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A fresh set of 50 random questions is generated every time you open this page and every time you refresh it. The form will be autosubmitted at end of 60 minutes after page open/refresh. For each of the following multiple choice questions, choose the most appropriate answer : 1. Govt. of India has full control over IRDUltimately which of the following matters/issues of IRDA are controlled by Govt. of India on an ongoing basis : A. Formation of IRDA B. Staffing pattern of IRDA C. Policy matters D. IRDA is an autonomous body. Govt of India has no control over IRDA 2. What normally happens to the sum insured under a life insurance policy once the period of the lien expires? A. It reduces B. It increases C. It is temporarily suspended D. It is replaced by a newly-underwritten sum insured 3. What will be the effect on lien amount in 3rd year as compared to the 4th year of lien A. Higher B. Lower C. Slightly higher D. Slightly lower 4. An investor has taken G-securities by paying lump sum investment. Apart from periodical interest, what would he get at the end of the term? A. Discounted value with interest B. Principal amount C. Discounted value with persistency bonus D. None of these 5. For assessing the risk of a group health insurance policy, which of the following information is the most critical : A. Group lifestyle B. Employees C. Age of the group members D. Medical history of group members 6. What key impact will low persistency levels have on insurance policyholders? A. An enhancement in product choice B. An improvement in investment performance C. An increase in insurance cover D. A reduction in benefits 7. 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 8. What are the benefits to the policyholder under Surgical. care rider? A. Number of days admitted in hospital & surgery expenses in full B. Number of days admitted in hospital & surgery expenses in partial C. Treatment cost of surgery subject to terms & conditions D. Lump sum amount what he has incurred 9. As per IRDA regulations, setting up of Internal Grievance Management System is mandatory for : A. Large insurance companies B. Life insurance companies C. Nonlife insurance companies D. All insurance companies 10. As per the Indian Evidence Act 1872, if a person is NOT heard for a long time, after how mny years, the presumption of death can be established : A. 2 years B. 5 years C. 7 years D. 10 years 11. In case of life insurance, the insurable interest should exist A. At the time of taking the policy B. At the time of claim C. At the time policy matures D. At the time of taking the policy & claim 12. Ajay wants to take life insurance policy for his child, out of Certificate of Baptism and Ration card, which will be accepted as standard age proof? A. Certificate of Baptism and Ration card both are standard age proofs B. Certificate of Baptism is non-standard age proof and Ration card is standard age proof C. Certificate of Baptism is standard age proof and Ration card is non:standard age proof D. Both are non-standard age proofs 13. Rajiv has a pension plan which his employer has bought for him under employer employee relationship. The return on the investment is shown in an illustration. This depicts : A. Employer employee benefits B. Guaranteed and non guaranteed C. Returns on one investment D. Bonus and pension 14. In a policy document of endowment contract what should be the key content? A. Distinction between Guaranteed and Nonguaranteed benefits B. Details of premium paying terms C. Expected returns from funds D. Amount of Insurance cover 15. Ajay has taken a term Insurance Policy with a Sum Assured of Rs. 4 lacs. As per IRDA Regulations on riders how much maximum sum assured he can take for Critical illness rider : A. 2 Lac B. 1 Lac C. 4 Lac D. 6 Lac 16. If the claim is delayed by an insurance company in spite of customer depositing all necessary papcrs within 15 days as required, then the company needs to pay interest on that. If prevailing bank rate is 5.3% then the interest rate payable to customer will be : A. 7.3% B. 6.3% C. 5.3% D. No interest payable 17. Sahil & Vijay buy an insurance plan for same sum assured, but only Vijay was called for medical examination.Why? A. Vijay is younger than Sahil B. Vijay is older than Sahil C. Sahil has Kids & Vijay has no kids D. Sahil is self employed 18. Whole life policy document is : A. Contract of Insurance B. Evidence of Contract C. Indemnity contract D. Insurance 19. While filling proposal form of Term insurance plan, details of two persons were mentioned in in non-medical underwriting form. What could be the reason? A. Joint insurance Plan B. Securing two lives under one plan C. Proposer is different than Life insured D. Extrdetails were required 20. General Insurance is contract of indemnity that's why life insurance is described as a: A. Valid Contract B. Specific Contract C. Value Contract D. Void Contract 21. If a policyholder complains to the ombudsman that the insurer is not doing justice to him, in how many days ombudsman would give his recommendation? A. 15 days B. month C. 3 months D. 6 months 22. 