Sample Paper irda exam

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Revised IC 33 Questions Chapter Weightage No. Given in Exam

Questions/chapter Expected

Questions Available in Qbank

Ch 01

6%

3

22

Ch 02

6%

3

29

Ch 03

18%

9

63

Ch 04

8%

4

49

Ch 05

4%

2

42

Ch 06

10%

5

31

Ch 07

8%

4

57

Ch 08

6%

3

29

Ch 09

4%

2

19

Ch 10

8%

4

16

Ch 11

8%

4

32

Ch 12

2%

1

17

Ch 13

4%

2

23

Ch 14

4%

2

26

Ch 15

4%

2

19

Total

100%

50

474

S.No

1 2

Revised syllabus Chapter  No. Ch 1 Ch 1

3

ch 1

4

ch 1

Questions

If a client wants to compare between all financial products then the best person he can a roach is In life insurance business if a person is working in calculating premium rates of  insurance products, then he is mostly likely a member of  In term insurance if Critical illness rider claim happens then what will happen to existing policy If insured gets the two advance payment in the 5yrs and in the maturity he gets rest of sum assured. What type of policy it i s The concept of indemnity is based on the key principle that policyholders should be prevented from For assessing the risk of a group health insurance policy, which of the following information is the most critical If 5% bonus is given every year then for a SA of 1 lakh, what will be the payout after 15 years in a simple revisionary bonus s ystem? How many days does the Free Look Period last? The Ombudsman‟s powers are restricted to insurance contracts of what value?

5

Ch 1

6

ch 1

7

Ch 1

8 9

Ch 1 Ch 1

10

ch 1

Insurance Market divided into

11

ch 1

What is Bancassurance?

12

ch 1

13

Ch 1

14

Ch 1

Which of the following do not include the channel of indirect marketing?

15

Ch 1

The business of Insurance is connected with................

16

Ch 1

17 18

Ch 1 ch 1

19

ch 1

20

Ch 1

21

Ch 1

22

Ch 1

23

Ch 2

24

Ch 2

25

Ch 2

26

Ch 2

27

Ch 2

28

Ch 2

A contract comes i nto existence when………

An insurance agent is i ntermediary between….

Human beings need life insurance because.................. Life insurance the risk is determined on the basis of .......... Life insurance company determine the level of risk based on In Insurance terms, pooling of risk is Insurance business is classified into three main types: Amit is looking for term insurance plan for protection of his family, he is advised to approach to: Insured can contact to seek the resolution of grievances they have against insurer to IRDA through:

How are perils and hazards normally distinguished under term insurance policies?

The Institute of insurance and risk management along with insurance education does what more Mr. Kunal used to participate in Car race. While taking up the Insurance policy he disclosed this information. What kind of hazard does i t refers to Law of large numbers is worked out by which of the following?

Ans Option 1

1. Individual agent

2. Corporate agent

Ans Option 3

3. Bank

Ans Option 4

Correct option

4. Broker

4

1. institutes of actuaries 2. insurance institute of  3. Charted institute of  of India India insurance 2. CI benefit reduced 1. CI benefit will cease from existing sum 3. CI benefit continues assured

4. Insurance institute of  risk management

1

4. No change in policy.

1

1. Money back policy

2. Convertible plan

3. Term plan

4. Endowment policy

1

1. Insuring existing losses.

2. Making false insurance claims.

3. Paying excessively for insurance cover.

4. Profiting from insurance.

4

1. Group lifestyle

2. Employees

3. Age of the group

4. Medical history of group

3

1. 60000

2. 75000

3. 100000

4. 5000

2

1. 15 days 1. 1Lakh

2. 30 Days 2. 10 Lakhs

3. 45 days 3. 15Lakhs

4. 60 Days 4. 20 Lakhs

1 4

1. Endowment and Money Back Insurance

2. Life and General (non 3. Government and 4. Health and Saving life) Insurance Private Insurance Markets Insurance Markets

1. Giving insurance policies to Banks. 1. One party makes an offer which the other party accepts unconditionall . 1. Client and Insurance Company 1. individual agents 1. physical values of  assets

2. Selling insurance policies through Banks. 2. One party makes an offer which the other party put extra conditions. 2. Insurance Company and IRDA 2. bancassurance 2. economic values of  assets

2

3. Giving guarantee to policies by Banks.

4. None of the above.

2

3. One party makes an offer where other party gives counter offer.

4. One party makes an offer which the other party receives the offer.

1

3. Client and IRDA

3. insurance brokers 3. metaphysical values of  assets 3. the timing of death is 1. death is certain 2. death is uncertain uncertain 1. future data 2. past data 3. statistical data 1. Future expenses. 2. Claim experiences. 3. Present expenses. 1. Using the same pool 2. Using different pool 3. Using the same pool for for paying claims of car for paying claims of life paying claims of life &  & life insurance. insurance. house insurance. 1. Life, Non –life, Micro 2. Life, Non Life, 3. Life, Non life, ReInsurance. Miscellaneous insurance.

