For each of the following multiple choice questions, choose the most appropriate answer :
1. What should an agent do in order to understand the mental state of client in respect to his investments, in saving products :
A. Fact finding
B. B Consulting the client's parents
C. Consulting the family of the client
D. Reviewing his existing investments
2. How can any Agent prove that he has shared with prospect, information on commission he earns?
A. Prospect Signing proposal form
B. Prospect giving age proof
C. Prospect's signature on Benefit illustration
D. Confirmation through telephone
3. If a case is already before the consurner forum then the ombudsman would :
A. Give a recommendation
B. Give a joint decision with the consumer forum
C. Dismiss the case
D. Give an award
4. In the context of financial planning, how is the difference between real needs and perceived needs best described?
A. Real needs are financial needs and perceived needs are non-financial needs
B. Real needs are actual needs and perceived needs are based upon client's thoughts and desires
C. Real needs are identified by the insurance agent and perceived needs are identified by the client
D. Real needs are needs which satisfy an objective and perceived needs are needs which do not satisfy an objective
5. 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
6. 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
7. 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%
8. While presenting the recommendations to the client after the fact-find interview, agent should link the recommendation with the :
A. Needs of the client
B. Desires of the client
C. Product Benefits
D. Client's Income
9. 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
10. Peter Rodriguez completes the proposal form and hands it to the agent - Guneesh. Guneesh asks Peter for his College Records as proof to certify his age. Peter somehow was unable to find them. But Peter brought something that Guncesh accepted as standard age proof document. What could this be?
A. His Horoscope prepared at the time of birth
B. ration card
C. certificate of name given at ceremony in church
D. certificate from the village panchayat
11. For assessing the risk of a group health insurance policy, which of the following information is the most critical :
A. Group lifestyle
B. Employees
C. Age of the group members
D. Medical history of group members
12. Who is the primary underwriter of the customer?
A. Underwriter
B. Insurance company
C. Agent
D. Actuary
13. An invester has taken a G-Sec and has parted with it mid way as he required the money, with the intention of not getting interest. What would he get?
A. Discounted Value
B. Principle amount
C. Discounted Value with persistency bonus
D. Principle with persistency bonus
14. Ashu is an illiterate person and his proposal form was filled by NishThen what is the addional requirement taken in addition to the documents?
A. The policy needs to be advertised in newspaper
B. Nishu has to sign an indemnity bond
C. Thumimpression of Ashu has to be taken
D. Ashu needs to be to be medically examined
15. Zainegot insurance done for Jaismeet. Who would zainebe referred to as:
A. Life Insured
B. Proposer
C. Customer
D. Insurer
16. How long is the free look-in period under a term insurance policy from the date of receipt of the policy document?
A. 5 days
B. 10 days
C. 15 days
D. 20 days
17. 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
18. In convertible policy; when can policy holder free look his policy?
A. After receiving First Premium Receipt
B. Any time during the term of the policy
C. After receiving the Policy Document
D. At the time of First Policy anniversary
19. 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
20. For the customer whose claim has been refused by the company, the three places where the customer may follow up are - Ornbudsman, IRDA Customer Grievance Cell, and :
A. Consumer forum
B. SEBI
C. Life Insurance Council
D. District Congress Committee
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