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 23. During the process of applying for life insurance, the customer discloses confidentially to the insurance agent that 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? A. Ask the policyholder's doctor to send details to the insurer B. Notify the insurer of this matter C. Refuse to act for the customer in this case D. Respect this confidentiality by not discussing it with anyone else 24. Which body prescribes the code of conduct of Agents? A. Insurance Instime of Indi B. Insurance Regulatory and Development Authority C. Indian Institute of Research & Management D. National Insurance Academy 25. If Rahul buys a joint life plan along with his wife, then according to the IRDA's code of conduct for agents, the agent has to act in the interest of : A. Rahul only B. Rahul and his wife C. Rahul and insurer D. Rahul, his wife and insurer 26. According to IRDA guidelines, in what maximum time does an insurance company have to complete its investigation of a claim? A. 1 month B. 2 months C. 3 months D. 6 months 27. In case of lien: A. If the insured dies within the lien period, insurance company will still pay the full sum insured B. The lien should diminish by an equal amount over specific period of time C. If the term of the policy is multiple of three, then the lien operable is two third of the term of the policy D. Conditions under which lien can be applied remain same for all insurance companies 28. The regulations issued by the IRDA, require that the decision on the proposal must be conveyed to the propcser within A. 15 days of receiving the proposal B. 20 days of receiving the proposal C. 25 days of receiving the proposal D. 30 days of receiving the proposal 29. 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 30. What is the main objective of taking the life insurance policy? A. Tax benefit B. Savings C. Investment D. Protection 31. The condition that sum assured is payable on regular premium payment is reflected on which part of the pclicy document? A. Preamble B. Terms and conditions C. Operative clause D. Policy information statement 32. What should an agent do in order to understand the mental state of client in respect to his investments, in saving products : A. Fact finding B. B Consulting the client's parents C. Consulting the family of the client D. Reviewing his existing investments 33. If insured gets the two advance payments in the 5 yrs and on maturity, he gets rest of sum assured, what type of policy it is? A. Moriey back policy B. Convertible plan C. Term plan D. Endowment policy 34. Anand received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason? A. Administrative charge B. Inflation C. Interest rate D. Market risk 35. 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 36. The proposer can withdraw from the contract, if he disagrees with the terms and conditions of the policy, within free look-in period of : A. 15 days from the date of receipt of the policy document B. 20 days from the date of receipt of the policy document C. 25 days from the date of receipt of the policy document D. 30 days from the date of receipt of the policy document 37. If life insurance policy is issued with alien, it will be mentioned in A. Proviso B. Schedule C. Terms & conditions D. Endorsement 38. In case an insured dies within a few months after commencement of the policy, then which of the following will be closely scrutinized? A. Premium payments B. Assignment details C. Norninee details D. Disclosure details 39. National Insurance academy has the following main function : A. Calculating premium B. Interact with the government C. Training D. Mortality analysis 40. Shyam and his wife are being advised to have an estate planning after their fact finding. In what stage of life cycle stage they may be : A. Young Married B. Young Married with children C. Married with older children D. Retired 41. Pooling of risk in insurance means A. The premium collected & deposited in pool B. All similar risks are pooled together C. Premium is pool to make claims D. Contribution of insurance company 42. 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? A. Deduct the underpaid premiums from the sum insured B. Make the policy paid up C. Pay out the surrender value D. Reject the claim on the grounds of misrepresentation 43. The ombudsman should make an award with in : A. 1 month B. 3 months C. 6 months D. 12 months 44. Mr Purushotarn has joined as Director of an Insurance Company. Now as per the IRDA act he is not allowed to work as : A. Agent B. Actuary C. Underwriter D. None of these 45. The changes in healthcare costs over recent years has had what general impact on healthcare insurance? A. A fall in average premium levels B. A reduction in underwriting requirements C. A rise in the need for cover D. A strengthening of the insurable interest rules 46. What will insuranc companies do in case heavy loss incurred to them beyond their limit? A. Reinsurance B. Bancassurance C. Pay less Sum Assured D. Reject the claim 47. Sahil has submitted proposal for insurance. Assuming that there was no special agency engaged, apirt from the Agents confidential Report, what would be needed? A. Medical Report B. moral hazard report from senior employee of Sahil's insurer C. Statement of good health D. Declaration by Sahil 48. In life insurance business if a person is working in calculating premium rates of insurance products, he is most likely a member of : A. Institute of Actuaries in India B. Acturial Society of India C. Institute of Chartered Accounts D. All of these 49. Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply? A. 2.5% B. 3.0% C. 5.0% D. 7.5% 50. While Underwriting Mr X proposal, it is found that there has been CRIMINAL case against him in a fraudulent act. What type of risk will this be categorized lnto? A. Fraudulcnt Hazard B. Occupational Ilazard C. Physical Hazard D. Moral Hazard | |