4. Insurance and Reinsurance company. 4. through internet

1 3

4. market values of assets

2

4. Death is the solution.

3

4. mathematical data 4. Targeted bonus rates. 4. Using the same pool for paying claims of life insurance. 4.Life, Health, Micro Insurance

2 2 4 3

1. Property Insurance

2. Life Insurance

3. Health Insurance

4. Liabilty Insurance

2

[email protected] n 1. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of  d in .

2.insurancecomplaints @irda.gov.in

[email protected]

[email protected]

4

2. Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk.

4. Perils are factors which 3. Perils are factors which could influence an insured affect the risk being event occurring and insured and hazards are hazards are the actual the size of the risk being events which will trigger a insured. payout

2

1. Regulation

2. Redressal

3. Research

1. Physical hazard 1. Pooling of risk

With pooling of risks an insurance c ompany pools the premium collected from several 1. Under no individuals to insure them against similar risks. At what circumstances will the circumstances insurance companies pool the risk of a life insurance and health insuranc e together? According to insurance terminology which of the following is correct?

Ans Option 2

1. Lung cancer is a hazard whereas smokin is a eril

4. Repository

2. Fraudulent 3. Moral hazard 4. Peril representation 2. Maintaining insurable 3. With utmost good faith 4. Randomness interest

3 1 1

2. Under conditions of  the reinsurer

3. As directed by actuary

4. As per company policy

1

2. Smoking is a hazard and lung cancer is a eril

3. Lung cancer is a peril and smoking is a moral hazard

4. Smoking is a moral hazard whereas lung cancer is a eril.

2

29 30

Ch 2 Ch 2

31

Ch 2

32 33

Ch 2 Ch 2

34

Ch 2

35

Ch 2

36

Ch 2

37

Ch 2

38

Ch 2

39

Ch 2

40 41 42 43

Ch 2 Ch 2 Ch 2 Ch 2

44

Ch 2

45

Ch 2

46

Ch 2

47

Ch 2

48

ch 2

49

Ch 2

50

Ch 2

51

Ch 2

52

ch 3

53

Ch 3

What is the main objective of taking the life insurance policy? 1. Tax benefit Suresh is suffering from Asthma and the policy is been done on joint life basis and the 1. Joint life policy need for nomination under the plan will be as What is the maximum sum assured under a micro insurance 1. 10000 Available Loan amount under a life Insurance policy is generally based on 1. Total paid premium 1. At the time of taking In case of life insurance, the insurable interest should exist the policy 1. Life and non life Health insurance rider and critical illness rider in classified under respectively Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is 1. 213333 & 273333 the paid up value if bonus accumulated and if not bonus accumulated? Under the IRDA guidelines for Claim s ettlement, any queries or additional documents 1. 5 days from the can asked from the claimant within recei t Mr. Shyam is having 9 year old child. Which product is not to be given priority? 1. Health plan Vijay received his policy bond on 11th June, 201 Due to some personal problems he has decided to cancel the policy on 8th July, 201 Can he cancel or return the policy?

th

On 6 August there was a typhoon. Mr.Augustin who had insurance died in typhoon. Now how will the insurance company will categories this particular risk ? Ram works in a Fire cracker factory. He stocks the cracker in his house. He runs which type of risk. An Insurance company pools the premium coll ected from several Individual to insure them against similar risk is called: Which of the following Risk is associ ated with those events which are not in control of  an individual and also no ossibilit of makin rofit: which of the following refres to specific event which might cause a loss ... Mr. shailsh has an endowment policy with 30 years policy term, he has paid for eight years. The sum assured Rs.8,00,000/- and accumulated bonus Rs.60,000/-. What is the aid u value? If the sum assured remains the same, what will be impact of net premium if the age of the policyholder increases

54

Ch 3

In case the customer has stopped making payment for the premium of the policy. What are the two most important things required in order to reinstate the policy?

55

Ch 3

In a life i nsurance policy it is later found that the person doesn‟t have insurable interest then the contract is

56

Ch 3

Net premium is equal to

57

ch 3

Pooling of risk in insurance means

58

ch 3

Principle of utmost good faith will operate in existing policy

3. Investment

4. Protection

4

3.50:50

4.Not Applicable

1

2. 25000 2. Sum Assured

3. 50000 3. Surrender value 3. At the time policy matures

2. At the time of claim 2. Both life insurance

1. Retaining the ownership in the policy

4. 100000 4. Paid up value 4. At the time of taking the policy & claim 4. Nonlife and life 3. Both non life insurance respectively.

