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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. During a fact finding process the need analyzed were income replacement and children's education. But the customer insists on only a child plan for the time being and asks the agent to give him a child plan. The agent should : A. Do the fact finding exercise again B. Insist with the client to take a term plan C. Give a child plan and revisit the client on a later date D. Give the lead to another agent 2. 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 3. 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 a senior D. Pass on to the other agent 4. 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 5. An insurance broker : A. Represents the buyer and is remunerated by the company B. Represents the company and is remunerated by the buyer C. Represents the company and the buyer D. Remunerated by both the company and the buyer 6. Rajiv has been identified with income replacement and health insurance needs. Due to his current financial arrangements, he wants the cover which should be cheapest. What should he consider? A. Pure Term B. Pure endowment C. Endowment assurance D. Health insurance 7. An investment like Kisaan Vikas Patra would be preferred by a person who is looking for : A. A lump sum investment & fixed maturity B. A lump sum investment & open ended maturity C. Monthly investment & open ended maturity D. Monthly investment & fixed maturity 8. An investor has endowment policy with 30 years policy term. He has paid for eight years. The sum assured is 8,00,000/- and accumulated bonus 60,000/- What is the paid up value? A. 2,13,333 B. 2,29,333 C. 2,73,333 D. 2,93,333 9. What is the key, that indicates that the insurance contract has begun? A. Receipt of Policy Document B. Receipt of First Premium receipt C. Proposal Form Submission D. Checlue submitted date 10. The policy is of term 30 years. For how many years maximum lien can be applied? A. 5 B. 10 C. 15 D. 20 11. 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 12. What is the ceiling of tax exemption under 80C? A. 1 lakh B. 1.5 lakhs C. 2 lakhs D. 3 lakhs 13. 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 14. Direct Marketing channel includes A. Advertisement in newspaper B. Bancassurance C. Composite Broker D. At customer's place 15. Mr Sudhakar wants to invest in post office term deposit for tax benefits. What is the minimum duration for which he needs to invest this money? A. 1 year B. 2 years C. 5 years D. 10 years 16. What key impact will the agent have in low persistency A. Increase more business B. Increase in the agents earning C. Will improve reputation D. Will reduce his commission 17. The main protection need of a 19-year-old is most likely to be A. self-protection B. home loan protection C. protection of dependants D. protection of children's future 18. 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 19. The reason for verv less penetration of life insurance in India is : A. Many people do not appreciate the importance of having insurance cover B. Agents are not professional enough to provide need based solutions to customers C. Insurance companies want to have more profits and they do not focus on customers D. Insurance companies do not have good products to offer 20. The main purpose of including commission details in the documentation to clients is to increase A. competitiveness B. efficiency C. flexibility D. transparency 21. Which tax rate is applicable, in case a client pays the premium of 5000/- and suffers illness before maturity? A. Nil B. 10% C. 20% D. 30% 22. The guaranteed and nonguaranteed values to be depicted in the Benefit illustration are in accordance with regulation issued by : A. Insurance Regulatory Devetopment Authority B. Life Insurance Council C. IIRM D. Insurance Institute of India 23. In a pension plan illustration what is the part which shows the benefit for an annuitant A. Insurance coverage B. Annuity part C. Guaianteed and non guaranteed part D. Vesting age 24. In cumulative bank deposit the interest is normally compounded : A. Monthly B. Quarterly C. Half yearly D. Annually 25. 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 26. Mrs. Sheela received some amount from her husband's insurance policy after his death. In such a situation what will be her prime focus? A. Savings B. Insurance C. Investment management D. Planning for pension 27. In a G-Security, if no interest is to be paid, what is guaraanted on maturity? A. Principal amount plus bonus B. Principal amount C. Principal amount plus appreciation D. Discounted principal amount 28. Certificate from the village panchayat as an age proof A. Will be considered as standard age proof B. Will be considered as non standard age proof C. Will not be accepted D. Depends on the insure 29. An insurance agent served an insurer continually and exclusively for 20 years, after which he retired from work. 