1.
A Risk transfer provides a
sense of:
Financial
instability
Financial
distress
Financial security
2.
_____________ is an insurer for
the insurance company:
IRDA
Reinsurance company
LIC
GIC
3. 3. Mr. Mahesh is a software
engineer. He has taken a term insurance for Rs. 30,00,000/- for 30years. This
is an example for:
Risk retention
Risk transfer
Risk avoidance
Risk tolerance
4.
What is the maximum cover that
can be provided in micro-insurance?
5,000
10,000
50,000
1,00,000
5.
The Non-Government
Organisations (NGOs) help the insurance industry immensely in:
Promotional activities
Drafting new
regulations
Linking buyers
and sellers
Linking third
party administrators (TPAs)
6.
…...means before loss what was
his financial status and for the same financial status to bring him is called:
An indemnity
material
information
utmost
goodfaith
none of the
above
7.
Insurance Agents are
Who work only
for insurance company
Who work for
customers
Who work for
their own interests
Intermediaries
8.
Mr. Varun who owns a multi-chain
company would like to take an insurance. What will be the best option for him
from the following?
He can take
Surety insurance
He can take
Business Partner insurance
He can take
Key-man Insurance
He can take company insurance
9.
Insurance c option because:
Policyholder
gets advantage of market linked investments
Policyholder
gets returns on their investment
Policyholder
can withdraw money whenever they need it
Insurance products offer flexibility
to the policyholders
10.
Amit is looking for term
insurance plan for protection of his family he is advised to approach for:
Property Insurance
Life Insurance
Health
Insurance
Liability
Insurance
11.
Which of the following is not a
type of insurance organization?
Ombudsman
Life insurance
Non-Life
insurance
Reinsurance
12.
The constituents who
participate in deeper penetration of micro-insurance and awareness of insurance
in rural areas are:
The Surveyors
Underwriters
Non- Governmental Organizations
The Regulator
IRDA
13.
Why is Insurance required?
To Cover Risks
of Life
To plan for
Future goals
For Savings
All of the above
14.
In life insurance business if a
person is working in calculating premium rates of insurance products then he is
mostly likely a member of:
institutes of
actuaries of India
insurance
institute of India
Chartered
institute of insurance
Insurance institute of risk
management
15.
Currently, major percentage of
insurance sales in India takes place through:
Insurance
Brokers
Corporate
agents
Banc-assurance
channel
Individual insurance agents
16.
I.R.D.A was incorporated as a
Statutory body in:
Dec-1999
Jun-1994
Apr-2000
Jun-2001
17.
What facility do insurers use
to cover risks beyond their exposure limits:
Banc-assurance
Re-insurance
Both a & b
Neither a nor b
18.
One of the most sought after
advantage of Insurance is:
Huge sum
received in case of death
Huge sum
assured by paying small premium
Tax benefits on payment of premium
and all the pay-outs
Can get the
surrender value as per the terms and conditions
19.
Vinay doesn’t
want to take insurance on himself. He feels that his family will survive with
the funds available in the bank and monthly rentals received from village. This
comes under Risk ______:
Transfer
Control
Retaining
Avoidance
20.
The main role of an underwriter
in a non-life insurance company is normally to:
assess the acceptability of
particular risks
certify a loss
when claims are submitted
design the
structure of the products to be offered
negotiate with
the industry regulator
21.
The concept of insurance
involves a transfer of:
liability
needs
ownership
risk
22.
Akshat is a relatively cautious
person. In insurance terms, this will normally increase the likelihood that he will:
be considered an above average insurance risk
be considered a below average insurance risk
require insurance cover
require reinsurance cover
23.
How are perils and hazards
normally distinguished under term insurance policies?
Perils are medical factors which influence the risk of dying and
hazards are lifestyle activities which influence the risk of dying.
Perils are risks that
policyholders will die before a specified date and hazards are factors which
could influence that risk.
Perils are factors which affect the risk being insured and hazards
are the size of the risk being insured.
Perils are factors which could influence an insured event occurring
and hazards are the actual events which will trigger a pay-out.
24.
In insurance terms, the risk of
suffering a disability is best described as what type of risk?
Financial.
Fundamental.
Homogenous.
Speculative.
25.
For a household insurance
policy, insurable interest need only exist at outset and at what other point?
The date the cancellation period expires.
The date a claim occurs.
The date the policy document is received.
The termination date.
26.
Rahul is employed by Sunny. In
respect of this employment, Rahul automatically has insurable interest in
Sunny’s life up to what limit, if any?
Rahul’s monthly salary.
Rahul’s pension fund value.
Sunny’s annual profit.
There is no limit.
27.
Arun started a 20-year term
insurance policy. Once established, when, if at all, is the insurer next
entitled to ask him for proof of continuing good health?
At no point.
After the end of the first 12 months.
At the point when he changes occupation or retires.
When a lapsed policy is
revived.
28.
The concept of indemnity is
based on the key principle that policyholders should be prevented from:
insuring existing losses.
making false insurance claims.
paying excessively for insurance cover.
profiting from insurance.
29.
Once an absolute assignment is
effected under a life insurance policy, who will be the titleholder(s) of this
policy?
The assignor in all cases.
The assignee in all
cases.
Either the assignor or assignee depending on the type of policy
involved.
The assignor and assignee jointly.
30.
How long is the free look-in
period under a term insurance policy from the date of receipt of the policy
document?
5 days.
10 days.
15 days.
20 days.
31.
A life insurer issued a
quotation on 10 February, guaranteed for 14 days, which was accepted by the
customeron day 10. Consequently, the insurer can only decline this risk if the:
customer submits a second quotation request.
insurer increases its underlying premium rates.
market place experiences a significant downturn.
material facts change.
32.
A policy document for a
money-back policy includes the statement ‘the proposal and declaration signed
by the proposer form the basis of the contract’. In which main section of the
policy document will this normallyappear?
Attestation.
Operative clause.
Preamble.
Terms and conditions.
33.
A life insurance policy can
only be made paid up if what policy feature exists?
Indexing contribution.
Nomination facility.
Rider benefits.
Savings element.
34.
The main reason why a life
insurance proposal form often asks for the proposer’s height is to enable a reasonable
comparison with the proposer’s:
age.
gender.
occupation.
weight.
35.
Where annually increasing
flexible premiums operate under a life insurance policy, what
rate of increase will generally apply?
2.5%
3.0%
5.0%
7.5%
36.
The amount paid out by the
insurer under a 30-year life insurance policy exceeded the sum insured plus revisionary
bonuses. The excess is likely to result from?
charges refunded.
a frequency loading.
a tax rebate.
a terminal bonus.
37.
What normally happens to the
sum insured under a life insurance policy once the period of the lien expires?
It reduces.
It increases.
It is suspended.
It is replaced by a newly-underwritten sum insured.
38.
The main protection need of a
19-year-old is most likely to be:
self-protection.
home loan protection.
protection of dependants.
protection of children’s future.
39.
Raunak recently arranged a life
insurance policy under which he is classed as the master policyholder. This addresses
his role as:
a creditor.
a debtor.
an employee.
an employer.
40.
The need for investment advice
from an insurance agent normally results from what overriding key factor?
Absence of any long-term goals.
Inability to prioritise future financial needs.
Lack of market knowledge.
Shortage of available funds.
41.
When undertaking financial
planning for individuals without capital, what savings need is likely to
beaddressed in every single case?
Emergency funds.
Funds for children’s savings.
Funds for educational costs.
House purchase funds.
42.
Naveen is addressing his income
needs by investing directly in corporate bonds. In what form will he
receivethis income?
Annuity instalments.
Dividend payments.
Interest payments.
Rental payments.
43.
Nikhil is looking for
tax-efficient savings methods for his disposable income. He is considering an equity-linked
savings scheme, national savings certificates and an endowment insurance
policy. Premiums for which of these investments are allowed to be deducted from
his taxable income?
The national savings certificates only.
The equity-linked savings scheme and the national savings
certificates only.
The national savings certificates and the endowment insurance policy
only.
The equity-linked savings
scheme, the national savings certificates and the endowment insurance policy.
44.
An investor holds a wide range
of shares. If the Reserve Bank of India announces a series of
significantinterest rate increases, the prices of these shares are most likely
to
become volatile.
decrease.
increase.
stagnate.
45.
The main purpose of the
guaranteed insurability rider benefit is to give the policyholder the right to
cancel a health-based exclusion after a symptom-free period.
include his parents under the policy.
increase cover when a key life event occurs.
maintain cover despite a fall in investment value.
46.
The changes in healthcare costs
over recent years has had what general impact on healthcare insurance?
A fall in average premium levels.
A reduction in underwriting requirements.
A rise in the need for
cover.
A strengthening of the insurable interest rules.
47.
The general need for a pension
policy results from the existence of what key problem?
Anticipated fall in
income.
Lack of employment opportunities.
Likely deterioration in health.
Uncertainty over investment performance.
48.
Yash pays health insurance
premiums for himself, his wife and his two children aged 13 and 8. Premiums for
which of these individuals will qualify as deductible from Yash’s taxable
income?
Yash only.
Yash and his wife only.
Yash, his wife and his oldest child.
Yash, his wife and both
his children.
49.
The sole focus during a
client’s fact-find session was healthcare requirements and estate planning.
Which main life stage is he most likely to fall into?
Young married.
Young married with children.
Pre-retirement.
Retirement.
50.
Apart from the salary level,
what other key feature of Alok’s job is likely to have a major impact on the
level ofhis pension, life insurance and health insurance needs?