2. 213333 & 229333

3. 229333 & 273333

2. 10 days from the recei t 2. Child Plan

3. 15 days from the recei t 3. Life Insurance

4. 229333 & 293333

3 3 1 2 1

4. 20 days from the receipt

3

4. Retirement Plan

4

3. No, as 20 days period is over

4. Yes, as it is within 3 months

1

2. 30 Days 2. Level 2. Risk Grading 2. Risk avoid

3. 2 Months 3. Uncertainty 3. Risk Assessment 3. Risk retention.

4. 3 Months 4. All of the above. 4. Pooling of Risk 4. All of the above.

2 4 4 1

2. Risk transfer

3. Risk avoidance

1. No, as 15 days period 2. Yes, as it is within 1 is over year

Ombudsman has to give his decision within how many days? 1. 15 Days The “Risk” contains…. 1. Peril and Hazard Grouping the similar risks by Insurance Company is call ed as…. 1. Grouping of Risk The function of Insurance works on….. 1. Risk Transfer Mr. Mahesh is a software engineer. He has taken a term insurance for Rs. 30,000,00/1. Risk retention for 30 years. This is an example for----------------1. a family history of  Which of the following can be an example of moral hazard? heart disease Which one of the following is possible in retaining the risk?

2. Savings 2. Not Possible

2. a person working in a 3. a person consuming chemical factory alcohol 3.Is possible by 2. Not possible as life transferring risk to the has many risks. policy holder

4. Risk tolerance

2

4. A teacher working in a primary school.

3

4.Is possible by Reinsuring oneself 

2

1. Under the category of  2. Under the category Pure risk of peril risk

3. Under the category of  particular risk

4. Under the category of  Risk Transfer

1

1. Speculative.

2. Particular.

3. Financial.

4. Fundamental.

3

1. Pure Risk

2. Pooling of Risk

3. Insuraable Risk

4. Sharing of Risk

2

1. Pure Risk.

2. Particular Risk.

3. Financial Risk.

4. Insurable Risk

1

1. Peril

2. Hazard

3. Physical hazards

4. Uncertinity

2

1. 213333

2. 229333

3. 273333

4. 293333

3

1. It rises

2. It falls

3. It remains constant

4. Gross premiums increases

3

1. Reinstatement Fee and Proof of continuing ood health

2. Premium cheque and 3. Only health certificate health declaration

4. Premium cheque with arrears

1

1. expired

2. reviewed

4. Valid

4

1. Premium plus 2. Risk premium plus interest earning interest earning 1. The premium 2. All similar risks are collected & deposited in pooled together a ool 2. If the policy has 1. Every time premium lapsed and it has to be is paid revived.

3. Void

3. Premium minus interest 4. Risk premium minus earning interest earning

3

3. Premium is pool to make claims

4. Contribution of  insurance company

2

3. If the insured person falls sick and is admitted to hospital.

4. If the insured person changes his job.

2

59

ch 3

60

Ch 3

61

Ch 3

62

ch 3

Both the parties to a contract must agree and understand the same thing and i n the same sense which is called Life insurance is the most important for which age group The premium for accidental death benefit rider must not exceed If the annual premium for a plan i s 32000 and a frequency loading of 4% is added in a quarterly premium what is the amount that needs to be paid. Amit has taken a G-Sec a nd has parted with it mid wa y as he required the money with the intention of not getting the interest. What will he get? If bonus is given under a plan the additional premium added is known as

1. 5 or 10 grams

66 67

ch 3 Ch 3

68

Ch 3

72

ch 3

73

Ch 3

74

Ch 3

75

Ch 3

76

Ch 3

77

Ch 3

In a pension plan illustration w hat are the parts which shows the benefit for an 1. Insurance coverage annuitant. If the employer has insurable interest in the life of an employee, what kind of policy is 1. Surety insurance this? In the sales illustration, the reduction of the actual benefit amount is mainly due to 1. Commission deduction of  1. 15 days from the The proposer can withdraw from the contract, if they disagree with the terms a nd date of receipt of the conditions of the Policy, within a „free look-in period‟ of  olic document What is the major reason for self employed to take insurance. 1. Save Tax Ravi was expecting a claim amount of Rs. 12, 00,000 from insurer. But it was rejected. He feels that it is repudiated on wrong reasons. Which consumer forum ca n 1. National Commission he a roach? Rajesh is 34 years old and having 2 sons, Vineeth and Sumith. The level of risk 1. Middle Level appetite, Rajesh belongs is _______. Total annual premium Rs 32000 quarterly loading done4 %. Hence actual quarterly 1. 7680 premium will be Under this situation may leads to breach of the duty of utmost good faith.

78

Ch 3

Principle of Indemnity denotes…..

79

Ch 3

The principle of utmost good faith is not applic able to

80

Ch 3

What are the factors involved in calculating Surrender Value of the Poli cy?

