For each of the following multiple choice questions, choose the most appropriate answer :
1. Why does any insurance company require an age proof from the customer?
A. It is a mandatory requirement
B. To evaluate the risk
C. To Improve persistency
D. To avoid adverse selection
2. Which need of the customer should be on the top priority?
A. Protection Needs
B. Investment
C. Power of Compounding
D. Premium and SA
3. What is the key differentiator between the Recurring Deposit & Cumulative Deposit taken by a customcr from a bank?
A. Amount invested
B. Taxation
C. Time period
D. Interest
4. customer who has taken whole life policy has to renew the insurable interest in the policy at the following times
A. Once he attains the age of 70
B. Once the policy has been in force for term of 30 years
C. At the time of revival of the policy
D. When there is change in the nomince
5. If both mother and father of the proposer have died before the age of 30 due to heart diseases, it can be a case of:
A. Moral hazard
B. Physical hazard
C. Financial hazard
D. Occupational hazard
6. Law of large numbers is worked out by which of the following
A. Pooling of risk
B. Maintaining insurable interest
C. With utmost good faith
D. Randomness
7. How are perils and hazards normally distinguished under term insurance policies?
A. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying
B. Perils are risks that policy holders will die before specified date and hazards are factors which could influence that risk
C. Plerils are factors which affect the risk being insured and hazards are the size of the risk being insured
D. Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger payout
8. Manoj & Rakesh both buy an endowment plan for the same quarterly premium and same SBoth surrender the plan after the same number of years, but Manoj gets higher Surrender Value as compared to Rakesh. This is because
A. Rakesh bought the policy for longer term
B. Manoj bought the policy for longer term
C. Manoj disrlosed all material facts
D. It is calculation error
9. In the sales illustration, the reduction of the actual benefit amount is mainly due to deduction of :
A. Commission
B. Charges
C. Non guaranteed benefits
D. eversionary Bonus
10. After doing the need analysis of the client, the agent advised the client to opt for TROP product. But the client refuseAccording to ethical business practices what should the agent do?
A. Enquire about the refusal from the client
B. Suggest an alternative plan
C. Pass on to the superior
D. Pass on to the other agent
11. In case of nomination process under what circumstances an appointee is made?
A. Nominee is minor
B. Nomination relation is not established
C. Assignment is made
D. All these
12. In the context of financial planning, how is the difference between real needs and perceived needs best described?
A. Real needs are financial needs and perceived needs are non-financial needs
B. Real needs are actual needs and perceived needs are based upon client's thoughts and desires
C. Real needs are identified by the insurance agent and perceived needs are identified by the client
D. Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy an objective
13. If the client dots not wish to proceed with the recommendations at the moment the agent should :
A. Insist on taking the product right away
B. Ask for the reason for not going with the recommendation
C. Ask for a future date from the client
D. Should review once again
14. Raunak recently arranged a life insurance policy under which he is classed as the master policyholder. This addresses his role as
A. a creditor
B. a debtor
C. an employee
D. an employer
15. Mr Ramesh has taken a life police as recommended by an insurance agent. Now the role of Agent's Principal lies with :
A. Insured
B. Insurance Company
C. Proposer
D. IRDA
16. The general need for a pension policy results from the existence of what key problem?
A. Anticipated fall in income
B. Lack of employment opportunities
C. Likely deterioration in health
D. Uncertainty over investment performance
17. While presenting the recommendations to the client after the fact-find interview, agent should link the recommendation with the :
A. Needs of the client
B. Desires of the client
C. Product Benefits
D. Client's Income
18. Mohit has two kids, one of 6 years and other 8 years. He is the earning member and not having life cover. Before advising him to take health policy, what whould you advise him?
A. Health policy for child
B. Health policy for wife
C. Life insurance policy for wife
D. Life Insurance policy for himself
19. Sahil has taken insurance policy of 1 crore SUnderwriter will ask for moral hazard report frorn:
A. Sahil's employer
B. Sahil's employee
C. Sahil's Insurer employee
D. Sahil's agent
20. Nishit is an insurance agent. He was in process of selling Unit Linked Insurance Plan to his customer. The Customer has asked one technical question to him for which he did NOT know the answer, According to the best practices, what should Nishit do :
A. Decline to answer
B. Ask customer to refer product booklet
C. Refer matter to Supervisor
D. Ask customer to give question in writing
Electrician Books
Rs405 |
Rs405 |
Rs270 |
Rs278 |
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Rs270 |
Rs279 |
Rs315 |
Rs315 |
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Rs216 |
Rs225 |
Rs180 |
Rs180 |
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Rs315 |
Rs279 |
Rs342 |
Rs279 |
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Rs505 |
Rs536 |
Rs217 |
Rs250 |
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Rs258 |
Rs299 |
Rs88 |
Rs101 |
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Rs387 |
Rs315 |
Rs360 |
Rs270 |
Rs245 |
Rs378 |
Rs459 |
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Rs187 |
Rs136 |
Rs299 |
Rs266 |
Rs180 |
Rs201 |
Rs39 |
Rs323 |
Rs360 |
Rs260 |
Rs288 |
Rs270 |
Rs323 |
Rs215 |
Rs243 |
Rs160 |
Rs225 |
Rs387 |
Rs315 |
Rs359 |
Rs288 |
Rs270 |
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