Whether the job is office or field-based.
The normal retirement age in relation to the job.
Whether the job is in the
public or private sector.
Whether the job is manual or non-manual.
51.
In the context of financial
planning, how is the difference between real needs and perceived needs bestdescribed?
Real needs are financial needs and perceived needs are non-financial
needs.
Real needs are actual
needs and perceived needs are based on a client’s thoughts and desires.
Real needs are identified by the insurance agent and perceived needs
are identified by the client.
Real needs are needs which satisfy an objective and perceived needs
are needs which do not satisfy anobjective.
52.
To fulfil the ‘know your
customer’ procedures, at what stage in the financial planning process is
theinsurance agent most likely to request a copy of the customer’s photograph?
At the end of the fact-find meeting.
At the end of the
presentation meeting.
As soon as the application is accepted by the insurer.
As soon as the insurer is ready to issue the policy document.
53.
An agent has recommended an
investment product with non-guaranteed benefits. The benefit illustration passed
to his client will therefore use assumed annual growth rates of:
5% and 8%
5% and 10%
6% and 8%
6% and 10%
54.
The main purpose of including
commission details in the documentation to clients is to increase:
competitiveness.
efficiency.
flexibility.
transparency.
55.
A client has been recommended a
low-risk investment product by his insurance agent, but the client insiststhe
agent arranges for the money to be invested in a higher risk product. What
action should the agent take?
Carry out these
instructions, but document that this contradicts the recommendation.
Conduct a new fact-find.
Invest a reduced amount of money in this product.
Refuse to act for the client.
56.
An insurance agent has advised
a client to surrender an existing investment product and start a newinvestment
product. What key indicator should be used to determine whether this advice was
ethical?
The best interests of the
client.
The difference in potential income and capital growth between the
two products.
The flexibility of the new product compared to the old one.
The views expressed by the client.
57.
What key impact will low
persistency levels have on insurance policyholders?
An enhancement in product choice.
An improvement in investment performance.
An increase in insurance cover.
A reduction in benefits.
58.
Raju died 5 years before the
end of his 30-year endowment insurance policy. What factor most likely
causedthe insurer to investigate the claim using the early death claim
procedures?
He paid the most recent premium during the period of grace.
His cover was originally accepted with a premium loading on medical
grounds.
His death resulted from a recently acquired sudden illness.
The policy had lapsed and
was revived shortly before he died.
59.
A claim under a term insurance
policy is submitted by an individual who has substantially understated his
age.As an alternative to paying out the full claim the insurer is most likely
to take what action?
Deduct the underpaid premiums from the sum insured.
Make the policy paid up.
Pay out the surrender value.
Reject the claim on the
grounds of misrepresentation.
60.
On the maturity of an endowment
policy, a reduced sum insured is paid out. What is the most likely reasonfor
this?
The instalments were commuted by the policyholder.
The policyholder’s health seriously deteriorated during the policy
term.
The policy was made paid
up during the policy term.
The policy was subject to a lien.
61.
What key event is most likely to
prevent insurers from ensuring that each insured person brings a fairpremium to
the pool for the risk presented?
A fraudulent claim.
A policy assignment.
A steep rise in inflation.
A sudden illness.
62.
An insurance agent served an
insurer continually and exclusively for 20 years, after which he retired
fromwork. In accordance with Section 44 of the Insurance Act 1938, renewal commission
due to him after the termination of his agency can only be withheld if:
he ceases to remain a resident of India for tax purposes.
he survives beyond the age of 75.
there has been a change in regulator.
there is fraud involved.
63.
Legislation gives which body
the power to specify a code of conduct for surveyors and loss assessors?
Institute of Insurance and Risk Management.
Insurance Regulatory and
Development Authority.
Life Insurance Council.
Securities and Exchange Board of India.
64.
What key legacy has been left
by the activities of the Tariff Advisory Committee?
A central compensation fund.
Customer classification status.
Illustrative projection rates.
Standard policy wordings.
65.
Apart from conducting a
comprehensive fact-find, the other main action that an insurance agent can take
atoutset to minimise the risk of subsequently receiving a customer complaint is
to:
ask for referrals.
offer commission rebates.
provide detailed
disclosures.
register with the Insurance Ombudsman.
66.
An award made by the Insurance
Ombudsman will only be binding on the insurer if the:
complainant accepts this
decision.
Consumer Forum is involved in the case.
insurer signs a disclaimer.
value of the award is less than 2 lakhs.
67.
A policyholder asked his
insurance agent for guidance on submitting a claim for the maturity benefit
under hislife insurance policy. Due to pressure of work, the agent declined to
assist. Consequently, this action is deemed to be a breach of the:
General Insurance Council’s guidelines.
Insurance Regulatory and
Development Authority’s Code of Conduct.
Insurance Ombudsman’s protocols.
Insurance Brokers Association of India’s membership rules.
68.
During the process of applying
for life insurance, the customer discloses confidentially to the insurance
agentthat he had a mild stroke four months ago, however this was NOT mentioned
on the application form. In accordance with the Insurance Regulatory and
Development Authority’s Code of Conduct, how should the insurance agent deal
with this information?
Ask the policyholder’s doctor to send details to the insurer.
Notify the insurer of
this matter.
Refuse to act for the customer in this case.
Respect this confidentiality by not discussing it with anyone else.
69.
Which of the following cannot
be insured?
Financial risk
Particular risk
Pure risk
Speculative risk
70.
Mr. Kunal used to participate
in Car race. While taking up the Insurance policy he disclosed this
information. What kind of hazard does it refers to:
Occupational Hazard
Fraudulent representation
Moral hazard
Peril
71.
On 6thAugust, there
was a typhoon. Mr.Augustin who had insurance died in typhoon. Now how willthe
insurance company categorise this risk?
Under the category of
Pure risk
Under the category of peril risk
Under the category of speculative risk
Under the category of dynamic risk
72.
Law of large numbers is worked
out by which of the following?
Pooling of risk
Maintaining insurable interest
With utmost good faith
Randomness
73.
Insurance companies apply law
of _________ to determine the cost of total annual claims:
Universe
Large numbers
Average
All Above
74.
Pure risks are those risks
where there is:
Loss or no loss
Gain or no gain
Possibility of any benefits occurring
No Possibility of Gain
75.
The type of risk that can be
insured against is:
Speculative Risk
Pure Risk
Pure & Speculative risk
Non Financial Risk
76.
Mr. Kunal used to participate
in Car race. While taking up the Insurance policy he disclosed this
information. What kind of hazard does it refers to:
Physical hazard or Occupational Hazard
Fraudulent representation
Moral hazard
Peril
77.
Which statement is correct?
lung cancer is peril and
smoking is a hazard
smoking is peril and lung cancer is hazard
Both the statement is correct
Both the statement is incorrect
78.
There are two different groups
of 100 people. The first group isbetween 30-39 years of age. Of these one
person dies before the age26 Probability of death in this case is 1%. The
second group is aged60-69 years of these 15 die before the age of 61. The
probability of death in this case is 15%.
This shows that frequency of death is high in younger group
This shows that frequency of death is low in higher age-groups
This shows that frequency
of death is high in higher age
This shows that frequency of death is same in any age groups
79.
Insurance contract is valid
because?
Gives revenue
for govt
helps the
destitute
wagering
contract
Contract enforceable by law
80.
Which of the following types of
insurances is not a contract of indemnity:
Fire Insurance
Mediclaim
(Health Insurance)
Motor Insurance
Life Insurance
81.
Ajay does not consume alcohol
for a month to not detect during medical test is:
Concealment of a material fact
Fraudulent
misrepresentation
Innocent
misrepresentation
None of the
above
82.
Amit is illiterate. He wants to
take policy his friend Surya help him in knowing the question and filling the
proposal form. What extra requirement is required in this case:
Amit’s photograph
Amit’s thumb
impression only
policy document
need to be registered
Left thumb Impression of Amit along
with a declaration of his friend
83.
Mr. Josh was filling the
proposal form but as his mother was sitting beside him even though hedrinks and
smokes he ticked “NO” in smoking & drinking column of proposal form. This
indicates?
He has breached
the non-disclosure of the fact
He has breached the duty of
disclosure by concealing the facts
He has breached
the company by fraudulent information
He had done an
innocent misrepresentation
84.
Which of the following is not a
type of bonus?
Simple
reversionary bonus
Inception bonus
Compound
reversionary bonus
Terminal bonus
85.
The most important features of
a Valid contract are:
Offer and
acceptance and capacity to contract
Offer and
acceptance and consideration
Consideration
and capacity to contract
Consideration and legality of object
86.
Mr. Nikhil makes an offer of Rs
20 lacs SA to Insurance Co. XYZ. Inresponse to this Insurance co. XYZ offers a
SA to the tune of max. Rs10 lacs (counter offer). At this stage Nikhil and
Company X can enterinto a valid contract?
Yes Nikhil and
Insurance Co. can enter into a valid contract
Nikhil and
Insurance Co. cannot enter into valid contract.
Nikhil and Insurance Co.
can enter into a valid contract if Nikhil unconditionally accepts the offer.
Nikhil and Insurance company can enter into a valid contractif he
sends a request to the Ombudsman
87.
Policy taken by husband and
wife jointly is called as…..:
Group Insurance
Policy
Family Floater
policy
Joint life policy
Joint Account
policy
88.
Mr.Akash filled the proposal
form but before submitting to the company he discussed with theagent that he is
not sure whether he can pay for 15 years. This attitude affects which part of
thecontract?