81

Ch 3

82

Ch 3

83

Ch 3

84

ch 3

85

ch 3

86

ch 3

2. 8320

If we hold 100 units in gold ETF, It means that how much grams we have in physical

In case of a term plan the maximum premium of the accidental rider can be.

Ch 3

1. 8000

The reduction in the benefit illustration shows what. If a life insurance policy is issued with a lien, it will be mention in

Ch 3

71

2

2. Investment 2. 50% of basic premium. 2. Mortality. 2. Schedule

65

Ch 3

3

4. children 4. 40% of base policy premium

2. Principle amount

Ch 3

Ch 3

4. Acceptance.

2. Pre- retirement 2. 25% of base policy premium

1. Loading 1. 100% of basic premium. 1. Charges. 1. Proviso

Ch 3

64

70

2. Legality of an object. 3. Consensus ad idem.

1. Young 1. 15% of base policy premium

1. Discounted Value

63

69

1. Consideration.

What are the different types of As signments? Mr. Rajesh has taken policy from ABC insurance company for Rs. 500000 Sum Assured by paying Rs. 50,000 premium per year. Company declared 5% Simple Reversionar bonus what is bonus amount? In an insurance contract the insurable interest needs to be at the time of .... In an insurance contract 'consideraton' means........ Where do you not find insurable interest in the following options......... The principle of utmost good faith applies to...........

1. Non disclosure of  material facts.

3. Retirement 3. 30% of base policy premium 3. 9456

4. 9240

3. Discounted Value with persistency bonus 3. Frequency

4. Principle with persistency bonus 4. Interest

1

3. Interest. 3. Terms & conditions

4. Inflation. 4. Endorsement

1 2

2. 10 or 15 grams

3. 15 or 25 grams

4. 50 or 100 grams

4

2. Annuity part

3. Guaranteed and non guaranteed part

4. Vesting age

3

2. Keyman Insurance

3. Partnership Insurance

4. Debtor Insurance

2

4. Reversionary Bonus

2

2. 20 days from the date of receipt of the olic document 2. Fluctuating income

3. Non guaranteed benefits 3. 25 days from the date of receipt of the policy document 3. High Returns

2. District Level

3. State Level

4. Mandal Level

2

2. Top Level

3. Low Level

4. High Level

4

2. 9320

3. 8320

4. 6600

3

2. Concealment of a material fact

3. Fraudulent misrepresentation of  facts.

4. All of the above.

4

4. All of the above.

1

4. All of the above.

4

4. All of the above.

4 2

2

2. Charges

4. 30 days from the date of  receipt of the policy document 4. Protection

1. Full Assignment and Partial Assignment

2. Conditional and Absolute Assignment.

3. Life Assignment and General Assignment.

1. Rs. 2500/-

2. Rs. 25000/-

3. Rs. 250000/-

4. Rs. 5000/-

1. claim

2. revival 3. inception 2. Advisors confidential 3. premium re ort 2. employee-employer 3. husband-wife 3. both insurers and 2. only proposer proposer

1. surety-co surety

1

3

4. Standard Assignment and Non-Standard Assignment.

1. only insurers

2

3. 30% of basic premium. 4. 35% of basic premium.

2. Insurance should not 1. Insurance can not be 3. Insurance can not taken by high risk used to make a profit taken by politicians. eo le. 1. Facts of common 3. Facts those are not 2. Facts of law knowledge material. 1. Number of year‟s 2. Number of premiums 3. Sum Assured premium paid. payable.

1. proposal form

3

1 4

4. surrender

3

4. claim

3

4. brother-sister 4. neither insures nor proposer

4 3

Mr.Shanth has taken an endowment policy of 15 years with ABC insurance company. He has paid premium for 4 years and he c ould not pay premium for 5th and 6th year. In the 7th year he approaches the company to renew the policy. Now which of the followin o tions will a l to him?

1. The policy will be 2. Mr. Shanth cannot renewed on the existing renew the policy terms and conditions.

3. the policy may be renewed on different terms and conditions

1. The life insured can nominate one or more than one person as nominees. 1. Assignee cannot make fresh nomination in the olic

2. Nomination can be done either at the time the policy is bought or later. 2. The assignor need not be major at the time of assi nment. 2. Mr. Shanth can take loan which should be certain percentage of  the surrender value of  the olic .

3. A person having a policy on the life of  another should make a nomination. 3. Section 45 of the insurance act speaks about assi nment.

2. Capacity to contract

87

Ch 3

88

Ch 3

Which of the following statement is not true in connection with nomination?

89

Ch 3

Which of the following statements in correct in connection with assignment?

90

Ch 3

Mr. Shanth has taken an endowment policy of 20 years. He has paid premium for 10 years and now the policy is i n force. At this point of time ca n Shanth take loan?

1. Mr. Shanth will not be granted any loan

91

ch 3

Mr.Akash filled the proposal form but before submitting to the company he discussed with the agent that he is not sure whether he can pay for 15 years . This attitude affects which art of the contract?

