For each of the following multiple choice questions, choose the most appropriate answer :
1. An indemnity bond was signed in policy when the claim was paiThis indicates that the policy was
A. lost
B. paid u
C. lapse
D. surrendered
2. While filling proposal form of Term insurance plan, details of two persons were mentioned in in non-medical underwriting form. What could be the reason?
A. Joint insurance Plan
B. Securing two lives under one plan
C. Proposer is different than Life insured
D. Extrdetails were required
3. 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
4. Certificate of village panchayat
A. Will be considered standard age proof
B. Will be considered as nonstandard ageproof
C. Will not be accepted
D. Depends upon population of the place
5. Loan can be taken against life insurance policies. The loan can be specific percentage of which value?
A. Paid up value
B. Surrender value
C. Total premiums paid
D. Sum assured
6. An agent has recommended an investment product with non-guaranteed benefits. The benefit illustration passed to his client will therefore use assumed annual growth rates of
A. 5% and 8%
B. 5% and 10%
C. 6% and 8%
D. 6% and 10%
7. In term of risk, mortality tables are used by Life Insurance companies in order to help them quantify the
A. Moral Hazard of an individual risk
B. P)ysical Hazard of an individual risk
C. Probability component of risk
D. Severity component of risk
8. An individual is said to be competent to enter into contract if he is
A. 18 year old
B. 21 year old
C. 23 year old
D. 25 year old
9. Whole life policy document is :
A. Contract of Insurance
B. Evidence of Contract
C. Indemnity contract
D. Insurance
10. In the sales illustration, the reduction of the actual benefit amount is mainly due to deduction of :
A. Commission
B. Charges
C. Non guaranteed benefits
D. eversionary Bonus
11. Pooling of risk in insurance means
A. The premium collected & deposited in pool
B. All similar risks are pooled together
C. Premium is pool to make claims
D. Contribution of insurance company
12. Harish wants to buy an insurance plan for his brother Rakesh, the factor which shows the principle of Insurable interest, makes it possible, if:
A. Raksh owes money to Harish
B. Harish will be adversely affected financially due to death of Rakesh
C. Rakesh is older than Harish
D. Rakesh signed financial disclaimer about his liabilities
13. 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
14. Rajiv has been identified with income replacement and health insurance needs. Due to his current financial arrangements, he wants the cover which should be cheapest. What should he consider?
A. Pure Term
B. Pure endowment
C. Endowment assurance
D. Health insurance
15. Consensus ad idem specifically describes which feature of valid contract?
A. Capacity to contract
B. Direct contact with each other
C. Same understanding
D. Consideration
16. A person receives Discounted Claim in context to :
A. profit in policy
B. Duration of policy
C. Timing of maturity
D. Interest
17. While calculating the retirement fund needed by a client, the agent does not consider the gratuity element. That is because the client is a :
A. Public sector employee
B. Private sector employee
C. Self employed
D. Salaried employee
18. A valid claim is delayed bv the insurer. The interest for the same will have to be paid by the Insurance company after how many days from the date of admission of the claim?
A. 10 days
B. 20 days
C. 30 days
D. 60 days
19. A proposal is accepted with lien. What is lien substitute for:
A. Declined clalm
B. Increised premium
C. Increased Sum assured
D. Postponement
20. In case of nomination process under what circumstances an appointee is made?
A. Nominee is minor
B. Nomination relation is not established
C. Assignment is made
D. All these
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