For each of the following multiple choice questions, choose the most appropriate answer :
1. 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
2. The main function of the IRDA's Grievance Redressal Call Center is to educate the policyholders regarding :
A. Consumer forum
B. Insurance ombudsman
C. General Insurance Council
D. Insurance Institute of India
3. If someone wants to alter the nomination in the existing policy, what document would be required:
A. new proposal form needs to be filled
B. An endorsement on the policy stating the alteration
C. Nomination can not be altered
D. Assignment needs to be done
4. 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
5. What is the key function of NIA?
A. Provide suggestion for premium calculation
B. To be an active link between global market and Indian Life Insurance Industry
C. Design, implement and operate insurance training
D. Regulate the investment of funds by Life Insurance companies
6. 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
7. During fact finding, what will be the next step after Identifying clients need :
A. Quantify client's need
B. Prioritize clients Need
C. Recommending Product
D. Fill up the proposal form
8. 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
9. With reference to the principle of indemnity life insurance policy is
A. Insurance contract
B. Indemnity contract
C. Value contract
D. Major life contract
10. If we hold 100 units in gold ETF, how much grams we have in physical :
A. 5 or 10 grams
B. 10 or 15 grams
C. 15 or 25 grams
D. 50 or 100 grams
11. 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
12. What is the ceiling of tax exemption under 80C?
A. 1 lakh
B. 1.5 lakhs
C. 2 lakhs
D. 3 lakhs
13. If 15 year old child enters into contract, the contract is said to be:
A. Voidable
B. Null & Void
C. Nil
D. Indisputability Clause
14. 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
15. 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
16. Dctarification of TAC will help :
A. Pricing can be decided based upon risk assessment by insurer
B. Reduce the pricing
C. Increase pricing
D. Pricing as per the rnarket trend
17. In insurance terms, the risk of suffering a disability is best described as what type of risk?
A. Financial
B. Fundamental
C. Homogenous
D. Speculative
18. The primary object of Fact-Finding is :
A. Giving comparison to customer
B. Need Identification of customer
C. To provide regulation information
D. To do the audit of customer
19. If custonier has applied for a policy with 1 Lac SA then what is maximum Premium on which he can saave taxes?
A. Maximum 20,000
B. Maximum 100,000
C. Maximum 120,000
D. Maximum 150,000
20. Thc chanccs of adverse selection may be greater with the following method of underwriting :
A. financial
B. medical
C. Non medical
D. Accepting proposal with lien
Electrician Books
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Rs315 |
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Rs270 |
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Rs225 |
Rs387 |
Rs315 |
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Rs288 |
Rs270 |
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