1. Consideration in the contract

92

ch 3

93

ch 3

94

Ch 3

95

Ch 3

96

Ch 3

97

ch 3

98

ch 3

99

ch 3

100 ch 3 101 ch 3 102 ch 3

103 ch 3

2. The insurable Mr.Karan who has to go to abroad for 6 months on a n official work decides to l eave 1. The insurable interest interest between the car his car with his friend Mr. Jim. What will be the validity of the insurable interest in this between the car and jim and karan is valid for 6 case ? is valid for 6 months months Mr. Josh was fil ling the proposal form but as his mother was sitting beside him, even 1. He has breached the 2. He has breached the though he drinks and smokes he ticked “NO” in smoking & drinking column of proposal non-disclosure of the company by concealing form. This indicates ? fact the facts Mrs.Shwetha has taken a loan from her policy. Later stage she neither paid back 1. Policy will be 2. Policy will be neither the loan nor she paid the premium for a very long time. What will happen to surrendered by the surrendered by the her olic ? insurer nominee 1. He regularly pays 2. He can surrender Mr. Manish has a money back policy and a whole life policy. He is planning to take premium so he can take whole life policy and some loan from both the policies as he w as regularly paying the premium. What is loan from both the can take loan from your suggestion? olicies Mone back olic Mr. Raj has taken a policy of 15 year term. He has paid the premium for 9 years. B ut 1. Converting the policy 2. Converting the policy now unfortunately he has lost his job. He is unable to pay the premium. What can be to Term policy to Paid up the best solution from the following ? 2. A policy document 1. A proposal has been A contract exists between insurer and proposer when has been stamped by accepted by insurer. insurer. Shamsher has a health insurance poli cy of ` 1, 00,000 individually and from hi s company for ` 2, 00,000. He falls sick and got hospitalized. His hospital bill ran to ` 50,000. He claimed this amount from his i ndividual policy. Also, he plac ed the request 1. Indemnity contract. 2. Value contract. with his company for group policy cla im, which was rejected. The reason for rejection is. 1. Heading of policy Payment of premium and sum assured are laid down in 2. Proviso of policy. document. 1. Quotation is signed 2. First Premium An insurance contract commences when by proposer. Receipt is issued. 1. When insured writes 2. When cheque amount When is premium considered / deemed to be paid? a cheque in favor of  is deposited in insurer insurer. account. Lalu Yadav is having a saving plan with 20 years tenure. He has paid 5 annual 1. Acquires surrender 2. Contract comes to an remiums but due to financial crisis is unable to make future remium. His olic value. end. How assignment distinguishes itself from nomination?

1. Nomination does not transfer the title while assignment does.

104 ch 3

Under what circumstances the surrender of a policy should be recommended by the agent?

1. When a client have been sold the right solution.

105 ch 3

What key event is most likely to make an insurance contract not a valid contract?

1. The circumstances are legitimate.

106 Ch 3 107 Ch 3 108 Ch 3 109 Ch 3 110 Ch 3

Manish took a loan from Pankaj of Rs.10 lac, Pankaj transferred his Insurance policy to Manish of Rs.10 lac a s a security with the agreement Of when Loan is full y paid, policy title will be revert back to name of Manish is called: Rakesh has bought an Endowment, Money back, Term & Annuity Plan he would like to avail Loan from: On foreclosure, if Death claim arises before the payment of the surrender value, the payment would be payable to: To prove one‟s identity in accordance with KYC process, the customer needs to submit following document excluding ……….? Life Insurance also known as:

1. Loan assignment

4. Mr. Shanth can renew the policy only on the approval of the insurer

3

4. The section 39 of the Insurance Act 1938 speaks about the nomination.

3

4. Conditional assignment and absolute assignment are one and the same.

1

3. There is no concept of  loan in insurance policy

4. loans are allowed only in term plans

2

3. Consensus ad idem

4. Offer and Acceptance in the contract

4

3. The insurable interest 4. The insurable interest between the car and karan between the car and Jim is valid until Karan‟s return is valid until he owns it

3

3. He has breached the company by fraudulent information 3. Policy will be surrendered by the com an

2

4. Policy will be surrendered by the heir

1

4. He can‟t take loan from whole life policy but can money back but can avail avail loan from Money back loan from Whole life policy olic

3

3. Converting the policy to 4. Converting the policy to money back whole Life

2

3. A policy document has been received by the olic holder.

4. An insurer has made another proposal.

1

3. Deemed contract.

4. Rolling contract.

1

3. He can‟t take loan from

3. Operative clause.

3. Proposal Form is signed. 3. When the cheque is deposited with insurer office. 3. Moneys will be forfeited. 3. Nomination is made 2. Nomination transfers after policy is issued while the title while assignment is done before assignment does not. it is issued. 2. When a client is 3. When the policy has holding a product been mis-sold and do not having good value for match his needs. mone . 2. Representation of  3. The life assured is facts by the major. policyholders is true. 2. Conditional Assignment

4. He had done an innocent misrepresentation

3. Loan Agreement

4. Schedule of policy document. 4. Policy Document is received by policyholder. 4. When cheque is posted/couriered by the insure4.