Consideration
in the contract
Capacity to contract
Consensus ad
idem
Offer and
Acceptance in the contract
89.
Human life is exposed to
different type of risks. Which of these risks is not currently covered by
Indian insurers?
Early death
Illness
Living too long
Unemployment not caused by
disability
90.
Rishabh Agarwal is a 40 years
businessman. He leads a healthylifestyle. Every morning he practices yoga and
abstains from smoking tobacco and alcohol. There is a family history of diabetes
and both hisparents suffer from it. But Rishabh himself is not diagnosed
withdiabetes. Based on this case which of the following statement is true?
He can be given insurance as he
maintains a healthy lifestyle
He cannot be
insured as his parents are diagnosed with diabetes
He cannot be
insured as he is 40 years old
He can be given
insurance with premium loading
91.
The type of risk that can be
insured against is:
Speculative
Risk
Pure Risk
Pure &
Speculative risk
Non Financial
Risk
92.
Which category of insurance has
nature of low frequency but high severity?
Marine
Insurance
Crop Insurance
Airline Insurance
Life Insurance
93.
Law of large numbers is worked
out by which of the following?
Pooling of risk
Maintaining
insurable interest
With utmost
good faith
Randomness
94.
Which of the following cannot
be insured?
Financial risk
Particular risk
Pure risk
Speculative risk
95.
If a person consumes alcohol
regularly and does not disclose the same in proposal form - what is the type of
hazard?
Moral
Physical
Both are
correct
Both are wrong
96.
In insurance terms the risk of
suffering a disability is best described as what type of risk?
Financial.
Fundamental
Homogenous.
Speculative
97.
Akshat is a relatively cautious
person. In insurance terms this will normally increase the likelihood that he
will:
be considered
an above average insurance risk
be considered a
below average insurance risk
require insurance cover
require
reinsurance cover
98.
Level of risk is determined by:
The probability of the
occurrence of a certain event and the extent of losses likely to be suffered
due to the occurrence of the event.
Needs of the
people for various types of protections.
The various
types of risks to which the subject matter of insurance is exposed to
The experience
of a company in a particular region.
99.
Which of the following risks
are insurable?
Financial Risk
Non-financial
Risk
Both are
correct
None of them
100.
Insurance Companies provide
cover only for:
Specified Risks
Unspecified
risks
Excluded risks
Speculative
risks
101.
Insurance relates to:
Avoidance of
risk
Pooling of risk
Protection of
economic value of assets
Minimisation of
risk
102.
Loss of Life needs:
To provide for
any medical expenses that might arise
To provide for
children�s higher education
To provide a steady source of income
to dependants after death
None of the
above
103.
A hazard can be defined as:
A specific
event which might cause a loss
The chance of
damage or loss
A condition that either
increases the chance of a peril happening or cause its effect to be worse
Uncertainty of
an event happening.
104.
Which of the following is
individual’s assets?
His properties
Family
properties
public
properties
none of the
above
105.
Policy document is:
Contract
Legal contract
Void contract
Evidence of
contract
106.
In life insurance which
principle does not apply?
Principle of
utmost good faith
Insurable interest
Principle of
indemnity
Principle of
Non-disclosure
107.
Kailash is working with an MNC
and has a co-worker Ramesh who helps him in his work. In the absence of Ramesh
Kailash’s work would suffer significantly and he has to work on his own to
complete his assignments. Which of the statement is true with regard to
Insurable Interest exists between
Kailash and Ramesh
Insurable
Interest does not exist between Kailash and Ramesh
Kailash has
unlimited insurable interest in life of Ramesh
Ramesh has
unlimited insurable interest in life of Kailash
108.
What amount of insurable
interest does an individual have in his own life?
20,000
50,000
Up to the sum assured taken in the
plan
Unlimited
109.
The insurance company issues
________________ after accepting proposal
First Premium Receipt
Renewal Premium
Receipt
Deposit Receipt
None of the
above
110.
Even though the insurer may
avoid the contract entirely “ab initio” for the reason of misrepresentation or non-disclosure the Insurance
Act 1938 gives a protection to the policy holder making the policy in
disputable after 2 years (excepting for fraud)
Sec.131 of the
Insurance Act 1938
Sec. 38 of the Insurance
Act 1938
Sec. 45 of the Insurance Act 1938
Sec. 41 of the
Insurance Act 1938
111.
Shamsher has a health insurance
policy of 1,00,000 individually and from his company for 2,00,000. He falls
sick and got hospitalized. His hospital bill ran to 50,000. He claimed this
amountfrom his individual policy. Also, he placed the request with his company.
His company has rejected the claim. What type of contract is this?
Indemnity
contract.
Value contract.
Deemed contract
Rolling
contract.
112.
The __________ of the policy
states that the proposal declaration signed by the proposer forms the basis of
contract:
Preamble
Attestation
Operative
Clause
Proviso
113.
Certificate from the village
panchayat:
Will be
considered as standard age proof
Will be considered as non-standard
age proof
Will not be
accepted
All are wrong
114.
What are the 2 types of Age
proof documents?
Normal &
Abnormal
Standard & Non-Standard
Important &
Unimportant
Actual &
Theoretical
115.
Who fills up proposal form?
Applicant
Proposer
Agent
Policyholder
116.
When the life assured and the
policyholder are one and the same how the policy will be known?
Policy taken by
another life
Policy taken on
own life by another
Policy on
another life
Policy on own life
117.
______________ refers to the
transfer of the title rights interest of the insurance policy
Nomination
Assignment
Surrender
None of the
above
118.
Appointee's role
Signature on
the proposal
Medical exams
insurable
interest
when Nominee is Minor
119.
Nomination can be in favor of
how many people?
One person
Two persons
Three persons
It can be any number
120.
Insurable Interest is deemed to
exist in which of the following relationship?(i) Husband and wife (ii) Parent
and children (iii) Employer and employees(iv) Brother and Sister.
(i) (ii) and (iv)
(i) (iii) and
(iv)
(ii) (iii) and
(iv)
(i), (ii) and (iii)
121.
If a policy holder is not
satisfied with terms and conditions of the policy which she/he has received,
then there is an option to return policy for cancellation within...days
from the date of receipt for policy by policyholder.
15Days
20 Days
25 Days
10 Days
122.
Types of assignment:
Absolute
Term assignment
Conditional
Absolute & Conditional
123.
Material facts are those:
That are
specified to be so in the proposal
That are
considered to be so by the proposer
That would influence the decision of
the underwriter in accepting the risk
That are
specified so in the Insurance Act 1938
124.
The main supplier of the
material facts is:
The agent since
he meets the life to be insured
The proposer as he is alone in the
possession of full information about himself
The insurance
company
The neighbours
125.
Duty of disclosure of material
information rests with:
Insured person
Insurance
Company
Agent
Insured and Insurer both
126.
In case of life insurance, the
insurable interest should exist:
At the time of taking the policy
At the time of
claim
At the time
policy matures
At the time of
taking the policy & claim
127.
Mr. ABC buying Term insurance
policy insurer should mention Ombudsman address in which part of policy
document?
operative
clause
Preamble
Information statement
Schedule
128.
If a contract is signed by a 15
years old boy this contract will be:
Null and void
Invalid
Voidable
Valid
129.
A & B in enters into a
Contract & B accepts the Contract with a condition. Will this be considered
as a Contract Between A & B?
Contract is created only when the
acceptance is unconditional.
Contract is
created only when the acceptance is conditional
Both are
Correct
Both are
Incorrect
130.
Proposal form & the Declaration
signed by the proposer are called �. of the contract:
Foundation
stone
Fundamentals
Basis
Activation
131.
In which kind of policy the
insurable interest should exist at the time of claim:
Motor insurance
Marine insurance
Liability
insurance
Travel
insurance
132.
When does insurable interest
exist in a life insurance contract?
inception of the contract
At claims
at survival
benefits
Through out the
term
133.
______________ comes into
existence when one party makes an offer which the other party accepts
unconditionally:
A Policy
Agreement
A Contract
A Proposal
134.
If a contract is signed by a 15
years old boy this contract will be:
Null and void
Invalid
Voidable
Valid
135.
The condition that the policy
holder should pay the premiums regularly is mentioned in:
Policy document
Prospectus
Proposal form
All of the above
136.
For Quarterly mode of payment
days of grace is:
20 days
25 days
15 days
30 days
137.
Both the parties to a contract
must agree and understand the same thing and in the same sense which is called:
Consideration
Legality of an
object
Consensusadidem
Acceptance.
138.
Who should attest the thumb
impression on the proposal form?
A third person
Proposer himself
Policyholder
A Second person
139.
The process of making changes
in the terms and conditions of the policy once it is issued is called:
Amendments
Endorsements
Attestations
Exclusions
140.
Utmost good faith envisages a
positive duty to disclose accurately all information that are:
Facts of common
knowledge
Facts which are material to the risk
being proposed
Facts of law
Facts already
known to the insurer
141.
Insurable interest on one's own
life limited upto:
20 times of Gross Annual income
Liabilities
Assets
Unlimited
142.
Except Surrender how one policy
holder can transfer money to a third party barring Nominee?
By Will
By doing Assignment
Claim
not possible to
transfer
143.
The process of making changes
in the terms and conditions of the policy once it is issued is called:
Amendments
Endorsements
Attestations
Exclusions
144.
