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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. The party who settles the claim on the behalf of an Insurer in Health Insurance, is known as: A. IRDA B. Second Party Administrator C. Third Party Administrator D. Life Insurance. Council 2. Rohit died and was paid the claim, which was less though he had paid all the premiums on time, what is the reason for the same? A. Lien was applied to the Policy B. Term plan was taken C. ADrider was attached D. Policy was affected due to moral hazards 3. As per IRDA Regulations, in how many days an insurer has to settle the claim? A. 15 B. 30 C. 45 D. 60 4. A customer gets periodic benefits without any claim and then when he dies during the term of the policy. His nominee gets the sum insured. What type of policy is this ? A. Endowment B. Term C. Money back D. Whole life 5. The need for the Health Insurance plans is of more relevance to the self employed than to the person of Public Sector because : A. The Public sector employee can get the funds anytime B. The Public sector employee get many benefits from their organization C. The self employed is more prone to the medical problems D. The dependency on the self employed of the whole family is more 6. An insurance agent sold two policies to two different persons having the same policy term. He declares the commission to each of them. The commission of one of the policy is more than the other. What should be the reasons for this difference? A. Risk profile of both the policyholders is different B. Age of both the policyholders is different C. One has chosen lump sum premium policy and other has chosen regular premium policy D. Both have chosen different kind of policies 7. customer receives automatic payments twice in gap of 5 years in his policy and after 1 year, on his death his nominee receives entire amount again. Which policy do you think he has? A. Endownient B. Money Back C. Term Plan D. Annuity 8. If in an endowment participating policy, 4% compounding bonus is declared after some years, what will be the amount of bonus declared? A. 4% of basic sum assured amount B. 4% of (basic sum assured + bonus for last year) C. 4% of (accrued bonus + bonus for previous years) D. 4% of (basic sum assured + accrued bonus) 9. 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 10. 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? A. At the end of the fact-find meeting B. At the end of the presentation meeting C. As soon as the application is accepted by the insurer D. As soon as the insurer is ready to issue the policy document 11. 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 12. If customer has mentioned he is drinker in the proposal form, the insurance company can exclude this hazard and mention it in which part of the policy document? A. Provisio B. Endorsements C. Operative clause D. Terms and Conditions 13. Generally insurance companies do not hold the premium in case of fraud or misrepresentation. However, due to which of the following circumstanceses the insurer can retain the premium of the policy holder? A. Fraudulent claim B. Indisputability clause C. Redressal procedure D. Pending decision from Ombudsman 14. Rajan takes a family floater health insurance of Rs 3 lacs from Insurance Company X and has health insurance of Rs 2 lacs from another Insurance Company Y from his employer's side. He suffers from heart attack and has a total bill of Rs 4 lacs. He can claim from : A. Company X Only B. Company Y Only C. Both the companys to the extent of Rs 4 Lacs D. Both the companys to the extent of Rs 5 Lacs 15. Where annually increasing flexible premiums operate under a life insurance policy, what rate of increasc will generally apply? A. 2.5% B. 3.0% C. 5.0 % D. 7.5% 16. A valid claim is delayed bv the insurer. The interest for the same will have to be paid by the Insurance company after how many days from the date of admission of the claim? A. 10 days B. 20 days C. 30 days D. 60 days 17. Naveen is addressing his income needs by investing directly in corporate bonds. In what form will he receive this income? A. Annuity instalments B. Dividend payments C. Interest payments D. Rental payments 18. 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 19. 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 20. Vijay had taken policy on annual mode and on his death in the 3rd year, the company paid claim partially, This was because of A. Premiums unpai B. Claim documents not submitte C. Operation of Lien D. None ofthe above 21. 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 22. The main purpose of including commission details in the documentation to clients is to increase A. competitiveness B. efficiency C. flexibility D. transparency 23. If a person gets involved in a dangerous sport activity, before the issuance of policy, which statement is true in terms of Pcril & Hazard? A. Peril will increase the risk of Physical Hazard B. Physical hazard will increase the risk of Peril C. Peril will reduce the risk of Physical Hazard D. Physical Hazard will reduce the risk of Peril 24. What is the main objective of taking the life insurance policy? A. Tax benefit B. Savings C. Investment D. Protection 25. If 15 year old child enters into contract, the contract is said to be: A. Voidable B. Null & Void C. Nil D. Indisputability Clause 26. A person wants to lead peaceful golden years, which plan should he opt for ? A. Term B. Endowment C. Annuity D. Money back 27. 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 28. While calculating HLV using income replacement method - future income, number of years of work, increments in salary are taken into account. What else is important to be taken into account? A. Inflation B. Interest C. Discount rate D. Compounding 29. The insurer rejects proposal and sends direct letter to the proposer, copy of the letter is also sent to the agent. What appropriate action would the agent take? A. Contact the proposer and discuss the reasons for rejection B. Fill new proposal form C. Advise the proposer to contact the ombudsman D. Advise the proposer to take insurance from another company 30. Who gives grant to IRDA? A. Life Insurance of India B. Central government C. Insurance Institute of India D. All of these 31. 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 32. With reference to the principle of indemnity life insurance policy is A. Insurance contract B. Indemnity contract C. Value contract D. Major life contract 33. 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? A. Young married B. Young married with children C. Pre-retirement D. Retirement 34. An award made by the Insurance Ombudsman will only be binding on the insurer if the A. complainant accepts this decision B. Consumer Forum is involved in the case C. insurer signs a disclaimer D. value of the award is less than 2 lakhs 35. If the agent recommends the client to terminate an endowment plan and take a whole life in order to earn higher commission its termed as: A. Switching B. Financial planning C. Churning D. None of these 36. 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 37. Which of the following is one of the financial goals of an individual? A. Children's education and marriage B. Investment in share market C. Planning car D. Giving gifts to relatives 38. 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 39. As per Prevention of Money Laundering Act (PMLA) 2002, what is the risk profile of a client who is a nonresident indian (NRI)? A. Low risk B. Moderate risk C. No risk D. High risk 40. Anju is married with Akhilesh, they want to secure their unearned income, which plan should be suggested to protect income : A. Endowment Plan B. Term Plan C. Children Plan D. Limited Pay Plan 41. 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 42. An eldcrly person wants to use tax efficient investment and invests in senior citizen saving scheme. Impact on taxation because of this decision will be that : A. he will get tax benefit up to 5000 B. he will get tax benefit up to 25% C. he will get a reduction in tax slab D. his entire investment would be deducted front taxable income 43. In case of a self employed person, it is important to know the work of the person because: A. It helps in classifying the risk B. It helps in determining moral hazard C. It helps to determine approximate timing of death D. It helps in determining chances of disability 44. Which of the following falls under voidable contract? A. Misrepresentation B. Lack of insurable interest C. Fraud D. None of the above 45. If Rajesh earns 5% net return on fixed deposit with 8% interest, where did remaining 3% vanish? A. Decrease in tax rates B. Lockins C. Penalties D. Inflation 46. 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 47. 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 48. Certificate of village panchayat A. Will be considered standard age proof B. Will be considered as nonstandard ageproof C. Will not be accepted D. Depends upon population of the place 49. 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% 50. A proposal is accepted with lien. What is lien substitute for: A. Declined clalm B. Increised premium C. Increased Sum assured D. Postponement | |