3 2 2

4. Acquires paid up value.

4

4. Nomination need not be informed but assignment needs to be informe4.

1

4. When the client is enjoying good financial status.

3

4. There is no insurable interest attached to the policy.

4

4. Absoulte Assignment

2

1. Endowment Plan

2. Term Plan

3. Money Back Plan

4. Annuity Plan

1

1. Nominee

2. Legal heir of life Assured

3. Debotrs

4. forfeited the Premium

2

1. An Age Proof

2. An Identity Proof

3. An Address Proof

4. Education Proof

4

1. Value Contract.

2. Indemnity

3. Commercial Contract

4. Speculative

1

111 Ch 3

Which clause lays down the mutual obli gation of the parties regarding, Payment of  Premium by Life assured & payment of Sum Assured by

1. Lien Clause

2. Opertaive Clause

3. Proviso Clause

4. Schedule of Policy

2

414 Ch 13 415 Ch 13 416 Ch 13

If a valid cla im is delayed by the insurer then the interest for the same will have to be 1. 10 days paid by the insurance after how many days from the date of a dmission of the claim? _____ controls monetary system in India What is the maximum stake can foreign company has i n one insurance company in India?

2. 20days

3. 30 days

4. 60 days

3

1. RBI

2. IRDA

3. SEBI

4. Constitution

1

1. 74%

2. 26%

3. 24%

4. 76%

2

3. Tariff Advisory Committee.

4. Insurance Institute of  India.

3

417 Ch 13

Who controls and regulate the rates, advantages, terms and conditions that may be offered by insurers in the respect of general insurance business.

1. Insurance Regulatory 2. Reserve Bank of  and Development India. Authority.

418 Ch 13

According to IRDA regulations the maximum percentage of first year commission to be paid to an insurance advisor is.............

1. 30 %

2. 35%

3. 40%

4. 45%

2

419 Ch 13

Issuance of a license to a person has been stipulated in................Act

1. Section 43 of the Insurance Act 1939

2. Section 42 of the Insurance Act 1938

3. Section 12 of the Insurance Act 1922

4. Section 34 of the Insurance Act 1932

2

420 Ch 13

The foreign direct Investment (FDI) in Indian Insurance Industry is allowed up to.....

1. 50%

2. 25%

3. 26%

4. 27%

3

421 Ch 13

The Insurance Institute of India (III) was formed in.....

1. 1956

4. 1947

3

422 Ch 13

Which official body decides to increase the interest rates?

3. 1955 3. Reserve bank of  country

4. Central bank of country

2

423 Ch 13

Which of the following team represents the members of GBIC ?

4. Representatives from Insurance institute of India

1

424 Ch 13

425 Ch 13

426 Ch 13 427 ch 13

Which council among the following focus on creating a positive image of the insurance industry and would also li ke to enhance the Consumer‟s confidence on the same ?

Mr.Raghav is an expert in fact finding .Mr.Raghav helps hi s brother in his job by sharing the information of his cli ents after the fact finding he does to procure insurance. What will be the outcome ? Which organization was formed with purpose to promote insurance education and training in India? The face of the life Insurance industry in India is ………..?

429 Ch 13

At what percentage FDI allowed in life Insurance sector by Govt.

431 Ch 14 432 Ch 14 433 Ch 14 434 Ch 14 435 Ch 14 436 Ch 14

437 Ch 14 438 Ch 14 439 Ch 14 440 Ch 14 441 Ch 14

442 Ch 14

3. National Insurance council

4. General insurance council

1

2. Reputation of the company will be high due to offers to the customer

3. Agent will be terminated

4. Agent will be qualified for the contest

3

2. Raghav will be terminated

3. Raghav License will be cancelled

4. Customer will complain to Ombudsman

3

2. National Insurance Academy. 2. Life Insurance Corporation 2.24%

3. Chartered Insurance Institute. 3. Insurance Regulatory Development Authority 3.74%

4. Insurance Institute of  India. 4.Insurance Institute of  India 4.49%

4 1 1

1. Same for all policies sold by advisor

Group Insurance can be taken in following relationship Maximum time for investigation in disputed claim? The Ombudsman‟s powers are restricted to insurance contracts of value not exceedin ?