When an interim bonus is paid
under with profit policy This normally represents a bonus covering what period:
Policy start
date to the 1st Anniversary
start date to
the end of the 1st calendar year
Previous valuation date to claim
date
claim date to
next valuation date
145.
The insurance contract is
mainly an
Agreement enforceable by law
Agreement
enforceable by insurance company
Agreement
enforceable by IRDA
Agreement
enforceable under the Insurance Act of India
146.
Which of the following falls
under voidable contract?
Misrepresentation
Lack of
insurable interest
Fraud
None of the
above
147.
A policy has two nominations.
What amount should be given to the two nominees?
10% to each nominee
25% to each
nominee -----???
Nominee one
should not be paid more than nominee two
There is no specified limit like
that
148.
Till what period is interim
bonus valid:
as long as
policy in force
Till the next declaration of bonus
Till the next
valuation date
None of the
above.
149.
Two people with same term one
person had more premium than other because:
Married
Wife Younger
Health detioration
Difference in
caste.
150.
Moral Hazard reflects the:
Intentions and
attitude of proposer
Habits and hobbies of proposer
Occupation and
residence of proposer
Medical and personal
history of proposer
151.
Annual premium of an insurance
product is Rs. 32,000 with 4% loading on Quarterly mode of payment. What is the
quarterly premium?
7,680
8,000
8,320
8,500
152.
Two friends have taken same
policy but their premiums are different. Why?
Age
Medical
Sum assured
All the above
153.
Compound reversionary bonus of
4% will be calculated on:
Sum assured
Sum assured plus bonus till date
Premiums paid
till date
Sum assured
minus bonuses paid till date
154.
As per the norms of risk
assessment U/W both the parents of a policy holder died in their early 30s due
to Heart disease. What is the risk assessed?
Moral Hazard
Medical Hazard
Occupational
Hazard
Physical Hazard
155.
Income replacement methods
equates Human Life Value (HLV) to:
Future value of
present earnings
Present value of future earnings
Present value
of previous earnings
Future value of
previous earnings
156.
If the annual premium for a
plan is 32000 and a frequency loading of 4% is added in a quarterly premium
what is the instalment premium that needs to be paid.
8,000
8,320
9,456
9,240
157.
A human being is:
An economic
asset
Has a capacity
to generate income
Has a finite
life span
All of the above
158.
What is the special report that
is asked by the underwriter from the officer of the insurer?
HLV report
Client confidential report
Moral hazard
report
Medical report
159.
What role an agent is likely to
play in the process of underwriting?
To see that the
proposal is accepted by the underwriter at OR
To ensure that
this client is not burdened with extra premium
To give truthful report to the
insurer all about the life to be insured
To see that the
plan as proposed by the client is not changed on underwriting
160.
Who is the primary Underwriter?
Actuary
Insurer Doctor
Underwriter of the
Branch
Agent
161.
Mr Sunil is doing premium
calculation for his company as per which authority is his profession related to:
Council of Actuaries
Insurance
council of India
Insurance
Institute of India
IRDA
162.
In a 20 year with profit policy
persistency Bonus is paid at the end of:
1st year
10th year
15th year
20th year
163.
While calculating Human life
value (HLV) two components need to be kept in mind the one is take home salary
and other is:
Bank Fixed
deposit rate
discount rate
Estimated life expectancy
Estimated
amount at retirement
164.
Claim was settled. However full
Sum assured not paid though the policy was in force due to:
Lein
Bonus
Surrender
Accidental
death
165.
HLV is used as a Yardstick to
determine:
Emotion loss
can be compensated for
The correct cover needed
to compensate economical loss to their family in case of death of the earning
member
A lump sum
amount that the person will get from the insurance company
None of the
above
166.
In insurance HLV is a known
abbreviated term. How the meaning of HLV can best be described in relation to an
income earning proposer?
Sum assured is
the HLV of the proposer
Yearly income
is the HLV of the proposer
Difference
between the Assets and Liabilities is the HLV of the proposer
Present value of the future earnings
less personal expenses is the HLV of the proposer
167.
Mr A wants insurance cover. But
he is drinks alcohol frequently. What kind of hazard you may categorize?
Physical hazard
moral hazard
Financial risk
Pure Risk
168.
Insurer appoints a candidate of
this professional qualification who decides the amount of premium in insurance
products:
Actuary
Underwriters
Sales Officers
Advisor
169.
While calculating HLV along
with future income no of years of work increments in salary what is also to be
taken in to account?
inflation
Interest
Discount rate
Compounding
170.
Mr A submitted the proposal
form. When will the risk begins for the company?
Submission of
proposal form
On issuance of
FPR
On issuance of
Policy
On receipt of payment by agent
171.
Two People of the same policy
Term one person pays more premium because:
Married
Wife Younger
Health
deterioration
Higher Age
172.
Mr. A has a son who is 5 yrs
and he wants to save funds for his education. Both the parents are risk
adverse. Which plan is suitable for them?
Convertible
plan
Term Insurance
Endowment Plan
ULIP Plan
173.
Most plans offered by Indian
insurance companies are a combination of:
Endowment and
whole life
Term insurance
and Pure endowment
Term insurance and whole life
Whole life and Money
back
174.
Why Annuities are reverse of
Life Insurance?
Both Annuity
and Life insurance provide risk cover
Annuities
provide risk cover. Life Insurance provide only maturity benefit.
Annuities cover
contingency of death. Life insurance convers contingency of Survival.
Annuities cover
contingency of Survival whereas Life insurance covers the contingency of death
175.
Main Protection need of a
client...:
Protection
against Liabilities
Protection for
Pension
Health
insurance protection
Protection of Income
176.
Basic elements of an insurance
plan are:
Health
protection against liabilities
Maturity benefit and Death cover
Tax planning
& Dependents' welfare
Pension
protection and protection for loans
177.
When maturity benefit is
payable under a joint life Plan?
On survival of
both the life insured.
On survival of
one of the life insured
On death of
both the life insured.
On survival of both or either of the
life insured.
178.
Which plan covers the risk of
living too long?
Endowment plan
Money back plan
Term insurance
Plan
Retirement plan
179.
Income Tax Act 1961 provides
for tax relief for various investments under Section?
80C
80D
80CCC
10(10D)
180.
Group insurance is a contract
between…:
Employer &
Employee
Employer & Insurance Company
Employee &
Insurance Co.
Employer
Employee & Ins. Co.
181.
Who deducts premium in Salary
Savings Scheme?
Employer
Employee
Insurance
Company
TPA
182.
The date on which the
Title/rights under a policy passes on to the child on age 18 is called….:
Deferment date
Commencement
date
Vesting date
Postponement
date
183.
Which plan is suitable for
those who cannot afford higher premium now but can afford to pay higher premium
later?
Term insurance
Convertible Term insurance
Whole life
Moneyback
184.
Which is the most basic
simplest & cheapest form of insurance?
Endowment
Money back
Whole life
Term insurance
185.
Why insurance needs require to
be prioritized?
Needs are
limited
Needs are
unlimited
Resources are
unlimited
Resources are limited.
186.
What is maximum level of
Insurance premium for which Income Tax benefit is available:
25,000
50,000
1,00,000
1,50,000
187.
Client has taken Joint Life
Policy. Who are responsible in the contract?
Insurer
Proposer
Proposer & Wife
Insurer and
both the Life Insured
188.
Term insurance if best suited
for the following need
home loan
education needs
marriage of
kids
Retirement
needs
189.
A Couple has 7 year kid &
wants to Buy some Policy. Which is the best suitable policy for his Son?
Only ULIP Plans
Only Endowment
Policies
only Term Plans
Child insurance plans can
be taken out in the form of endowment plans money-back plans or ULIPs
190.
Children policies come in 3
forms. What are they?
Whole life
Money back & ULIP
Term insurance
Whole life & Pension
Endowment Whole
life & Money back
Endowment Money back & ULIP
191.
At the time of maturity quarter
of the SA is paid though the policy was in force:
Endowment
Lien
Money back
Surrender
192.
Mr. X wants a life cover for
the term of 20 Yrs. Also, he wants a modest amount if he survives through the
term. Which plan should he buy?
Term Plan
Endowment plan
Convertible
plan
ULIP
193.
In endowment policy, we give SA
+ Bonus- :
Outstanding premium
Commission
outstanding
Both of the
above
None of the
above
194.
What is Inflation?
Decrease in
cost of living
Increase in cost of living
Decrease in
prices of goods
Decrease/Increase
in cost of living
195.
Hari wants a constant life
cover till his 31st birthday. But he can’t afford to pay high premiums. The best
suited products for him would be:
Pure Endowment
Anticipated
endowment
Term plan
ULIP
196.
The option to receive maturity
benefit in instalments under a ULIP is called..:
Deferment
option
Vesting option
Annuity Option
Settlement Option
197.
The period which does not
provide risk cover in a Child plan is called…:
Vesting period
Deferment
period
Lapse period
Commencement period
198.
To avail income tax exemption
for premium paid sum insured under a policy should be...:
10 times
20 times
30 times
40 times
199.
Which life insurance plan
offers both the benefits of Risk cover and Investment?
Endowment policy
Whole life
policy
ULIP
Moneyback
200.
Samir is married and he has
only one partner with dependant parents and no child. Which should be his priority?
income protection
inheritance
planning
investment
efficiency
long term
savings
201.
With-profit policies can be
given to:
Surety
keyman
partner
Individual
202.
Out of all the factors that
affect the needs of different life stages of an individual which is the most
common factor that is likely to exist throughout the life span of an
individual?
Employment
Age
Marital Status
Liability
203.
