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A fresh set of 20 random questions is generated every time you open this page and every time you refresh it. For each of the following multiple choice questions, choose the most appropriate answer : 1. How are perils and hazards normally distinguished under term insurance policies? A. Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying B. Perils are risks that policy holders will die before specified date and hazards are factors which could influence that risk C. Plerils are factors which affect the risk being insured and hazards are the size of the risk being insured D. Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger payout 2. Rahul is employed by Sunny. In respect of this employment, Rahul automatically has insurable interest in Sunny life up to what limit, if any? A. Rahul monthly salary B. Rahul pension fund value C. Sunnyâ€'s annual profit D. There is no limit 3. Sumesh is married and has two kids of age 5 & 7. He has medical insurance for him but has no protection on his life. What will you suggest him? A. Health Insurance for children B. Health insurance for spouse C. Unit Linked insurance plan D. Term plan 4. 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 5. During financial planning session if the agent finds out the following needs, which one should be given the top priority? Needs: Income protection, Childs education, marriage and emergency funds A. Childs education B. Marriage C. Emergency fund D. Income protection 6. The authority of COPA is limited to what amount at the district level? A. 10 lac B. 20 lac C. 50 lac D. 100 lac 7. 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 8. What is the ceiling of tax exemption under 80C? A. 1 lakh B. 1.5 lakhs C. 2 lakhs D. 3 lakhs 9. 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 10. 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 11. In life insurance policy it is later found that the person doesn't have insurable interest then the'contract is A. Expired B. Reviewed C. Void D. Valid 12. In order to ensure that premiums are paid out of a legitimate source of funds cash is accepted : A. Upto 50,000 B. Upto 25,000 C. Upto 10,000 D. Upto 5,000 13. Which is the valid reason for an underwriter to impose a lien? A. An average risk because of occupation risk B. Lower than average risk because of occupational risk C. Higher than average risk due to physical characteristics D. To charge higher premium from Insured 14. If IRDA is unable to discharge its functions or duties, Central Government : A. has the power to supersede the IRDA by issuing notification B. has the power to supersede the IRDA by passing a bill in parliament C. has the power to supersede the IRDA through ordinance D. Can amend IRDA Act 15. For annuity plans. before receiving regular/periodic annuity payments, the individual can make a lump sum withdrawal. This is known as commutation. Up to what proportion of the accumulated fund can be withdrawn? A. The entire fund can be withdrawn B. Only half of the fund can be withdrawn C. Only one third of the fund can be withdrawn D. Only one fourth of the fund can be withdrawn 16. If Insurable interest does not exists at the time of inception of the life insurance policy then, life insurance contract is A. Voidable B. Invalid C. Valid D. Null & voidable 17. 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 18. 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 19. Why do insurance companies follow the principle of law of Large numbers? A. To calculate death ratio B. Dctermine cost of annual claims C. Calculate pure risks D. None of these 20. In the case of life insurance, insurable interest should exist A. At the inception of the policy B. At thc time of claim C. At the time of every renewal premium payment D. All the above occasions Electrician Books
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