1. employee- employer 1. 1 month

2. husband-wife 2. 2 months

1. 50 lakhs

2. 30 lakhs

3. 25 lakhs

4. 20 lakhs

4

1. 20,000

2. 50,000

3. Up to the sum assured taken in the plan

4. Unlimited

4

2. Endowment plan.

3. Money back plan.

4. Wholelife plan.

3

3. Reaches at a level as per industry trends

4. Insurance can price their product on their self past ex eriences.

4

4. It is optional

3

What amount of insurable interest does an individual have in his own life?

Harsh‟s policy matured, however he was paid only 25% of the sum insured in spite of  1. Term plan. all his premiums been paid on time. This indicates that his policy is a

De- tarrification is a process by which pricing of Insurance

As per Regulation for protection of Policyholder‟s i nterest 2002 (IRDA), Which insurer

will have a grievance redressal System What will be lien amount in 3rd year as compared to the 4th year of lien. Pooling of insurance applies to What is the disadvantage to the insurer in case the persistency falls For annuity plans, before receiving regular/periodic annuity payments, the individual can make a lump sum withdrawal. This is known as commutation. Up to what ro ortion of the accumulated fund can be withdrawn? AML Program of every insurer to include _______________, apart from Procedure, Training and audit. What is the minimum Sum Assured allowed for Micro Insurance? Where would you have to go if you wanted to buy a Kisan Vikas Pa tra?

447 Ch 14

1. Raghav will be promoted to the next level 1. Institute of Actuaries of Indi1. 1. Life Insurance Council 1.26%

2. Consumer insurance council

If a policy holder buys a polic y from the advisor and lodges a complaint, it should be treated as :

444 Ch 14

446 Ch 14

1. Life insurance council

2. Same for all policies 3.Only for policy for which sold by the advisor 4.None applicable complaint has been given except corporate clients

443 Ch 14

445 Ch 14

1. Representatives from 2. Representatives from 3. Representatives from all insurance companies all government bodies IRDA

Mrs. Hansa an agent, has planned to sell maximum products within a short span of  1. It will benefit both time by giving maximum rebates to the customer to complete the contest target of the the company and the company. customer

428 Ch 13

430 Ch 14

2. 1999 2. Reserve bank of  1. Central bank of India India

How many ombudsmen offices located in India? What the name of department that is established by IRDA to deal with customer complaints? The insurance ombudsman has been appointed to protect the interest of.......

1. Rises

1. Some Specific Insurer 1. It is higher

2. Decreases

3. family members 3. 3 months

2. Those Insurer who did not created 3. All insurer Insurance Ombudsman S stem 2. Decrease 3. Slightly higher

4. society members 4. 6 months

1 1 4

4. Slightly lower

2

1. all types insurance

2. All types of insurance 3. Only life insurance except Motor insurance

4. Only Non-life insurance

1

1. Lower profits

2. Higher profits

4. Decreased Life fund

1

1. The entire fund can be withdrawn

2. Only half of the fund 3. Only one third of the can be withdrawn fund can be withdrawn

4. Only one fourth of the fund can be withdrawn

3

4. Inspection by Auditor General

4

1. Inspection by IRDA 1. 5000 1. Any Nationalized Bank 1. 10 1. Customer Complaint Department (CCD) 1. policyholders

3. Increased Liability

2. 10000

3. Appointment of  Principal Compliance Officer 3. 15000

4. 20000

1

2. Insurance Company

3. Post Office

4. Mutual Fund Company

3

2. 12 2. Customer Grievance Department (CGD) 2. shareholders

3. 14 3. Consumer Affairs Department (CAD) 3. insurers

4. 15 4. Consumer Protection Department (CPD) 4. General insurers.

3

2. Audit by Finance Ministry

2

1

448 Ch 14 449 Ch 14 450 Ch 14 451 Ch 14 452 Ch 14 453 Ch 14 454 Ch 14 455 Ch 14 456 Ch 15 457 Ch 15

458 Ch 15

459 Ch 15

460 Ch 15 461 Ch 15 462 Ch 15 463 Ch 15 464 Ch 15

465 Ch 15

The charges were not fully disclosed to the customers" is a common complaint against..... Which regulations take care of the settlement of claims ? If any consumer is dissatisfied with the customer care cell of any insurance company to whom they can escalate their grievances. Which is the Regulation that insists that all the insurance companies should provide the information about the insurance ombudsman of that region while sending the olic documents. A client demands the information on the current status of a policy indicating accrued bonus. The insurer should provide communication within

Which of the following is a Non Standard Age Proof

Ethics can be defined as…

467 Ch 15

For an insurance advisor churning is.............practice Mr. Sharma is a newly recruited insurance advisor. To meet his month target he explains only the good points of newly launched plan to his customer. Here Mr. Sharma's behavior is............

470 Ch 15

471 ch 15 472 ch 15 473 Ch 15 474 Ch 15

3. Shareholders

4. Underwriters

2

2. IRDA claim protection regulation 2002

3. C.IRDA policy settlement regulation 2004

4. D. Protection of claim settlement regulation 2002

1

1. Nodal officer

2. Grievance call center 3. Compliance cell

4. Compliance officer

1

1. Policyholder grievance Regulation

2. Policyholder‟s

1. 10 Days.