There is a family of four
people both the husband and the wife are working. They have two kinds aged 6
and 11 years. There is a tragedy in the family and the husband passes away due
to an accident. Which of the following saving options should the wife go for
post the death of her husband?
Real Estate
planning
Investment
planning
Pension
planning
Children education planning
204.
A family consisting of husband
wife and two children aged 6 and 10 what kind of insurance plan can be
suggested?
Protection plan
child plan
Saving plan
All of the above
205.
Mr. X fact find shows he need a
term insurance for his future income protection, a family health plan to cover
medical needs, a children’s plan to cover his son’s education and a endowment policy for his
daughter’s marriage. Which of these is the first priority?
Term Insurance
Medical
Insurance
Children’s
Policy
Endowment
Policy
206.
The main protection need of a
19-year-old is most likely to be:
self-protection.
home loan protection.
protection of Dependants.
protection of children’s future.
207.
A Couple has 7 years old son
what solution they would be looking for:
Retirement
health care
child education
life cover
208.
Naresh is married and his
daughter Sneha is 3 years old. Which plan can he take?
Term & Children plan
Annuity plan
Whole life plan
Health plan
209.
What is the reason for which a
self-employed should take an insurance plan?
Control unstable income
Tax saving
purpose
Wealth creation
with high returns
Charity
210.
What to be considered while
taking first policy?
Personal
Details
Family Details
Employment
details
All of the above
211.
Which one is not an asset?
House
House loan
Investment in
shares and mutual fund
All of them
212.
The sole focus during a client’s
fact-find session was healthcare requirements and estate planning which main
life stage is he most likely to fall into?
Young married couple
Young married
with children
pre-retirement
retirement
213.
Rajiv is married & has 4-year
old son. Which insurance plan is suitable for him?
Child plan
convertible plan
pension plan
ULIP Plan
214.
Akash is an unmarried person
and employed with company ABC and drawing a handsome salary. He has no
liabilities. What kind of plan can be suggested to him?
Money back
Term plan
Endowment plan
ULIP
215.
Mr. Shyam is having 9-year old
child. Which product is not to be given priority? Health plan
Child Plan
Life Insurance
Retirement plan
216.
Critical illness rider was
taken and the rider benefit has been claimed. The rider benefit now gets:
Reduce the base S.A
Terminated
continues as it is
New critical illness rider has to be added to base policy
217.
Health insurance is needed
because:
life is very uncertain
cost of healthcare has
increased significantly
premium increases with age
life expectancy is failing
218.
Danny is married and has two
children aged 6 and 10. His parents are aged 68 and 70. who all can be included
in Family floater option of a health plan
Only Danny
Danny and his wife
Danny his wife and his
children
Danny's family and his parents
219.
Rupkumar wants to take
commutation option. What is the maximum amount he can withdraw?
One sixth
One third
0.25
0.15
220.
If there is no claim in a year,
then what will be the benefit to the customer as No Claim Bonus:
Discount in next year premium
Increase in sum
assured next year
loan facility
no benefit
221.
While calculating the pension
figures required at the time of retirement, two factors should be considered
while planning. One is taxation and other is:
health
charges
inflation
interest rates
222.
How riders will help the
customer in life insurance?
Allows policyholders to customize
their insurance cover with additional benefits
Rider is like a
clause
Operative
clause
Rider is life
preamble
223.
Yash wants to take open market
option in pension plan. What is the benefit?
To save tax
To switch the underlying fund
For improved
annuity rate
To continue
life cover
224.
The premium on all riders put
together should not exceed:
10% of the
premium on the base policy
20% of the
premium on the base policy
30% of the premium on the base
policy
40% of the premium on the base policy
225.
In a health insurance plan,
what feature is likely to cause the insurer to decrease the renewal premium:
Cashless
facility
Exclusion
No claim bonus
Waiting period
226.
The premium for accidental
death benefit rider must not exceed:
15% of base
policy premium
25% of base
policy premium
30% of base policy premium
40% of base
policy premium
227.
Rajan and Rani has taken a
family floater health insurance plan of 4 lacs. They met with an accident and
had a hospital bell of 6 lacs. Which is true for this situation?
They would get
the claim of 6 lacs since the individual cover is 8 lacs
the claim will
depend on the surveyor
the maximum cover will be of 4 lacs
Rajan will get
a claim of 3 lacs and Rani will get 1 lac
228.
Ramesh wants to buy 15 years
pension plan for retirement. While calculating, gaps required at the end the
gratuity amount was completely ignored because he is:
self employed
widower
savings are
significantly higher
Govt employee
229.
Customer has opted for a 5
years guaranteed annuity option what will happen to annuity if the customer
survives for 5 years after the end of guaranteed period:
paid upto 75
years
annuity will be
continued for next 5 years
Till he dies
None of the
above
230.
What frequencies can one take
annuity?
Monthly, quarterly, Half-yearly,
Yearly
Fortnightly,
quarterly, Monthly, Yearly
Fortnightly,
monthly, Half-yearly, Yearly
Yearly only
231.
Family floater health insurance
plan covers:
all members of a family
husband and
wife only
parents only
children only
232.
An individual need a lump sum
at the age of retirement. The amount he need to
invest annuity for the goal will depend on:
The deferment period
amount which required
investment tools used for investment
all the above
233.
All ULIP pension plans have to
give how much percentage as Guaranteed returns:
0.06
0.09
0.045
0.1
234.
In what proportion is the cover
in a family floater plan shared:
25% each
15% each
50% each
no proportion
235.
In term insurance, if critical
illness rider claim happens then what will happen to existing policy:
CI benefit will cease
CI benefit
reduced from existing sum assured
CI benefit
continues
No change in
policy
236.
A person retiring within 3
months need return as pension. What kind of investment plan he need to choose?
Immediate annuity
deferred
annuity
anticipated
endowment
ULIP
237.
Vishal and Sandeep applied for
a health plan in XYZ Life Insurance company. Vishal is asked to undergo medical
check-up. But Sandeep is not asked to do so. What will be most possible reason?
Sandeep has taken another policy
from XYZ life insurance company
Vishal is older
than Sandeep----------??
Sandeep is
earning more than Vishal
Vishal is
working in MNC
238.
Waiting period in a health
insurance policy is to address:
Age discrepancy
Pre-existing illness
risk
premium
239.
Commutation is a feature of
which type of policy:
Annuity
Joint life
policy
Pure Endowment
policy
Policy on
another person
240.
A person has taken a term
insurance of 4 lacs. What is the maximum critical illness rider he can take?
1 lac
2 lac
3 lac
4 lac
241.
The rider which is given by the
insurance company and which pays for the treatment cost in the event of
hospitalization of the insured person is called?
critical
illness rider
hospitalization care rider
accidental
benefit rider
surgical care
rider
242.
What are the benefits to the
policyholder under surgical care rider?
Number of days
admitted in hospital and surgery expenses in full
Number of day
admitted in hospital and surgery expenses in partial
Treatment cost of surgery subject to
terms and conditions
Lump sum amount
what he has incurred
243.
A person Wants to invest in a
FD for Tax benefit. How many years he has to take the term of the FD?
5 year
4 year
3 Year
2 Year
244.
What is the limit of tax
benefit that can be availed of under Section 80C?
50,000/-
15,000/-
10,000/-
1,00,000/-
245.
An Investor has invested in
Debt mutual fund he is ideally looking for:
Equity return
fixed Income
Stable Income
Savings Income
246.
Regular savings creates a fund
to meet adverse incidents in future. For drawing a financial plan for savings
needs of an individual without capital what is the Fund which comes first?
Retirement fund
Emergency fund
Fund for
untimely death
Education fund
247.
What is the advantage of
converting physical gold assets to gold ETFs?
Liquidity
more gold in
value
Purity
More conversion
value
248.
From which investment, a person
will have Capital Growth and Dividend?
Gold
Equity
Fixed Deposits
Recurring
deposit
249.
What is purpose of investing
money in debt mutual fund?
Easy access
fixed Income
Tax Benefits
Liquidity
250.
Under which section of the
Income Tax Act can an individual get a deduction from taxable income for Health
Insurance?
S. 80D
S. 80C
S 80E
S. 80F
251.
Ajit and Vijit are 2 friends
paying same premium for health insurance. Why Ajit has higher tax exemption
eligibility than Vijit?
Ajit is above 65 years of age
whereas Vijit is below 65
Ajit is NRI and
Vijit is Indian
Ajit’s
health is better than Vijit
None of the
above
252.
Which is NOT the duty of Life
Insurance Council?
Fixing price of insurance products
Interact with
Govt and other bodies
Spreading
insurance awareness
Monitor ethical
practices
253.
___________ has laid down the
Code of Conduct for all agents:
Insurance
Institute of India
Insurance Regulatory &
Development Authority
Indian penal
code
Reserve bank of
India
254.
Why IRDA allows free look in
period cancellation?
To boost sales
To control
cancellations
To encourage
Agents
To save clients from unethical
agents
255.
Embedding Ethics means that:
Complying with
IRDA rules
Ensuring
professional code of conduct
Need based sale
Ensuring practice of ethics at all
levels consistently and coherently
256.
Raju is a certified license
holder under what circumstances he needs to hold his certified license with him
that is issued by IRDA:
when he sells
term insurance
when he
represents himself as another insurer
when he sells
pension policies
under all circumstances
257.
Who monitors and evaluates the
ethical practices of insurers?
IRDA
Life Insurance
Council
Both the above
None of the
above
258.