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 A. he ceases to remain a resident of India for tax purposes B. he survives beyond the age of 75 C. there has been a change in regulator D. there is fraud involved 30. Which of the following is most associated with Pure Risk? A. Helps in making substantial profits B. Making little loss C. Incuring huge loss D. Break even 31. In India, regulatory agencies for insurance sector is known as : A. SEBI B. ICAR C. IRDA D. RBI 32. Ramesh proposes life insurance policy for his son. What is the status of Ramesh in this policy? A. Proposer B. Life Insured C. Nominee D. Appointee 33. In case of Widowed woman financial planning should ensure : A. Estate planning B. Retirement C. Investment Management D. ULIP 34. 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 35. According to the Insurer, the Authenticity of an Assignment depends upon: A. The type of policy B. separate deed C. The type of Loan D. the receiving of notice 36. Rakesh wants to buy a policy primarily for Risk Cover but at the end of the term, he wants to get at least some return. Under which policy he will get these benefits? A. Endowment plan B. ROP plan C. Whole life plan D. ULIP 37. 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? A. Physical hazard B. Fraudulent representation C. Moral hazard D. Peril 38. If a policy with premium of Rs5000 has matured, how much will be deducted when tile maturity claim arises : A. Nil B. 1% C. 5% D. 10% 39. Akshat and Nitin both have invested in the same pension plan, with same Premium but at end, the Corpus Of Akshat is more than Nitin. The reason is : A. Akshat is younger than Nitin B. Akshat has no health problem C. Akshat started investing earlier D. Nitin started investing earlier 40. 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% 41. Ration Card and Baptism certificate are considered as: A. Standard Age Proof B. Non Standard Age proof C. Standard and non standard age proof respectively D. Nonstandard and standard age proof respectively 42. After submission of all documents and papers in case of death claim, the proper the proper identification of the payee cannot be done due to some reason. After how many days the bank intercst is payable to the payee? A. 15 B. 10 C. 30 D. 180 43. Following Ramesh's death, the sum insured paid to his family was less than the surn insured in spite of paying all the premiums on time. What could be the reason? A. Insurable Interest B. Fraud by the company C. Lien D. Exclusion clause 44. Nitin is ready to submit his proposal for insurance after the need analysis. When his agent asks him to fill in the proposal form, seeing so many questions bothers him. What should bc the agent's most appropriate approach in this case? A. The agent should note down all personal information regarding Nitin on paper and let him only sign the proposal form B. The agent should explain that it is important for the underwriting purpose to provide all necessary information mentioned in the proposal forin and educate the proposer to fill in the correct details C. The agent should fill in the form in presence of the proposer after explaining all the questions and then make the proposer sign on the form D. The agent can ask somebody from his family to fill in the correct details and sign on behalf of Nitin 45. While displaying the assumed growth in the future years, the rates of returns need to be per the guidelines of : A. Insurance Regulatory and Develoritent Authority B. Life Insurance Council C. Insurance Institute of India D. Royal Bank of India 46. If there is an avtertisement in newspaper regarding policy, It could be due to : A. Counter Offer B. Lost Policy C. Lien D. Third party claimant 47. What key event is most likely to prevent insurers from ensuring that each insured person brings a fair premium to the pool for the risk presented? A. A fraudulent claim B. A policy assignment C. A steep rise in inflation D. A sudden illness 48. Ashu is an illiterate person and his proposal form was filled by Nishu, then what is the additional requirement to be taken along with the documents? A. The policy needs to be advertised in the newspaper B. Nishu has to sign an indemnity bon C. Thumimpression of Ashu has to be taken D. Ashu needs to be medically examined 49. 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 50. As per Regulation foi- protection of Policyholder's interest 2002 (IRDA), Which insurer will have a grievance redressal System? A. Some specified insurers B. Insurers without ombudsman C. All insurers D. It is optional | |