2. 15 days.

1. PAN Card

License of an agent was withdrawn in June 2010 due to malpractice. He can reapply 1. 2015 for his license in Mr. Gayaram, Advisor who advised the customer to close the old poli cy and take new one. But new policy does not have any extra benefits but it will give more commission 1. Switching to Mr. Ga aram. This is called as……

Which is not unethical behavior in below s tatements?

469 Ch 15

2. Agents

1. Protection of Policy holder Interests re ulation 2002

Protection regulation

2. Internal Grievance 1. Integrated Grievance To ensure that the customers complaints are handled effectively, IRDA has established Redressal Cell of the Management System. Insurer. If policy holder is not sa tisfy with term and condition the policy which S he/he has 1.15 Days 2.20 Days received, then has option to return policy with in……..? How Many offices of Ombudsmen the Government body has set up to Resolving 1.15 2.12 insured customer‟s grievances. After doing the need analysis of the client, the agent advised the client to opt for 1. Enquire about the 2. Suggest an TROP product. But the client refused. According to ethical business practices what will refusal from the client alternative plan the agent do ? According to IRDA agent‟s code of conduct, what is the best method of showing the 1. Signed copy of sales 2. Brochure amount of commission earned by the advisor illustration 2. Specified amount multiplied by the 1. 10% of the sum Under the hospital care rider what is the payout made number of days the assured policyholder is hos italized Which tax rate is applicable, in case of Client pays the premium of 5000/- and suffers 1. Nil 2. 10% illness before maturity? 2. If the agent has 1. When the insurance worked with the When can an insurance company give more than 35% first year commission? company is in the first company for more than 10 years of operation 5 ears A person suffering from lung cancer is a smoker. Here smoking can be termed as 1. Peril 2. Hazard

466 Ch 15

468 Ch 15

1. IRDA

The code of conduct has been prescribed in India by........... Mr. David an agent had helped Mr. Srinivasan to take an endowment policy on Feb 200As srinivasan was finding it difficult to pay the premium, Mr. David had advised him to surrender this policy and to apply for a lower premium policy. This is c alled as ? Rahul is a licensed insurance agent. As agent he must carry out his role in accordance with Shankar, an adviser, sold a term insurance policy and unit-linked insurance policy (ULIP) to Amar, the client, who is unmarried and has no dependent. Consequently, Shankar‟s action can be termed as For Insurance industry which association to take steps to Develop Education and research in insurance? Pankaj being a license i nsurance advisor has to follow c ode of Conduct provided by:

1. Those values we commonly hold to be  “good” and “right”. 1. Over selling of  Insurance policies. 1. good 1. ethical

3. Ombudsman Regulation 4. Compliance Regulatory

2

3. 20 Days.

4. 30 Days.

1

3. Grievance Redressal Officer.

4. Consumer Affairs Department.

4

3.25 Days

4.10 Days

1

3.14

4.16

2

4. Pass on to the other 3. Pass on to the superior agent

1

3.Hand written declaration 4.Verbal communication to by agent customer

1

3. expenses incurred per day multiplied by no. of  days stay in the hospital

4. 100% of Sum Assured

2

3. 20%

4. 30%

1

3. If the agent has worked 4. If the agent is doing with the company for more than 3 policies in a more than 10 years month.

1

3. Risk 3. Certificate from Village Panchayat

4. Uncertainty 4. Certificate from School or College

2. 2014

3. 2013

4. 2017

1

2. Churning

3. Redirecting.

4. Shifting.

2

2. Certificate of Baptism

2. Behavior that is based upon the moral  judgments of an individual 2. Under selling of  Insurance policies. 2. bad

3. A study of what makes one‟s own actions right or 4. All of the above. wrong. 3. Explaining all details of  4. Churning. the policy to customer. 3. compulsory 4. appreciable

3 3

4

3 2

2. unethical

3. professional

4. Perfect.

2

1. IRDA

2. Insurance Council

3. Insurance Institute of  India

4. Government of India.

1

1. Churning of the policy

2. Surrendering the policy

3. Switching the policy

4. Claiming the policy

1

1. Company‟s code of 

2. IRDA Acts code of  conduct.

3. IRDA Regulations code of conduct.

4. Insurance Acts code of  conduct.

3

1. Underselling of  insurance policies.

2. Churning.

3. Overselling of insurance 4. Ethical practice by an policies. adviser.

3

1. Life Insurance Council

2. Life Insurance Corporation

3. Insurance institute of  India

4. Insurance Institute of  India

1

1. Insurance Regulatory 2. Life Insurance Development Authority Company

3. Reserve Bank of India

4. SEBI.

1

conduct.

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