A policy has been rejected by
the company under direct intimation to the customer and copy to the Agent. What
is the next action of the Agent?
he has to
inform the customer that the co has broken relationship with the customer
he plans to
change the plan
He has to explain the reasons for
rejection to the customer
He takes up
with the higher authorities
259.
More surrenders, lapses and
cancellations during free look in period raises doubts that the Company is
doing _______sales:
Ethical
Moral
Value
Unethical
260.
Ethical practices lead to…...:
Negative image
for the company
More profits
for ins. Co.
More publicity
for IRDA
Positive image for the company
261.
An Insurer advertises through
daily newspaper. What type of marketing is this?
Cross Selling
Direct Selling
Solicitation of Policy
Brand Building
262.
To redress the Grievances of
the Policy Holders, a number of authorities have been formed. Which of the
following authorities has been empowered to hear the complaints and adjudicate?
Insurance
Ombudsman
Consumer Grievance Redressal Forum
Consumer
Affairs Department
IRDA
263.
rebate
may be fined with:
Rs. 300
Rs. 500
Rs. 1000
Any of them
264.
of
every insurer to include ___________ apart from procedure, training and audit:
Inspection by
IRDA
Audit by
Finance Ministry
Appointment of Principal Compliance
Officer
Inspection by
Auditor General
265.
To ensure that the premiums are
paid out of a legitimate source of funds, cash is accepted:
Upto 50,000
Upto 99,990
Upto 1,00,000
Without any
limit
266.
Investments by NRI
(Non-Resident Indian) will be:
No Risk
Low Risk
Medium Risk
High Risk
267.
An advisor while explaining the
policy and to sell he accepts to give a part of his Agent's Commission. What is
the limit?
0.1
0.2
He cannot offer any commission
He can offer
upto 50 %
268.
The authority of COPA is
limited to what amount at the District Level?
10,00,000 /-
20,00,000 /-
50,00,000 /-
1,00,00,000 /-
269.
It is the bounden duty of the
Insurers to protect the interest of their policyholders from proposal
acceptance to claim payment because of the:
Behavioural
requirements of E-Governance
Market
Competition
Requirements of
the Life Insurance Council
Regulations of IRDA
270.
In MWP Act policy claim is paid
to:
Nominee
Assignee
Trustee
Policy Holder
271.
Consumer Forum at District
level will hear complaints upto:
20 lakhs
40 lakhs
1 Crore
10 lakhs
272.
An Insurer advertises through
daily newspaper. What type of marketing is this?
Cross Selling
Direct Selling
Solicitation of
Policy
Brand Building
273.
Payment of premiums by cash
cannot exceed ____________:
Rs. 1,00,000
Rs. 50,000
Rs. 25,000
Rs. 60,000
274.
The controller of insurance in
India is:
IRDA
RBI
SEBI
Insurance
Ombudsman
================================================end========
275.
How much is the rebate allowed
by IRDA to client?
Nil
0.05
0.1
0.35
276.
If a policy is endorsed under
MWP Act the beneficiaries are wife and
Parents
Ex-Wife
Children
Mother
277.
Ravi was expecting a claim
amount of Rs. 12,00,000 from insurer. But it was rejected. He feels that the
claim has been repudiated on wrong reasons. Which consumer forum can he
approach?
National
Commission
District Level
State Level
Mandal Level
278.
An Agent offered his client
that 75% of the first premium will be paid by him out of commission. This offer
of rebate on premium will be treated as :
a kind of gift
for purchasing insurance products
a rebate on the
price amount like other sales
a breach of IRDA's code of conduct
a breach of a
provision of the Insurance Act 1938
279.
Mr.Suresh dies one day before
the grace period without paying the premium. What is the claim payable?
No claims
payable
All premiums
paid
Sum assured
Sum Assured less the undue premium
280.
What is the maturity claim
payable under a ROP?
Sum insured
Sum
insured+Bonus
Maturity claim
Return of Premium
281.
What is the main requirement
for settlement of a death claim?
Proof of death
Policy Bond
Discharge
voucher
Evidence of
title
282.
What is a Claim?
A demand by the
insurer to the insured
A demand from
the Agent to the Insured
A demand from
the Insured to the Agent
A demand of the Insured to the
Insurer
283.
What is recovery made from
final claim settlement?
Outstanding
premiums
Loan Principal
Loan Interest
All the above
284.
Which is a claim?
Maturity claim
Death claim
Rider Benefits
All the above
285.
If there is no insurable
interest, then the contract is:
Invalid contract
Voidable
contract
Void contract
All the above
286.
Client died in 89th day from
DOC. In which category he is not eligible for claim?
Murder
Deep Illness
Accident
Suicide
287.
When an insurance claim is
valid?
When the
insured event has taken place
When the policy
was in force when the insured event has occurred
When claim requirements
are submitted.
All the above
288.
Mr. Customer has taken a policy
and died before receiving the document which was dispatched by the insurer? He
is:
Entitled for full claim
Entitled for
partial claim
Not entitled
Return of
Premium
289.
When annuity payments start
under a deferred annuity plan?
From the date of commencement
From the date of maturity
Vesting date
Neither maturity nor vesting date
290.
What is the death claim payable
in case of ULIP?
Sum insured
Fund value
Sum insured or Fund Value whichever
is higher
Neither sum
insured nor fund value
291.
In a claim the customer got
much more than theSum Assured. Why?
Nature of payment
Investment
Frequency
Nature of Death
Survival
Benefits
292.
If a person is absconding, then
after how many years will he be considered as dead & SA paid to the
nominee:
10 years
20 years
7 years
12 years
293.
A contract entered into a
drunken person is ….:
Voidable
contract
Void contract
Invalid contract
None of the
above
294.
A contract which has no effect
on either of the contracting parties is:
Void contract
Voidable
contract
Invalid
contract
None of the
above
295.
What is the maximum time in
which the insurer should settle a claim when all documents are submitted?
3 days
15 days
30 days
10 days
296.
The policy under death claim is
paid regardless of when death occurs is:
Whole life plan
Endowment plan
Money back plan
term insurance
297.
The latin term 'void ab initio'
means:
null & void from the beginning
null & void
during claim payment
Not void
All the above
298.
When insurance contract is
voidable?
Breach of good
faith
Breath of
loyalty
Both the above
None of the
above
299.
Without submitting any form of
claim a life insurance policy holder received payments of maturity then what
type of policy he is holding?
ULIP
Term
Money Back
Health
300.
If notification of death is
received 3 years after death then the claim can be declared:
Death claim
Rider claim
Time barred
claim
Maturity claim
301.
What is the death benefit if
the person has multiple sums assured under different policies?
Death Benefit
will be the amount with highest SA policy
No amount will
be paid
Sum of all SA in different policies
Not more than
20lacs
302.
In case of confirmed accidental
death, the benefit is paid in the form of:
Life time
annuity
Lump sum assured plus accidental sum
assured
Sum Assured
Lump Sum plus
life time annuity
303.
If the policyholder dies before
receipt of Survival Benefit claim then to whom the Survival Benefit claim
monies are payable?
Nominee
Legal heir
Both nominee & legal heir
Neither nominee nor legal heir
304.
The delay in settling claim by
any insurance co as per IRDA norms has to pay....% if the present bank interest
rate is 5.2%:
0.07%
0.09%
0.07%
0.08%
305.
No of days in which the death
claim has to be paid after the necessary documents have been received:
15 days
30 days
45 days
60 days
306.
How much proportion of
accumulated fund can be commuted in case of annuity policies?
Upto 1/3rd
Upto 1/4th
Upto 1/5th
Upto ½
307.
If a person is missing, then
after how many years will he be considered as dead & SA paid to the
nominee?
5
7
10
12
308.
In case of Conditional
Assignment, the claim monies can be paid to:
Assignor
Policyholder
Life insured
Assignee
309.
In case of a Paid up policy,
what is the claim payable?
Paid up value +
vested bonuses
Surrender value
Maturity value
Fund value
310.
Third party insurance is
compulsory under:
Motor vehicle Act 1988
IRDA Act 1999
Insurance Act
1938
Consumer
Protection Act 1986
311.
Consumer Court is a:
Quasi-judicial machinery
Non-Government Organization
(NGO)
Social
organization
All the above
312.
A defect or deficiency is a:
Fault.
Imperfection.
Shortcoming.
All the above
313.
The Ombudsman can:
Pass an order
in a case filed in the Ombudsman's office
Pass order for
an ex-gratia payment
Pass an award
within 3 months of receiving the complaint
All the above
314.
In case of no fault liability
the minimum compensation that will be paid to the person injured due to motor
vehicle without proving the fault of the driver is
Rs. 50,000/- for death and Rs
25,000/-for grievous hurt.
Rs. I Lakh for
death and Rs 50,000/-for grievous hurt.
Rs. 2 lakhs for
death and Rs 1 lakh for grievous hurt.
None of the
above
315.
A customer can approach an
Ombudsman if:
The value of the claim is not above
Rs 20 lakh
Value of the
claim is above 20 lakhs
There is no
limit for the claim
None of the
above
316.
The Consumer Protection Act was
passed in:
1986
1996
2000
1947
317.
Protection of Policyholder's
Interest guidelines is published by:
IRDA
Government of
India
Life insurance
companies
General
Insurance companies
318.
Lok Adalats were set up in
June, 1985 with a view to:
Speedy
disposals of Third Party claims
Speedy disposal
of consumer court cases
Speedy disposal
of Ombudsman cases
All the above
319.
