For each of the following multiple choice questions, choose the most appropriate answer :
1. In ULIPs the agent commission is reflected in:
A. Benefit Illustration document
B. Policy document
C. Product brochure
D. Proposal form
2. 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
3. If a person has taken license from IRDA he cannot :
A. work for more than I insurance company
B. sell Term plans
C. sell Annuity plans
D. sell endowment plans
4. For tax savings someone wants to fix deposit in a bank. What minimum duration is required?
A. 3 years
B. 5 years
C. 7 years
D. Not eligible for tax exemption
5. 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
6. Apart from the salary level, what other key feature of Alok's job is likely to have a major impact on the level of his pension, life insurance and health insurance needs?
A. Whether the job is office or field-based
B. The normal retirement age in relation to the job
C. Whether the job is in the public or private sector
D. Whether the job is manual or non-manual
7. What is the need of doing the Fact Finding Analysis of a Customer?
A. To ensure and increase Sale
B. Correct Need Analysis
C. To follow IRDA Guidelines
D. To relate the Monetary benefits
8. Legislation gives which body the power to specify a code of conduct for surveyors and loss assessors?
A. Institute of Insurance and Risk Management
B. Insurance Regulatory and Development Authority
C. Life Insurance Council
D. Securities and Exchange Board of India
9. An insurance company has issued policy document to one of its policy holder. In the policy document the company mentioned the payment of premium by the insured, payment of Sby the insurance company on the happening of insured event etwhich part of the policy document is most likely to contain such matter?
A. Preamble
B. Schedule
C. Terms and conditions
D. Operative clause
10. 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
11. After the agent has made the product presentation, client wants to take time in deciding, what should be an ethical agcnt practice :
A. He should ask for references
B. He should make him realize the importance of insurance
C. He should redo the fact finding process
D. He should ask when can he next contact the prospect
12. Under which circumstances, should agent carry his license?
A. While selling life insurance policy
B. While selling nonlife insurance policy
C. While selling medical insurance policy
D. Under all circumstances
13. For a household insurance policy, insurable interest need only exist at outset and at what other point?
A. The date the cancellation period expires
B. The date a claim occurs
C. The date the policy document is received
D. The termination date
14. ABC Insurance Company has appointed many agents. They are helping in underwriting process to the underwriters. However, Mr. Vimal, an agent has done adverse selections. From insurance company's point of view, which among the following is most likely considered to be the adverse selection?
A. Obtaining policy from very poor person
B. Obtaining policy from rich man
C. Vimal has obtained most of his policies from railway porters
D. In certain cases material facts are changed to obtain higher claims
15. Underwriting is an important aspect of insurance business. In which of the following situations uncle-writer must be most cautious?
A. Low age, low sum assured
B. Low age, high sum assured
C. High Low age, high sum assured
D. High Low age, low sum assured
16. A person aged 28 yrs is looking for Term plan, Health plan, Endowment plan and Child plan. Which plan is the most Important for him?
A. Health Plan
B. Endowment Plan
C. Child Plan
D. Term Plan
17. 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
18. While planning for retirement of the client, the agent must consider his expenses and :
A. Health
B. Saving habits
C. Dependants
D. Inflation
19. 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
20. In an MWP policy, the beneficiary under the plan, other than wife can be :
A. Ex wife
B. Siblings
C. Parents
D. Children
Electrician Books
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