For each of the following multiple choice questions, choose the most appropriate answer :
1. 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
2. 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
3. When can an insurance company give more than 35% first year commission?
A. When the insurance company is in the first 10 years of operation
B. If the agent has worked with the company for more than 5 years
C. If the agent has worked with the company for more than 10 years
D. If the agent is doing more than 3 policies in a month
4. In case of absolute assignment, the payment is made to
A. Insured
B. Assignee
C. Nominee
D. Appointee
5. In life insurance business if a person is working in calculating premium rates of insurance products, he is most likely a member of :
A. Institute of Actuaries in India
B. Acturial Society of India
C. Institute of Chartered Accounts
D. All of these
6. Who are the clients for Re-insurance companies?
A. HNIs
B. Insurance companies
C. NRIs
D. All agents
7. What should an agent do to understand the state of mind of the client with respect to his investments in saving products?
A. Fact finding
B. Consulting the client's parents
C. C Consulting the family of the client
D. Reviewing his existing investments
8. 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
9. 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
10. 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
11. What is the purpose of investing money in debt mutual fund?
A. Easv access
B. Fixed income
C. Tax benefits
D. Liquidity
12. In case of any unethical practices in sales followed by an insurance company the clea-cut impact will be shown in :
A. Claims ratio
B. TAT on complaints
C. Persistency ratio
D. Market share
13. 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
14. A policyholder asked his insurance agent for guidance on submitting a claim for the maturity benefit under his life insurance policy. Due to pressure of work, the agent declined to assist. Consequently, this action is deemed to be a breach of the
A. General Insurance Council's guidelines
B. Insurance Regulatory and Development Authority's Code of Conduct
C. Insurance Ombudsman's protocols
D. Insurance Brokers Association of India's membership rules
15. 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
16. Suresh Sharmhas paid 8 yearly premiums for 30 year endowment plan having sum assured of 800000. The bonus accrued in the policy is 60000. Calculate the paid value of the policy
A. 17235
B. 272153
C. 273435
D. 273333
17. Apart from conducting a comprehensive fact-find, the other main action that an insurance agent can take at outset to minimise the risk of subsequently receiving a customer complaint is to
A. ask for referrals
B. offer commission rebates
C. provide detailed disclosures
D. register with the Insurance Ombudsman
18. Law of large numbers is worked out by which of the following
A. Pooling of risk
B. Maintaining insurable interest
C. With utmost good faith
D. Randomness
19. Which of the following is not true with regard to Human Life Value?
A. HLV is used as yardstick to determine how much life insurance cover person slould have
B. HLV is one-time calculation
C. As age increases HLV diminishes
D. Through HLV, insurance company tries to measure the economic value of person
20. What is the key differentiator between the Recurring Deposit & Cumulative Deposit taken by a customcr from a bank?
A. Amount invested
B. Taxation
C. Time period
D. Interest
Electrician Books
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Rs270 |
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Rs279 |
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Rs505 |
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Rs217 |
Rs250 |
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Rs258 |
Rs299 |
Rs88 |
Rs101 |
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Rs387 |
Rs315 |
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Rs270 |
Rs245 |
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Rs39 |
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Rs288 |
Rs270 |
Rs323 |
Rs215 |
Rs243 |
Rs160 |
Rs225 |
Rs387 |
Rs315 |
Rs359 |
Rs288 |
Rs270 |
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