HIT and run cases means:
Vehicle and driver disappear after
the accident and the liability is not known
The driver and
the owner are hit in a road accident
The
policyholder and the nominee are hit in a road accident
All the above.
320.
A Life Insurance Policy should
contain:
Policy holders’
personal data such as Name,Date of Birth, Age
Policy detail such
as Sum Assured Plan and Policy Term
Date of
Commencement, Maturity
Benefits on
maturity death etc.
All the above
321. Free look option should be exercised within:
15 days of
receipt of the policy
30 days of the
receipt of the policy
15 days of purchase of the policy
30 days of the
purchase of the policy
321.
A survey or should submit his
report generally within:
Within 30 days of appointment
Within 15 days
of the appointment
Within 90 days
of the appointment
None of the
above
322.
A General Insurance policy
should contain:
Full
description of the property or interest insured.
The location or
locations of the property
Period of
insurance.
Sums insured
Perils covered
and not covered.
All the above
323.
A Policy holder can register
the following in his Policy:
Change in
address
Change in
nomination
Assignment
All the above
324.
Policy Bond is a very important
document for the customer because:
It is printed
by the Insurer and sent to the Policy holder
It is a legal document containing
the terms and conditions of the contract.
It has the
Policy stamp
None of the
above
325.
Free look of an Insurance
Policy means:
Policy holder
can look at the policy document freely
Policy holder
can show the Policy document freely to anyone
Policy holder can cancel the policy
after purchasing it.
None of the
above
326.
In case of delay of Claim
settlement under Life Insurance Policy the company shall:
Pay interest on the claim
amount at a rate which is 2% above the bank rate
Pay the claim
amount with Bonus only
Pay the claim
amount to the Court for settlement
None of the
above
327.
In case of General Insurance
Policy Claims, the company will appoint:
Surveyor for assessing the loss
Broker for
assessing the loss
Agent for
assessing the loss
None of the
above.
328.
When a customer cancels a
policy under Free Look condition, the insurer will refund:
The risk premium;
Cost pertaining
to medical tests,ifany;
In unit-linked
insurance plans,any increase or decrease in the net asset value of the
planduring the free-lookperiod;
Alltheabove
329.
Medical underwriting is
necessary to prevent people from purchasing health insurance coverage only when
they are:
Sick
Pregnant
Need Medical
Care
All the above
330.
RAP should NOT:
Solicit or
accept any insurance business without a valid license
Induce prospect
to omit any material information in the proposal form.
Induce prospect
to submit wrong information in the proposal form
All the above
331.
RAP should conduct ethical
business with:
Utmost good
faith and integrity
Show the
Insurance license if a prospect demands it.
Take into
account needs of the prospect while advising Insurance products.
Keep all
information given by the prospect, confidential.
Disclose the
commission he earns, if asked by prospect.
All the above
332.
Publicity and Advertisements
material published by Insures should conform to:
IRDA Policyholders’
protection regulations
IRDA Insurance
Advertisements and Disclosure Regulations
IRDA Meetings
regulations
IRDA Advisory
Committee Regulations
333.
An underwriter is a
professional who has the ability to:
Understand the risks to which the
underwritten object is exposed
Understand the
financial position of the proposer
Understand the
moral hazard of the proposer
None of the
above
334.
After sales service in
insurance includes the following:
Delivering
Policy document
Helping in
payment of renewal premium.
Helping
policyholder in claim settlements
All the above
335.
Cold canvassing in Insurance
refers to:
Canvassing on a
cold day
Canvassing
early in the morning
Meeting a person not
known and with whom he does not have any introduction or any meeting in past
All the above
336.
Unethical selling includes:
Projecting very
high benefits under a plan
Not making
complete and true disclosures about the product
Offer a rebate
or inducement in return to purchase a policy
Overselling of
insurance
All the above
337.
RAP can do the following:
Sell Life
Insurance Policies of all Life Insurers who have agreement with CSC
Sell General
Insurance Policies of all General Insurers who have agreement with CSC
Sell Health
Insurance Policies of all Health Insurers who have agreement with CSC
All the above
338.
Agents act as an intermediary
between the:
Insurer and the Policyholder.
Insurer and the
IRDA
Insurer and
Consumer societies
None of the
above
339.
An Insurance company should be
a:
An Indian
Company
Should have
minimum Rs.100 Crore paid up capital.
Can carry Life
or Non-life [General] or Health Insurance
All the above
340.
Corporate agent Is a corporate
body which acts as:
Agentforonelife,onenon-healthInsuranceCompany
Agent for all Life and General
Insurers
Association of
all agents
None of the
above
341.
A VLE can sell policies of:
All Life, Non-Life and health
Insurance companies
One Life,
Non-Life and one HealthInsurancecompany
Only Government
Insurance companies
None of the
above
342.
A public-sector company
specialized for Risk Related to Crop insurance is:
National
Insurance company
Oriental
Insurance
Agriculture Insurance Company of
India Limited
New India
Insurance Company
343.
A public-sector companythat
specializesin risks related to export credit is:
Export Credit and Guarantee
Corporation of India
National
Insurance company
Oriental
Insurance
New India
Insurance Company
344.
Who manages the employees
provident fund?
Reserve bank
IRDA
EPFO
LIC of India
345.
Fact finding sheet allows the
agent to:
Analyse customer needs
Select the
product
Proof
Reference
346.
The rates of assumed annual
growth to be shared in the benefit illustration has been decided by which of
the authority:
IRDA
Life Insurance Council
The Reserve
Bank of Insurance
SEBI
347.
In order to fulfil the Know
Your Customer Procedures, at what stage in the financial planning process is
the insurance agent most likely to request a copy of the Customer's photograph?
At the
beginning
During
Interview
Does not ask
for photo
At the end of the presentation
meeting
348.
A fact find is not intended to:
Identify
client's financial planning needs
Reveal client's personal secrets
quantify
financial needs
prioritise
financial needs
349.
The agent can use the benefit
illustration document to show the client the projected growth of investment at
the rate of:
6% and 10%
5% and 10%
6% and 12%
5% and 12%
350.
The client's job profile and
workplace play an important role in:
Deciding the
insurance premium for a life insurance policy
Fact find
Interview
getting idea
about his family
351.
During fact finding what will
be the next step after identifying clients need:
Quantify
clients need
prioritize client needs
recommending
products
fill up the
proposal form
352.
What is to be considered while
taking first policy?
personal
details
Family details
employment
details
All the above
353.
In fact-finding, why client's
income analysis is necessary?
To know about
the income of the client
To know whether
the client is paying tax
To do financial planning according
to the needs of the client
to know about
the savings of the client
354.
What does the liabilities
section list contain?
Clients’ income
Clients family
details
List the amounts of all the client's
debts
Other sources
of income
355.
Assessment of needs does not
include:
Client's
personal priorities
Identifying the
client's affordable contribution
Allocating this
contribution to the best financial planning package
priorities of the agent
356.
Which plan should an agent
suggest?
A plan based on needs of the client
A plan based on
paying capacity of the client
A plan based on
the clients’ dreams
None of the
above
357.
What details are collected to
reduce the amount of financial provision required to meet the client's
financial objectives?
His age
His marital
status
Age at
retirement
Existing
policies and investment
358.
For Logging a policy which document
is more preferable - Baptism Certificate or Ration Card - as age proof?
Ration Card
Baptism Certificate
Elder Declaration
Voter card
359.
What is the min age to enter
into the contract of insurance?
16
18
20
21
360.
Why does an insurer insist on
age proof document? To assess:
SA
Risk assessment
Identity verification
Financial assessment
361.
In a joint life plan for a
husband & wife, where should the agent' principal loyalty lay?
Insurance company
Husband only
Husband & wife
Insurance company,
husband & wife
362.
Term insurance if best suited
for the following need:
home loan
education need
marriage of kids
Retirement needs
363.
The advantage/disadvantages
within cumulative and fixed traditional deposits pertain to-
Returns
Taxation
Look-in Period
Investment Frequency
364.
Mr.Ramesh invested Rs:50000 in
pension policy, what is the percentage he can avail as:
exemption in Income tax.
33.33%
Pension plan is not eligible for tax exemption
will depend on his income
slab
365.
A satisfied client will lead to:
Word of mouth publicity for the agent
Chances of up selling
More reference generation for the agent
All the above
366.
Customer asks the agent to
disclose the commission. The agent should:
disclose on demand
Not disclose
Should call up the Insurer
Should avoid the topic
367.
Which is the training institute
for providing training to insurance agents?
Insurance Institute of
India
IRDA
RBI
SEBI
368.
Insurance Contract without any
Insurable Interest will result?
Wagering Contract
Legal Contract
Void Contract
All of the above
369.
Benefit illustration is used
to:
Show the client the
nature of the product and its benefits
Calculate premium
Hide the charges and the commission payable
compare other products
370.
The fund governed by the rules
and regulations of the Employees Provident fund and Miscellaneous provisions
Act 1952. When will it be paid to the employees?
When the employees leave the job
on retirement
To the nominee on the employees’ death
any of the above
371.
Suresh wants to transfer his
physical gold to gold exchange traded fund in relation to access this change
will:
not hedge
against inflation
Decrease his
liquidity
Reduce his
encasement for next six months
Insure against uncertainties
372.
Suresh wants to transfer his
physical gold to gold exchange traded fund in relation to access this change
will:
Increase his liquidity
Decrease his liquidity
Reduce his encasement for next six months
Create a future liability
373.
