terms and conditions is one of the grounds for complaints to the Insurance Ombudsman.
S7. Ans. (C)
Sol. The Insurance Ombudsman covers all personal lines of insurance, group insurance policies, and policies issued to sole proprietors and micro enterprises, but policies issued by government-owned insurance companies are not covered.
S8. Ans. (D)
Sol. Approaching the Insurance Ombudsman for grievance redressal provides cost-effective, timely, and impartial resolution of grievances.
S9. Ans. (B)
Sol. The insurer shall comply with the award within 30 days of the receipt of the award and intimate the compliance of the same to the Ombudsman.
S10. Ans. (C)
Sol. If a settlement by recommendation does not work, the Ombudsman will pass a binding award within 3 months of receiving all the requirements from the complainant and which will be binding on the insurance company.