Suresh has adequate reserve
capital with him and he wishes to protect his income. Moreover, he feels that
if he does not die then he would need the amount. What type of plan should he
opt for?
Term insurance
Plan
Endowment plan
Return of
premium plan
Pension plan
374.
A person wants to invest in a
FD for Tax benefit. How many years he has to take the term of the FD?
5 Years
4 Years
3 Years
2 Years
375.
KishanVikas’s payment gets
cleared at:
Bank
Post office
Insurance
company
Any one of the
above
376.
Where would you have to go if
you wanted to buy a KisanVikas Patra?
Any
Nationalized Bank
Insurance
Company
Post Office
Mutual Fund
Company
377.
Bank interest is accumulated:
Monthly
Yearly
Quarterly
Once in 6
months
378.
What is the frequency of the
crediting the interest which is given to the customer in a cumulative deposit?
yearly
quarterly
monthly
daily
379.
In the Life Insurance segment,
there is:
One Life Insurance Company in the
public sector
Four General
Insurance companies in the public sector
Forty insurance
companies in total
None of the
above
380.
Corporate agent Is a corporate
body which acts as:
Agent for one life, one non-health Insurance Company
Agent for all Life and General
Insurers
Association of
all agents
None of the
above
381.
In a cashless Medi-claim policy
the claim amount is paid by the Insurance company to the:
TPA
Policyholder
Hospital
none of the
above
382.
TPA's are authorized by the
Insurer to:
Maintenance of
data about the health insurance claims,
Rendering
customer support in settlement of claims
Liaison with
hospitals and policy holders for better health care management
all the above
383.
TPA should provide:
24-hour customer support service
ID card
Claim advice
All the above
384.
Health ID cards are provided to
all their policy holders to validate their identity at the time of admission by:
TPA
Insurer
Hospital
None of the
above
385.
The major duty of the TPA is
Claim Management
Hospital
Management
Cash Management
None of the
above
386.
Third Party Administrators
operating in Health insurance sector are licensed by:
GovernmentofIndia
Insurance
Companies
IRDA
None
387.
Third Party Administrators
operating in Health insurance sector are licensed by IRDA under:
IRDA (Policy Holders Protection) Regulations of 2002
IRDA(Third Party-Health Services)
Regulations of 2001
IRDA
(Obligation of Insurer to Rural and Social Sector)2005
None of the
above
388.
Third Party Administrators are
intermediaries providing:
Health insurance services on behalf
of Insurance Companies
Financial
advice on behalf of Insurance Companies
Sale of health
Insurance policies of Insurance companies
None of the
above
389.
Network Hospital in Health
Insurance refers to:
Hospitals with which TPAs tie-up for
cash less treatment
Corporate
hospitals in Metro cities
Multispecialty
hospitals for specialized treatment
None of the
above
390.
If an Insurance company
appoints a TPA under health Insurance:
The liability to settle the claim
remains with the insurers
The liability
to settle claims is transferred to TPA.
The liability
to settle claim is with the hospital
None of the
above
391.
The Ombudsman's powers are
restricted to insurance contracts of what value?
1 Lakh
10 Lakhs
15 Lakhs
20 Lakhs
392.
License of an agent was
withdrawn in June 2010 due to malpractice. He can reapply for his license in:
2015
2014
2013
2017
393.
What is the stipulated time
frame within which an insurer is supposed to respond after receiving any
communication from its policyholder?
24 hours
1 day
10 days
30 days of
receiving the proposal
394.
For the customer whose claim
has been refused by the company the three places where he/she should follow up
are - Ombudsman IRDA Customer Grievance Cell and :
Consumer Forum
COPA
SEBI
Life Insurance
Council
395.
Karthik written to his insurer
about non-settlement of a maturity claim. As per regulations the insurer should
reply to this within how many working days?
3
5
7
10
396.
A policy holder submits
cancellation of his term insurance policy. The insurer accepts the form and
fails to give the benefits. Policy holder writes to IRDA post which the
settlement should be made within?
10 days
15 days
20 days
30 days
397.
As per IRDA regulations IGMS
should be mandatory set up by:
Only by few
selected insurers
Only by
non-life
Some life and
non-life
By all insurers
398.
Ombudsman has to give his
decision within how many days?
15 Days
30 Days
2 Months
3 Months
399.
The functions of the Insurance Ombudsman
include
Conciliation and making awards
Counselling
Repudiation of
claim
Evaluating
claim settlement
400.
IGMS is a platform for
registering complaints & mandatorily to be used by
only some
insurance companies
all insurers
life insurance
non-life
insurance
401.
Which body has created a call
centre for logging a complaint?
Life Insurance
Council
IRDA
Insurance
Association
Insurance
Institute of India
402.
A client has got some funds and
wants to provide for retirement and margin money. What should be his priority?
Margin money
Retirement plan
Depends upon his actual age and
years left for retirement
Depends upon
the amount needed
403.
A customer while investing in
to Recurring deposit or Cumulative deposit. What are the key factors which will
matter?
Taxation
frequency of
payment
interest rates
tenure
404.
If a person chooses cumulative
deposit than Recurring deposit difference will be in:
Frequency of interest calculation
Tax
Interest tax
Tenure
405.
If a person want to maintain
emergency funds the best place is a bank or:
Equity market
ULIP
Debt mutual
fund
FD
406.
What period of time a client
has to be invested to get tax benefit under postal scheme?
10 Years
8 years
6 years
5 years
407.
What is purpose of investing
money in debt mutual fund?
Easy access
fixed Income
Tax Benefits
Liquidity
408.
Anand received post taxation 5%
return on his fixed deposit in a bank. If his net return is 3% what can be the
reason?
Administrative
Charge
Inflation
Interest rate
Market Risk
409.
If an Agent focusses on Commission,
then it is:
Ethical
Unethical
Both ethical
& unethical
Neither ethical
nor unethical
410.
An agent reveals his commission
received from insurance sales to X&Y. Both plans are of same duration. Why
is commission of X far higher that of Y?
X has brought
other limited premium product
Y has brought a single premium
product
X is married
Y is single
411.
A customer surrenders his
policy on Feb 2011. As per Agents code of conduct an agent can get a new policy
from this customer from Feb which year?
2011
2012
2013
2014
412.
Persistency has increased from
82% in previous year to 86% this year. That means:
More lapsation
more attrition
less lapsation
No profits
413.
After doing the need analysis
of the client the agent advised the client to opt for ROP product. But the
client refuse. According to ethical business practices, what will the agent do?
Enquire about the refusal from the
client
Suggest an
alternative plan
Pass on to the
superior
Pass on to the
other agent
414.
What key impact will the agent
have in low persistency?
Increase more
business
Increase in the
agents earning
Will improve
reputation
Will have impact in his commission
415.
If the client does not wish to
proceed with the recommendations right at the moment, the agent should:
Insist on
taking the product right away
Should ask for
the reason for not going with the recommendation
Should ask for a future date from
the client
should review
once again
416.
During the recommendation stage
the advisor needs to:
recommend the products that best
meet the client’s needs
recommend to
wait some days to invest
recommend the
new product the company has recently launched
Recommend to
take own time to take a decision.
417.
Insurer has rejected an
insurance proposal with intimation along with reasons to client and with copy
to agent. What should agent do?
Explain to client the reasons of
rejection
Arrange for
refund of client’s expenses
Intimate the
client that the agency relationship has come to an end
Write about
this to the registrar
418.
As per the IRDA circular an
insurance agent:
Need not
disclose the amount of commission
needs to
disclose the amount of commission
needs to disclose the amount of
commission on demand
should not
disclose
419.
Transactions of sale of life
insurance products to the insurable clients are viewed in the insurance market
mostly as:
Sales
transactions
Relationship transactions
Monetary
transactions
Assured
transactions
420.
What is meant by Higher
persistency to the insurers?
More
productivity
Higher
attrition
Higher Profits
Higher S.A
421.
If Sales Target get reduced,
then Churning will:
Increase
Decrease
will not affect
Partially
422.
An advisor will do a churn to:
Avoid a
customer complaint
Minimize paper
work
Service the
customer
To earn extra commission
423.
Churning is bad, based on which
aspect:
Agents earn Lower Commission on churning
Policyholder gets more benefits
Policyholders suffer due
to surrender charges and benefits
Insurance companies get good branding
424.
If the agent recommends the
client to terminate an endowment plan and take a whole life in order to earn
higher commission, it is termed as:
Switching
Doing a
financial planning
Churning
Need analysis
425.
According to IRDA agent’s
code of conduct, what is the best method of showing the amount of commission
earned by the advisor?
Signed copy of sales illustration
Brochure
Policy document
First premium
Receipt
426.
What are the key aspects that
advisors do for better persistency?
Selling product as per need &
policy servicing
Surrender
Selling
products having higher Commission
Not keeping in
touch with client
427.
The best way to prove that
customer of a ULIP policy is given awareness about the commission paid to the
Agent is:
Ask the insurer
to give a policy endorsement letter
From the fact
details
From signed copy of benefit
illustration
From ticked
columns of proposal form
428.
During product recommendation,
the agent should explain the product in relation to:
The needs that came to fore in fact
find process
Benefits of the
products
Commission on
the products
None of the
above
429.
What is the reason that an
advisor is getting more than 35% Commission in the 1st Year?
Not possible
Alternate channel
Mis-selling
Higher charge
product
430.
An Agent can receive maximum of
________ %of the premium as commission in the first year
Thirty Percent
Twenty percent
Thirty Five Percent
None of this
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